IoTEdge Network(IOTE)

The former biotech executive was the only Republican contender to have a crypto plan.

Iotex’s IOTX has experienced a substantial surge, climbing from $0.2816 to $0.4425, marking an impressive gain of over 50% within the past 24 hours. The cryptocurrency is now eyeing the possibility of surpassing its previous yearly high if this upward momentum continues. The sudden surge was triggered after a significant […]

NFT artist Patrick Amadon is proudly “pro-rioter,” as Hong Kong Art Week discovered, and he’s at home in crypto, where everyone’s a rebel.

The latest in blockchain tech upgrades, funding announcements and deals. For the week of Oct. 16-22, with live updates throughout.

VitaDAO community agreed to fund an early-stage cancer research through the launch of a biotech company named Matrix Biosciences.

Oak Grove Ventures will focus on early-stage investments in Web3, artificial intelligence and biotechnology.

The IoTeX blockchain governance community voted 94% in favor staking 54 million IOTX tokens to push forward IIP-22 to simplify its domain names (INS), similar to Ethereum’s ENS. The benefits of INS include human-readable names, increased security, improved accessibility, and resource identifiers. As stated by IoTeX in their blog announcing the IIP-22 voting period, “Crypto addresses are frustratingly long, garbled strings like “lswli4yuofd8a0s” – a clunky mechanism that often leaves room for error when inputting. And as cryptocurrencies become mainstream, there will be a substantial market for Web3 addresses.” Similarly to the ENS, INS allows users to register and manage human-readable domain names for their IoTeX addresses, smart contracts, decentralized websites, and other IoTeX-based resources. IoTeX’s INS promotes mass adoption by discovering decentralized services and applications more manageable by providing human-readable domain names, making it easier to search and navigate the blockchain ecosystem. The INS also provides a unified namespace across multiple dApps and blockchain platforms, enabling using the same INS domain name for various services, eliminating the need to remember different addresses for different applications. Regarding decentralization and security, INS operates on the IoTeX blockchain, leveraging the decentralized nature of blockchain technology. That ensures that domain ownership and control are in the hands of the users themselves, reducing the risk of censorship or manipulation. And it can be integrated into popular wallets, exchanges, and decentralized applications, allowing seamless use of domain names across various platforms and services. Users are empowered with INS as it gives them ownership and control over their domain names and associated cryptocurrency addresses. Users can update or transfer their domains as needed, providing a sense of empowerment and autonomy. IoTeX’s name service fosters a community-driven ecosystem where developers, organizations, and individuals can collaborate, build upon, and innovate, driving creativity and the development of new dApps and services. INS is yet another adaptation to simplify onboarding the masses to Web3 by IoTeX, leader of the Decentralized Physical Infrastructure Network (DePIN), the most significant trend in crypto that by 2028 will grow to over $3.5 trillion. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Worldcoin, the high-tech cryptocurrency initiative supported by Sam Altman, might soon find itself under the scrutiny of data protection regulators in the UK. The development comes in the wake of Worldcoin's global debut on Monday. The Information Commissioner’s Office, responsible for upholding information rights and data privacy in the UK, conveyed to Reuters: "We are aware of Worldcoin's launch in the UK and will be making further enquiries." Worldcoin's distinctiveness lies in its innovative, orb-shaped cameras, or 'orb stations', which capture iris images to distinguish humans from AI online. Worldcoin assures users that this process maintains their privacy. As a trade-off for their biometric data, users receive a unique 'WorldID' and the native Worldcoin cryptocurrency at no charge. Worldcoin's Market Debut and Regulatory Challenges Renowned crypto platforms such as Binance, Huobi, and OKX have included Worldcoin (WLD) in their listings. On its launch day, WLD surged to a peak of $3.30. However, the initial euphoria proved short-lived as the token dipped more than 35%, dropping to $2.10 the following day. Despite launching in 35 cities across 20 countries on Monday, Worldcoin chose to steer clear of the US due to regulatory uncertainties and potential misuse of cryptocurrencies. In response to its digital ID and cryptocurrency's availability, Worldcoin expressed optimism, stating, "We hope that in regions with unclear