IOTEX

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IoTeX (often written as IOTEX) is a scalable multi-blockchain platform created for equal transacting of people, services, dApps and IoT devices. Being on the latest stages of development, the IOTEX mainnet is already launched and backed by top participants of worldwide blockchain sphere, such as Binance, Huobi, Kenetic Capital, Blockchange, and more.[1]

IOTEX uses the innovative Roll-DPoS consensus mechanism, an extension to DPoS with improved decentralization, new approaches to trusted and private on-chain computing, and fast and scalable multi-chain architecture.

Technology

Voting in IOTEX is the process of delegation of parts of user wallet balance to one or multiple delegates to promote them to take part in the transaction verification process. In return, the voters receive corresponding parts of the yields, collected by delegates during the verification process.[2]

Although it sounds like transacting, the voted IOTX tokens remain blocked on the users wallet, and get back to full control of the user once un-voted.

IoTeX Delegates

The Delegates take part in the Roll-DPoS process by verifying and approving all upcoming transactions, running calculations for dApps, and keeping the whole blockchain network up and running.

Unlike the most of DPoS blockchains, the network selects random delegates with votes from the pool, instead of only the top ones, for each epoch. This allows more delegates to partake in the consensus, and more voters to get rewards. The Roll-DPoS consensus increases decentralization and also decreases inflation by issuing new tokens to more users than in most blockchains.

References