IoTeX(IOTX)

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 […]

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.

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.

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.