regulations, like the US, measures will be taken so more people can benefit." Co-founder Alex Blania, in an interview with Bankless, mentioned that the specifics of the token's distribution remain undisclosed due to potential legal challenges in the US. He stated, "Many details can't be discussed here because of regulatory uncertainty in the United States." Worldcoin's Crypto Vision At the helm of Worldcoin are OpenAI CEO Sam Altman and Alex Blania, who have been nurturing the project for over three years. The fundamental premise behind Worldcoin is to provide a viable means of verifying human identity online while preserving users' privacy. This need has been accentuated by the rapid evolution of AI technology, sparking concerns about its potential to replace human jobs and blur the distinction between humans and AI bots on the internet. Worldcoin offers a unique digital proof of personhood, known as World ID. Users obtain a World ID through an innovative biometric verification device called an Orb. The Orb scans users' irises, providing a biometric confirmation of their human identity. Universal Basic Income and Beyond Notably, Worldcoin has also disclosed its plans for establishing what's been dubbed as the Universal Basic Income (UBI) service, funded by its AI efforts. The service, where permitted by local laws, will allow users to receive Worldcoin's digital currency (WLD) merely for their verified human status. It's evident that Worldcoin's roll-out has generated ample interest in the crypto world, with personalities like Vitalik Buterin weighing in on its biometric proof of personhood concept. Privacy Concerns and Regulatory Challenges This ambitious venture intertwines the realms of biotechnology, AI, and cryptocurrency in a bid to tackle some of society's pressing issues. On the outset, however, Worldcoin will undoubtedly have to address potential concerns around privacy, security, and regulatory compliance to gain widespread acceptance. Worldcoin's innovative approach, which fuses biometric data with cryptocurrency distribution, has attracted both attention and scrutiny. The project now faces the challenging task of assuaging data privacy concerns while navigating the complex regulatory landscape across different countries. How it manages these challenges could set precedents for the fusion of biotechnology and cryptocurrencies in the future. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Palo Alto, California, USA, July 25th, 2023, ChainwireGEODNET’s growing Global Network of 3000+ web3 GNSS Base-stations is recognized by industry as a leading commercial solution for Real-Time Kinematic (RTK) applicationsThe GEODNET Foundation (GeoDAO PTE, LTD) announced the completion of a private $1.5M token sale at EthCC (The Ethereum Community Conference). The round was led by Borderless Capital’s EdgeFi Fund, the first web3 investment fund exclusively focused on Decentralized Physical Infrastructure Networks (DePIN). The investment round includes additional participation from IoTeX, a web3 technology provider and blockchain for Internet of Things, as well as angel investors.Introduced at the Institute of Navigation 2021 GNSS+ Conference, the Global Earth Observation Decentralized Network, GEODNET, received the Institute of Navigation’s best presentation award and has rapidly grown since the official launch in early 2022.With over 3000 reference stations online in every major continent, the real-time GEODNET network is the world’s largest decentralized Geo-Spatial Reference Network.The GEODNET location service offers reliable centimeter location accuracy for applications such as drones, robotic vehicles, augmented reality, and IoT/mobile devices.GEODNET station data is actively being utilized by leaders in high-precision applications including Hemisphere GNSS, Quectel Wireless Solutions, and Rock Robotic.GEODNET station owners set up their own Satellite Miner and are rewarded with $GEOD, the project’s native Polygon token.“We led this investment because the GEODNET community is proving that thoughtfully deployed DePIN networks offer high-value, revenue-generating solutions to real-world problems”, said Álvaro Gracia, Partner at Borderless Capital.The GEODNET Foundation manages the open network protocol and promotes service usage within the traditional GNSS and IoT industry. GEODNET will utilize the investment proceeds to strengthen the project overall, and emphasize on growing the reliable Global Coverage, and introducing a Mobile operating-system Software Development Kit.