The Internet of Everything driven by Blockchain

ioeX Overview

ioeX aims to create a decentralized and distributed network that allows Internet of Things (IoT) devices to transmit and receive data without specialized storage or transmission centers through decentralized Peer-to-Peer (P2P) networking. Internet of Things (IoT) refers to the network of devices, vehicles and home appliances that contain electronics, software, and connectivity that allows the equipment to connect, interact and exchange data over a network without requiring human to human or human to computer interaction.

The ioeX vision is to reduce and possibly even eradicate the high cost of updating IoT devices. Within the ioeX network the cost of traffic and storage decreases by up to an estimated 70% as the interactions between technology carriers and network communication become more intuitive and efficient. For small to medium sized companies the cost of establishing servers for IoT device updates are a financial burden due to the high cost of cloud storage and network traffic expenses. ioeX will initially focus on building practical applications for enterprises through partnerships and further expand to provide services required by IoT device users with the ioeX platform. ioeX will obtain software updates from the device manufacturers and transfer the files to peer nodes that will distribute the files to other peer nodes in their network with friend relationship. Each peer node will store files with a unique download address that will aggregate the addresses and provide it to the manufacturer. Going forwards the manufacturer will be able to push the update notification along with the download address to their IoT devices.

ioeX Ecosystem

ioeX’s decentralized P2P Carrier network is built on top of Elastos and incorporates its technology to promote direct connection of nodes. ioeX builds on the Elastos parent chain as its mainchain to handle ioeX coin issuance and the recording to reward transactions. ioeX also adopts sidechains to record node resource contribution and usage, including but not limited to bandwidth, traffic and storage contributions.

The ioeX ecosystem consists of the following components:

  • Carrier: The decentralized P2P network used by ioeX built on top of Elastos. ioeX incorporates Elastos Carrier to promote node direct connect/interconnect capabilities. ioeX is an application extension of Elastos and part of its ecosystem. The network architecture is Friend-to-Friend based, if no Friend network is established, no direct communication between nodes is possible, even if they are on the same network which improves the security in the network. The network does not store any user information, user messages, communication records between nodes.
  • Bootstrap Nodes: Devices that connect to the internet through a fixed IP address. Server level network nodes that connect to the network this way form Carrier’s basic network architecture and provide Relay functions to Peer Nodes. Once online, bootstrap nodes can search and connect with each other to form a relay network.
  • Peer Nodes: Any IoT device that connects to the internet through dynamic IP addresses. Once connected, peer nodes search and connect to the fastest bootstrap node in the ioeX network.  Smart devices become Peer Nodes that aggregate across the P2P network and participate in application level functions.
  • Rewards: Offer ioeX tokens to provide incentives for bootstrap nodes and peer nodes devices. ioeX as an Elastos distributed application incorporates the same merge mining functionality as Elastos. Bitcoin miners who participate in merge mining receive ioeX coins as an additional reward without any extra costs. The mining reward is fixed at 20 ioeX coins per block generation with a yearly inflation rate of 3%.

 

  • Individuals: Individuals on the ioeX network as peer nodes will contribute bandwidth, traffic, and storage resources. For their contributions, peer nodes will receive ioeX tokens as rewards for sharing their bandwidth and storage resources.

ioeX Token

IOEX is a utility token that will be used for multiple functions within the ecosystem in an efficient and transparent manner throughout the platform, serving the below purposes:

  • Payments: Pay with ioeX to get the network service
  • Rewards:
    • Miners of blockchain ledger
    • Bootstrap nodes to share the bandwidth
    • Peer nodes to share the storage capacity
  • Elastos Interoperability: Interact with Elastos (ELA) blockchain
  • Payments: Used as a new payment tool across different industries
  • GAS: To prevent fluctuations in ioeX from mispricing network services, ioeX will charge services in GAS, which is fixed in value. GAS will only be used to denominate the prices of network services and once a service is purchased, the wallet will automatically convert ioeX coins to the respective amount of GAS.

ioeX Team and Delivery

The ioeX team has 15 years of experience in developing and integrating Artificial Intelligence equipment. The team have knowledge and strong ties to Elastos which has been leveraged by the team and technology utilization. ioeX Founder and CEO Aryan Hung has strong technical and industry experience and boasts a number of years working with Elastos Founder Rong Chen. Hung surrounds himself with an extremely strong team to deliver this project and roadmap. The team have a strong list of advisors who specialize in key fields across the blockchain landscape. The stand out advisors are the core of the Elastos team, Rong Chen (Elastos Foundation Co-Founder), DingHe Hu (Elastos Capital Chairman) and Feng Han (Elastos Foundation Co-Founder).

 

Below details the ioeX roadmap:

ioeX Token Sale

The ioeX token sale will take place in December 2018 having successfully selling out and completing their private and pre-sale.

Name: ioeX Token

Symbol: IOEX

Total Tokens: 200M IOEX

Available for Token Sale: 20M IOEX (20%)

Crowdsale Date: December 2018

Token Distribution:

ioeX Strengths

  • ioeX have already secured large partnerships and are currently in talks with manufacturers regarding integration into IoT devices
  • Significant cost reduction for businesses to push software updates to their IoT devices
  • IoT device owners can utilize unused storage space and bandwidth to earn additional rewards through ioeX network participation
  • Manufactures do not need to rely on costly servers and securing network bandwidth to provide updates to users
  • Elastos partnership benefits the ioeX ecosystem

ioeX Weaknesses

  • Further details on the security of the peer nodes is needed to understand how they will not manipulate or compromise files being stored
  • ioeX network is only geared towards IoT device manufacturers and are yet to expand to services for general users which is scheduled for a later date
  • Will ioeX technology impact companies like Google and Amazon who already have large servers

CryptoLingo Verdict:  

The output value of IoT equipment was valued at over $1.8bn in 2017. As technological innovation and an increase in the number of IoT devices continues to rise these costs will continue to grow with it. ioeX aim to tackle this opportunity using blockchain technology and redefine the way we interact with technology through IoT devices despite not being as mainstream as other electronic devices. By ioeX presenting themselves as a company that can help facilitate a cheaper and more efficient way to provide device updates it can help position their technology for mass adoption amongst devices used by manufacturers. Their partnerships with existing companies show the value they see in ensuring their technology is utilised and has real world application to fully benefit from. CryptoLingo are excited to see how ioeX develop and will continue to monitor the progress of this innovative project aiming to revolutionise the Internet of Everything driven by blockchain.

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