Draft:IoTeX
{{AFC submission|d|nn|u=0xNoScope|ns=118|decliner=Stuartyeates|declinets=20250106075422|ts=20241211122906}}
{{AFC comment|1=Needs much more reliable sourcing. Stuartyeates (talk) 07:54, 6 January 2025 (UTC)}}
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{{Short description|Blockchain platform}}
{{Draft topics|internet-culture|software|business-and-economics|technology}}
{{AfC topic|org}}
IoTeX is a blockchain platform that focuses on the decentralized physical infrastructure networks (DePIN) ecosystem. Founded in 2017 by Chinese-American entrepreneurs Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan, the firms aims to build infrastructure for users to connect and monetize everyday electronic devices. The platform's native utility token, IOTX, serves as a medium for governance, staking, and transactional activities on the network. On April 3, 2024, the firm secured $50 million investment round led by led by SNZ Capital, Foresight Ventures, FutureMoneyGroup, and Borderless Capital.{{Cite web |title=IoTeX price today, IOTX to USD live price, marketcap and chart |url=https://coinmarketcap.com/currencies/iotex/ |access-date=2024-12-11 |website=CoinMarketCap |language=en}}{{Cite web |date=2024-09-16 |title=IoTeX Funnels $50M Funding Into DePIN Offering — Launches Solana Bridge |url=https://www.ccn.com/news/technology/iotex-depin-ai-offering-solana-bridge/ |access-date=2024-12-11 |website=CCN.com |language=en-US}}
History
IoTeX was founded in 2017 by Raullen Chai, Qevan Guo, Jing Sun, and Xinxin Fan, who aimed to build a decentralized platform to address the inefficiencies of traditional Internet of Things (IoT) ecosystems. The founders possess backgrounds at Google, Facebook, Uber, and other tech companies. IoTeX launched its testnet in 2018 following a private token sale that raised $25 million. The next year, the project introduced ioPay, a multi-chain cryptocurrency wallet, and later released alpha and beta versions of its mainnet.{{Cite web |title=AN OVERVIEW OF IOTEX (IOTX) |url=https://pontem.network/posts/an-overview-of-iotex-iotx |access-date=2024-12-11 |website=pontem.network}}{{Cite web |title=IoTeX Company Profile 2024: Valuation, Funding & Investors {{!}} PitchBook |url=https://pitchbook.com/profiles/company/230140-81#timeline |access-date=2024-12-11 |website=pitchbook.com |language=en}}
In November 2021, IoTeX announced a major rebranding to align with its new focus on "MachineFi" — a fusion of machine-driven technology and decentralized finance (DeFi). This announcement sparked a surge in the value of IoTeX's native token, IOTX, which rose by over 200% in a few days. However, the token quickly lost most its gains during the 2022 cryptocurrency bear market. In 2024, the firm rebranded again to focus on DePIN.{{Cite web |date=2021-11-16 |title=IoTeX ‘MachineFi’ rebrand backs 200%+ rally to a new all-time high |url=https://cointelegraph.com/news/iotex-machinefi-rebrand-backs-200-rally-to-a-new-all-time-high |access-date=2024-12-11 |website=Cointelegraph |language=en}}{{Cite web |last=Notariya |first=Harsh |date=2024-07-18 |title=IoTeX Unveils Version 2.0 to Build Modular Infrastructure For All DePins |url=https://beincrypto.com/iotex-unveils-modular-depin-development/ |access-date=2024-12-11 |website=BeInCrypto |language=en-US}}
References
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