“GEODNET’s unique combination of Artificial Intelligence, the Internet of Things, and Blockchain is a game changer for numerous mobile applications.This investment will help pave the way to a broader developer ecosystem in both Enterprise and Consumer applications”, said Mike Horton, Project Creator of GEODNET.About GEODNETGEODNET is a decentralized network of high-precision multi-band GNSS base stations for AIoT, Geo-Scientific, and Metaverse applications.GEODNET stations #MineTheSky for real-time satellite data, and GEODNET is the basis of a new class of distributed cryptographic sensor networks powered by blockchain.https://geodnet.comAbout BorderlessBorderless is a leading investment manager specialized in Web3 technology. Our mission is to support the next wave of creators who are driving the development of innovative technologies that will enable borderless value creation. We are committed to empowering our founders to reach their maximum potential and create a positive change in the world.https://borderlesscapital.ioAbout IoTeXIoTeX is a modular Web3 platform connecting smart devices to blockchains for Web3 integration in real world applications. IoTeX is a leading technology provider of Decentralized Physical Infrastructure Network (DePIN).IoTeX combines blockchain, middleware, and open hardware to connect billions of devices and dApps with privacy and trust.https://iotex.ioContactCEO/FounderMike [email protected]

Mimo Exchange, one of Web3’s fastest, cheapest and most secure decentralized crypto exchanges, is excited to announce the launch of its transformative NFT trading platform enabling more accessible, faster, cheaper transactions and a more user-friendly interface than any other similar marketplace. Mimo's NFT marketplace will provide a seamless and secure platform for buying and selling NFTs. But better yet, thanks to IoTeX's high-performing blockchain, the Mimo NFT trading platform solves the current challenges in the sector, enabling lower transaction fees, faster transaction times, and an enhanced user-friendly interface. The Mimo NFT marketplace will revolutionize the NFT industry by offering more efficient NFT trading, its low handling fee of only 1.5% of the transaction price, as well as with its exciting launch activities. Mimo is the ideal platform for NFT enthusiasts to buy, sell, and trade digital assets. The Mimo NFT marketplace also addresses the non-fungible token industry's current issues, such as high transaction fees, slow transaction times, and security. One of the critical barriers to mainstream adoption is the user interface. To this point, Mimo provides a user-friendly interface that makes it easy for experienced and novice users to discover and collect NFTs. We've designed our intuitive interface to provide a seamless user The Mimo NFT Marketplace has integrated ioPay, IoTeX's official multi-chain and cross-chain crypto wallet, and all other Web3 wallets, including Metamask. People who use IoPay, one of Web3’s most unique, secure, and versatile crypto wallets that also has multichain support, for example, can directly buy and sell their NFTs on the Mimo NFT marketplace from within this crypto wallet without additional wallets or exchanges. Mimo now supports purchasing cryptocurrencies with a credit card, providing even more convenience for using the Mimo NFT marketplace. An exciting aspect of the Mimo NFT marketplace is that it supports projects leveraging W3bstream, which means Decentralized Physical Infrastructure Network (DePIN) startups or projects can issue their NFTs and list them directly on the Mimo NFT marketplace. It provides a new and unique way to interact and expand audiences. Mimo has partnered with well-known NFT and blockchain projects to create a joint marketing campaign. This joint marketing campaign will offer users exciting opportunities and rewards for participating in Mimo's NFT marketplace. To celebrate the launch, Mimo is offering 90% off on the entire transaction fee throughout July, encouraging affordable transactions for all. This limited-time offer enables users to join the Mimo community and experience the benefits of faster, cheaper, and more user-friendly NFT trading. Users can also look forward to several activities and giveaways during the launch event, including limited edition NFTs, exclusive access to pre-released NFTs, and competitions. The Mimo community will also have the chance to engage with our team through live AMAs, Q&A sessions, and beta testing opportunities. With the rise of NFTs as a new asset class, there is a need for a dedicated NFT marketplace on IoTeX to support the growing demand for NFTs in several Web3 sectors, such as art, gaming, music and for the Decentralized Physical Infrastructure Networks (DePIN) sector, which is today the most promising crypto category in the entire blockchain space. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

According to a Bloomberg report, other major depositors included Silicon Valley Bank, SVB Financial Group, biotechnology research company Altos Labs, and China-based firm Kanzhun.

