IoTeX has several mechanisms that ensure the privacy of users and transactions. Some of these are ring signatures and the reliable payment code that hides the transaction receiver’s address. Delegated proof-of-stake works by having stakeholders vote for the block producers on the network. The number of block producers is set and once they are elected, they are responsible for adding new blocks to the blockchain. For doing it, they receive rewards that they can distribute to the stakeholders who voted for them, incentivizing block producers to continue working and stakeholders to continue voting for block producers.

IoTeX is the decentralized backbone for machine economics which serves machines ranging from smart home devices to autonomous vehicles. To this end, IoTeX has built and launched a fast, high-performance, and EVM-compatible blockchain that provides flexibility and scalability for various applications. Also, middlewares and Dapps are built on top of the blockchain to bring self-sovereign devices and real-world oracles into reality. IOTX is the native coin that governs the underlying blockchain protocol while being used as the gas for the blockchain protocol. Burndrop (http://burndrop.iotex.io/) is a unique economical design that leads to deflation of IOTX while the number of devices orchestrated by IoTeX increases.

The founders of IoTeX are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Besides being the co-founder of IoTeX, Raullen Chai is also an advisor at BootUP Ventures and is a member of the Industrial Distributed Ledger Task Group at Industrial Internet Consortium. He used to work as lead of crypto R&D and engineering security at Uber. Qevan Guo is also a co-founder of Hyperconnect Lab. He used to be a research scientist and engineering manager at Facebook. Before co-founding IoTeX, Xinxin Fan was a senior research engineer at Bosch Research and Technology Center, North America. He has also worked as a research associate and project manager at the University of Waterloo. Jing Sun also works as a managing partner at Sparkland Capital. She is an LP investor at Polychain Capital and an angel investor at Rippling.

Starting as an open-source project in 2017, IoTeX has built a decentralized platform whose aim is to empower the open economics for machines — an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives. With a global team of over 40 research scientists and engineers, IoTeX has built their EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus and launched in 2019 April, which has been running by 100+ delegates worldwide and has processed more than 10 million transactions already. On top of the IoTeX blockchain, the team has built the essential blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains such as ioPay wallet (https://iopay.me/) and ioTube bridge (https://iotube.org/), which serve ten thousands of users. IoTeX helps EVM-based DApps scale without concerning expensive gas fees! Besides, middleware such as Decentralized Identity, Confidential Computing, and Secure Hardware has been built on top of the IoTeX blockchain. This has enabled the creation of self-sovereign devices such as Ucam, and real-world data oracles like Pebble. Ucam (https://ucam.iotex.io/) has been deployed to over 3000 households (http://iott.network/). Meanwhile, Pebble has been launched to more than 300 developers initially, and enables innovative Dapps to connect the physical world with the crypto world, such as real-world NFTs, weather derivatives and machine learning-as-mining.