Cryptocurrency Q&A
What network is IoTeX on?
What network is IoTeX on?
DigitalBaron
Thu Jun 27 2024
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5 answers
991
As a seasoned individual in the realm of cryptocurrency and finance, I'm curious to inquire about the underlying network that IoTeX operates on. Could you elaborate on the technological foundation that IoTeX leverages to power its decentralized ecosystem? Specifically, I'm interested in understanding if IoTeX is built on an existing blockchain infrastructure, such as Ethereum, or if it utilizes a proprietary blockchain technology. Additionally, I'd appreciate any insights into the scalability, security, and interoperability aspects of the IoTeX network.
5 answers
CryptoVanguard
Sat Jun 29 2024
IoTeX (IOTX) is a decentralized network that centers its focus on the Web3 machine economy. It aims to revolutionize the integration of blockchain technology into IoT devices and smart machines.
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Sara
Fri Jun 28 2024
The IoTeX Layer 1 blockchain network is designed to be EMV-compatible, enabling compatibility with existing Ethereum-based projects. This compatibility fosters a broader ecosystem of interoperable solutions.
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DigitalCoinDreamer
Fri Jun 28 2024
The network is powered by the Roll-DPoS consensus mechanism, which ensures secure and efficient transaction processing. Roll-DPoS combines the benefits of delegated proof of stake (DPoS) with a rolling validator system, providing scalability and decentralization.
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KatieAnderson
Fri Jun 28 2024
IoTeX's platform offers builders the ability to launch Solidity-based decentralized applications (Dapps), tokens, and non-fungible tokens (NFTs). The low gas fees and 5-second block time with instant finality make it an attractive option for developers.
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EnchantedMoon
Fri Jun 28 2024
The combination of EMV compatibility, Roll-DPoS consensus, and Solidity-based development allows IoTeX to provide a robust and scalable foundation for Web3 machine economy applications. This enables the integration of blockchain technology into a wide range of IoT devices and smart machines.
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