IoTeX has made waves with the official release of W3bstream Devnet, positioning itself as the first-ever provider of comprehensive tools and infrastructure for building transformative Decentralized Physical Infrastructure Networks (DePIN) dApps. This groundbreaking launch is set to speed up the DePIN sector’s development process, slashing costs by 10x and accelerating go-to-market time for developers from two years to about two months. W3bstream, IoTeX's flagship technology, empowers developers to quickly and easily build dynamic dApps for mobility networks, energy systems, sensor networks, AI computing frameworks, and more. With the advent of Devnet, developers gain unprecedented access to cutting-edge features, enabling seamless connectivity between billions of smart devices and smart contracts, unlocking a world of limitless innovation and societal impact. "At IoTeX, we are trailblazers in offering developers out-of-the-box services to create DePIN dApps that reward users for their actions or incentivize specific behaviors," explains Raullen Chai, CEO and Founder of IoTeX. "The release of W3bstream Devnet marks a turning point for the DePIN sector, projected to become the most significant trend in the Web3 industry, akin to the rise of DeFi in recent years," he added. DePIN has emerged as a driving force propelling the next wave of Web3 adoption. By addressing the limitations of centralized smart device connectivity and applications, such as security, reliability, privacy, and data ownership, the DePIN market will grow to a staggering $3 trillion by 2028. IoTeX's W3bstream aims to reshape the smart device landscape, ushering in a new era of enhanced user experiences and improved quality of life. The Power of W3bstream Devnet Devnet is the first public implementation of W3bstream's chain and device-agnostic architecture and represents a significant milestone in IoTeX's quest to simplify DePIN network development and data-driven dApp creation. Devnet provides developers with a chain-agnostic environment, facilitating the seamless crowdsourcing of real-world data from smart devices. These verifiable "proofs of real-world activity" trigger smart contracts, enabling the direct delivery of digital assets such as cryptocurrencies, stablecoins, Soulbound Tokens (SBTs), and NFTs to users. Central to Devnet is the powerful W3bstream Studio, an intuitive control center equipped with an array of developer-centric features. With the Studio's streamlined interface, developers can effortlessly orchestrate every aspect of their DePIN projects, from data reception to application logic and seamless blockchain interaction. Devnet also offers essential components such as mobile Software Development Kits (SDKs) and Web Assembly (WASM), providing developers unparalleled flexibility and convenience in creating their decentralized applications. IoTeX is committed to continuously expanding W3bstream's capabilities, with future Devnet releases set to introduce a range of out-of-the-box DePIN solutions. These include trusted token metrics for visualizing and analyzing device data on the blockchain, token proofs to validate off-chain data and facilitate token incentives, trusted location services for proof of humanity and presence, and various geo-based use cases. IoTeX's Devnet Launch Partners Numerous pioneering DePIN projects are already poised to harness W3bstream's potential. Drife, a disruptive force in the global ridesharing market, is notable among these, which has already amassed over 30,000 drivers, 100,000 registered users, and completed 250,000 rides. By utilizing W3bstream, Drife integrates verifiable mobile geo-location into its tech stack, ensuring secure tracking of routes driven and providing a trusted environment for drivers and riders alike. React Network, another prominent partner, consists of thousands of connected batteries deployed across homes, businesses, and multi-family living spaces. This innovative energy network supports the power grid during times of high demand and utilizes W3bstream to effectively manage and visualize the diverse footprint of smart devices contributing to its network. The platform efficiently processes the high volume of real-time data generated by these devices, enabling a more optimized and sustainable energy grid system. These partnerships exemplify the real-world applications of W3bstream and highlight the transformative potential of Decentralized Physical Infrastructure Networks. By leveraging the power of blockchain and smart contracts, IoTeX and its partners are revolutionizing industries and empowering users with greater control over their data and participation in the machine economy. As the world's first provider of DePIN infrastructure and tools, IoTeX is leading the way in unlocking the full potential of decentralized IoT. With the launch of W3bstream's Devnet, developers now have access to a comprehensive framework that simplifies the development process, reduces costs, and accelerates time-to-market for data-driven dApps. The possibilities for innovation and social impact are boundless as W3bstream connects billions of intelligent devices to smart contracts, creating a more inclusive and decentralized future. Sparking a new wave of adoption With Devnet, IoTeX is spearheading the DePIN revolution and paving the way for the next wave of Web3 adoption. By addressing the limitations of centralized IoT solutions and providing developers with the necessary tools and infrastructure, IoTeX is driving the transition toward a more secure, reliable, and privacy-preserving ecosystem. The launch of W3bstream's Devnet marks a significant milestone in developing Decentralized Physical Infrastructure Networks. IoTeX's commitment to democratizing IoT and empowering developers is revolutionizing the machine economy and opening up endless possibilities for innovation. With its unique features, chain-agnostic environment, and strong partnerships, W3bstream will shape the future of IoT and drive the widespread adoption of Web3 technologies. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In the rapidly evolving Web3 space, the success of any blockchain platform hinges on the creativity and ingenuity of its dApp creators. Recognizing developers' pivotal role in driving adoption, the IoTeX community has voted massively in favor of IoTeX's Improvement Proposal 15 (IIP-15) for Sharing of Gas-Fee with dApps (SGD). With its groundbreaking IIP-15, IoTeX aims to unlock a new era of high-level innovation, engagement, and sustainable growth. By sharing a portion of transaction gas fees with dApp developers, IoTeX sets the stage for an ecosystem where creativity thrives, users are captivated, and developers are incentivized like never before. The IoTeX community has passed the groundbreaking IIP-15 with 98.5% in favor, and 1.5% against the proposal. A total of 224 wallets participated with nearly 157.4 million IOTX staked. The IoTeX Foundation will distribute 224 Soulbound Tokens (SBTs) to reward those who participated in the IIP-15 DAO governance vote. Becoming the DePIN leader “The significance of IIP-15 cannot be overstated,” said IoTeX CEO and Co-Founder Raullen Chai. “For IoTeX, it represents another step toward becoming the leader within the burgeoning Decentralized Physical Infrastructure Networks (DePIN) space. It also represents a paradigm shift in how blockchain platforms value and compensate their development community.” “By proposing the revenue-sharing mechanism through SGD, IoTeX opens the doors for community members to actively participate in shaping the platform's future and fostering a vibrant ecosystem,” Chai said. Striking a fair balance As users interact with dApps on the IoTeX blockchain, a portion of the transaction gas fees is automatically accrued in the SGD treasury. The proposal recommends that 30% of the gas fees be reallocated to the SGD treasury to strike a fair balance and incentivize sustainable growth. At the same time, the remaining portion continues to contribute to the Proof-of-Stake (PoS) rewarding pool. The actual ratio may be subject to adjustment through governance voting. DApp owners can withdraw their accumulated revenue by initiating a claim action. The SGD treasury verifies the eligibility criteria, including transaction volume and time deployed on the chain, through the SGD registry. Once the criteria are met, the treasury issues the corresponding rewards. To maintain the integrity and quality of the ecosystem, the IoTeX Foundation implements a review process, approving dApps based on their performance and adherence to guidelines. Transparency and efficiency The SGD initiative comprises two main components to ensure transparency and efficient management: the SGD Treasury and the SGD Registry. The treasury module handles gas fee distribution, accounting, and the SGD rewards claims process. The registry consists of a system contract and an indexer. dApp owners utilize the system contract to register their dApp contracts and reward addresses, while the indexer keeps track of SGD contract addresses, owners, and the number of contract calls. Implementing this fee-sharing model requires careful consideration to prevent potential abuses. To address this concern, the IoTeX Foundation has set eligibility criteria to qualify for revenue sharing. DApps must have completed at least 100,000 IoTeX Layer 1 blockchain transactions, have been deployed and running smoothly for at least one month, and receive approval from the IoTeX Foundation. The Foundation reserves the right to disapprove dApps involved in spam transactions or illegitimate activities, thereby safeguarding the integrity of the SGD program and protecting users' interests. Driving innovation Implementing the SGD feature will be part of an upcoming hard fork, ensuring backward compatibility with existing applications and infrastructure. With this forward-thinking proposal, IoTeX joins a growing movement for blockchain platforms to actively reward their dApp creators, driving a virtuous cycle of innovation, user engagement, and overall ecosystem growth. As IoTeX continues to expand its reach and influence, IIP-15 solidifies its position as a trailblazer in blockchain technology. Through this revenue-sharing model, IoTeX sets the stage for a new dApp development era that rewards creativity, nurtures innovation, and fosters a new and exciting design space for Web3 applications. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

A recent panel hosted by IoTeX, a Decentralized Physical Infrastructure Network (DePIN) tech and infra provider, focused on the advances in Account Abstraction (AA) and its impact on the Web3 space, including its potential to bring the next billion new users to Web3. The DePIN panel discussion on Twitter spaces included Intu Co-CEO and Co-Founder James Bourque and IoTeX CEO and Co-Founder Raullen Chai. Noam Hurwitz of Alchemy, Danny Salman of Polygon Labs, Third Web DevEx Engineer Ciara Nightingale, Web3 Foundation's Bader Youssef, and Larry Pan, IoTeX Head of Business Development, also participated. The panelists agreed that AA could onboard the next wave of adopters in the Web3 space. By abstracting away the complexities of the blockchain, AA can create a seamless user experience where users won't even know that they are interacting with blockchain technology. That could be a gamechanger for the industry and pave the way for developing the next massively used dApp. Explaining why AA will spark further adoption Account Abstraction allows for a more sophisticated approach to managing blockchain assets by abstracting away the underlying account model of a blockchain. That means that users no longer have to worry about managing private keys and can instead interact with the blockchain using a more user-friendly approach. AA essentially makes accounts smart contracts, so instead of being an externally owned account (which requires the owner to sign transactions), smart contracts can interact directly with the blockchain. This creates a more seamless user experience that can be more accessible to people who are new to crypto. Bourque explained that at Intu, "we have been aiming to achieve similar things to account abstraction since we started. We're firm of the opinion that together a kind of multi-party computation and cryptography with account abstraction is really the clear path to that user experience, that human-first experience that I think will bring the next billion users to crypto." More user-friendly and intuitive AA makes it possible to create more complex and sophisticated applications on the blockchain. With smart contracts accounts that manage assets, developers can create more sophisticated decentralized applications (dApps) that offer a wide range of services, from asset management to peer-to-peer transactions. This means that users can take advantage of the full potential of the blockchain and access a broader range of more user-friendly and intuitive applications. By making the blockchain more user-friendly, developers can create applications that are more intuitive and easier to use, even for people who are not tech-savvy. The panelists agreed that this could lead to a surge in the adoption and usage of decentralized applications, which could bring about a new era of innovation and growth in the crypto industry. Ethereum and Account Abstraction Ethereum Foundation is at the forefront of account abstraction. In 2021, Ethereum Founder Vitalik Buterin and other blockchain experts released the account abstraction proposal, which strives to improve the user experience and security of crypto wallets, among other things. Tom Tamen of the Ethereum Foundation is part of the team working on his company's EIP 4337, which he said is a continuation of his personal goal to take blockchain to the average person. He believes Web3 is fast approaching the tipping point where developers will build "a killer app" that will spark the next wave of adoption. IoTeX's Pang said, "The onboarding of the masses is definitely something that is top of mind. However, he said he firmly believes "that the ease of onboarding traditional companies into Web3 will be greatly simplified with account abstraction." The need for more Web3 developers Danny thinks AA "really brings us the idea of being able to develop where you would live in a contemporary (traditional or mainstream) software environment without needing to know anything about blockchain or crypto." He rightly pointed out the need for more developers in the Web3 space, saying there are currently at most 35,000 blockchain developers worldwide, while in traditional sectors, there are nearly 30 million globally. AA in the DePIN space DePIN stands for Decentralized Physical Infrastructure Networks. For simplicity purposes, it is the Web3 IoT, which many experts believe is set to bring the next big wave of users to crypto. "AA in DePIN will make it easier for users worldwide to access blockchain accounts." Because the multi-trillion-dollar machine economy is currently powered by tens of billions of smart devices, this could potentially be the path for new users into the Web3 space, said Raullen Chai. "Think about the traditional Internet of Things deployment. There's a lot of co-ownership of every single gateway that connects to all these different types of sensors. And the ability to represent these things in an abstracted kind of hierarchical way is something that's brand new and is going onboard a ton of companies that want to use decentralized infrastructure", reiterated Larry Pang. The race to mass adoption The race to bring the first billion to crypto is not new. However, account abstraction raises hope for that milestone to be achieved. In a recently published article entitled On Keys and Code: Account Abstraction and the Race to 1 Billion Users, Brian Astrove wrote that AA is "the process of taking away or removing characteristics from something to reduce complexity and increase efficiency." Astrove said user accounts need more flexibility, making it challenging to build experiences that mainstream users will accept. Today, if you lose your public key, you lose your private key, you also lose your assets. "This is why more flexibility is critical to onboard new waves of users. It opens the door for user experiences we expect in 2023, with security features like password recovery and multi-party signing. This is what account abstraction promises," he added. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a significant development for the blockchain industry, IoTeX's community has overwhelmingly voted in favor of Improvement Protocol 21 (IIP-21), paving the way for bridging IOTX, the native coin of the IoTeX network, to Ethereum. The proposal received overwhelming support from the IoTeX community, with a final tally of 306 million IOTX (73.77%) voting in favor of the bridge, while 109 million IOTX (26.23%) opposed the proposal. A total of 334 wallets participated in the vote, whose successful outcome reflects the community's enthusiasm for expanding the utility and reach of IOTX through cross-chain interoperability. Enormous potential for Ethereum and IoTeX Blockchain bridges have gained increasing attention as they offer numerous benefits to the blockchain ecosystem. By enabling tokens to move seamlessly between different blockchains, bridges address scalability challenges, reduce network congestion, and enhance user experiences. “One of the primary motivations behind IIP-21 is to leverage Ethereum's robust DeFi ecosystem, increase IoTeX token liquidity within Ethereum, and build a vibrant developer and user community,” said IoTeX CEO and Co-Founder Raullen Chai. “The proposed bridge between IoTeX and Ethereum holds immense potential for both platforms and the broader blockchain community,” he added. Presently, IOTX exists on the IoTeX network and is bridged to Binance Smart Chain and Polygon. Addressing limitations However, the legacy ERC-20 version of IOTX on Ethereum, known as IOTX-E, has limited supply and circulation, restricting its usage in DeFi protocols and availability on major centralized exchanges. The proposal aims to address these limitations by implementing CIOTX (Cross Chain IOTX), a wrapped version of IOTX on the Ethereum blockchain. CIOTX will be fully backed by the circulating IOTX on IoTeX, ensuring a sufficient supply for utilization in any Ethereum-based DeFi application and circulation on centralized exchanges. This strategic move enables IoTeX to tap into the thriving DeFi ecosystem on Ethereum, including on popular protocols like Uniswap, Curve, Aave, and Compound. Seamless token swapping Introducing CIOTX on Ethereum will facilitate the seamless swapping of tokens between CIOTX and IOTX-E. By listing CIOTX alongside IOTX-E on decentralized exchanges like Uniswap and Curve, users can exchange the two tokens at market prices, with the market determining their respective values based on demand. This feature enhances liquidity and provides greater flexibility for users in managing their IOTX assets. The benefits of blockchain bridges extend beyond IoTeX and Ethereum. With IoTeX diverting some network traffic away from Ethereum, the bridge helps alleviate congestion and scalability challenges the Ethereum network faces. By dispersing transactions to other less congested blockchains, bridges contribute to the overall improvement of blockchain scalability and user experience. A fantastic step forward The successful passage of IIP-21 signifies a significant step forward for IoTeX and the broader blockchain community. With the bridging of IOTX to Ethereum and the introduction of CIOTX, IoTeX aims to create a comprehensive ecosystem of IOTX-backed tokens that can be utilized across multiple blockchains. This integration of IoTeX and Ethereum opens new possibilities for DeFi applications, enhancing the utility and value of IOTX while promoting interoperability within the blockchain landscape. As the blockchain industry continues to evolve, bridges like the one proposed in IIP-21 play a crucial role in unlocking the full potential of different blockchain platforms. By enabling seamless token transfers, bridges enhance scalability, reduce congestion, and foster collaboration between blockchain ecosystems, ultimately driving innovation and adoption in the decentralized finance space. Leveraging IoTeX’s speed and efficiency With the bridging of IOTX to Ethereum, businesses can now explore the possibility of enabling instant payments using IOTX or CIOTX tokens, leveraging the speed and efficiency of the IoTeX network while benefiting from Ethereum's vast user base and DeFi infrastructure. The successful implementation of IIP-21 and bridging IOTX to Ethereum represent a significant milestone in the blockchain industry. As blockchain bridges continue to gain prominence, we expect to witness the emergence of new use cases and innovative applications across various sectors, ultimately driving the widespread adoption of blockchain technology and fostering a more interconnected and efficient decentralized ecosystem. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.