IoTeX Testnet Preview will be released on April 20, 2018 17:00 PDT.Let’s together countdown to the excited moment!!
In addition to the financial and sharing economy, one of the most easily applied areas for chemical reactions with the blockchain is the Internet of Things. In the area of Internet of Things, a large number of blockchain projects have emerged in the industry such as IOTA. In many features, the blockchain and the Internet of Things are naturally compatible. Both of them are distributed networks. The difficult to tamper with the blockchain technology and the Token economic system can solve many problems in the development of the Internet of Things.
From a technical point of view, the blockchain may become a booster, enabling the Internet of Things to flourish at a faster rate. To date, the Internet of Things has more than 7 billion devices, and even exceeds the global population. It is estimated that IoT devices can reach 18 billion by 2022. If the research and development of IoT-related technologies has achieved greater results in recent years, it may accelerate the process. By then, the total number of equipment will exceed 18 billion. Of course, the development of the Internet of Things cannot be measured only by the number of devices. What is more important is that these devices really have an impact on the mainstream population. If it is impossible to solve practical problems for the mainstream population, the Internet of Things will become an embarrassing industry. On the one hand, it has a huge potential in application space and is a highly anticipated industry. On the other hand, it has no killer applications.
The current reason why the Internet of Things is flawed is mainly due to the problems faced when landing, such as the lack of scale expansion, interoperability, difficulty in ensuring privacy, high cost, low-value circulation, and low interoperability. This made the development of the Internet of Things falter. The blockchain not only achieves trust without the intermediary, but also uses the Token economic system to quantify the very small value and allow these values to flow quickly. In addition, the blockchain also has great technical advantages in terms of privacy security: the data is stored in a distributed blockchain and solves the problem of possible leakage or abuse of data in the cloud. Smart contracts can ensure that the transaction costs are reduced. There is no need to worry about the cost being occupied by a centralized company, through the Token system to achieve value circulation and cash out, and so on. Finally, through the improvement of consensus mechanism and distributed computing, the blockchain can solve the problem of large-scale expansion of the Internet of Things at a low cost. Blockchain technology can be considered as the neural network of the Internet of Things and is the best candidate for solving various problems in the blockchain.
Blockchain enables the Internet of Things. In the Internet of Things that is supported by the blockchain, the device has the opportunity to truly interoperate, or it is just a local area network. Today, Bluefox is introducing IoTeX. The IoTeX team has a combination of the Internet of Things and blockchain. Very in-depth thinking, it is worth all the small partners interested in the blockchain Internet of things.
What IoTeX does
IoTeX is an IoT-oriented next-generation blockchain platform that has its own features in terms of scalability, deep privacy protection, independence, etc., and tries to provide full support for bringing up new IoT applications and building a blockchain ecosystem. .
The biggest goal of IoTeX is to solve the problem that the Internet of Things is difficult to reach the mainstream. The first is interoperability. IoTeX tries to make all IoT devices connectable and interoperable through their own solutions, and achieve independent collaboration. Not only this, but also scale expansion. It needs to allow heterogeneous IoTs to communicate with each other without worrying about the limitations of computing power and storage. In the end, IoTeX will become an enabler for the Internet of Things, giving the Internet of Things the ability to expand, enabling the Internet of Things to achieve true availability, low cost, privacy and security, and interoperability.
IoTeX wants to become an Internet of Things enabler, is to provide services for the entire Internet of things ecosystem, including IoT device manufacturers, IoT device control systems, smart home, supply chain data integrators, data crowdsourcing providers, automated driving Automobile manufacturers and so on. By providing blockchain-based technologies to various entities in the IoT industry, the development bottlenecks of the Internet of Things are solved, and the Internet of Things is finally driven to the mainstream.
From this perspective, the vigorous development of the shared economy in these two years is more like a rental economy. The integration of blockchain can make the bicycle and car rental economy become a real sharing economy. IoTeX can provide technical support for sharing applications, achieve privacy security, and allow users to directly enter into transactions. For example, the user installs a smart lock on his own shared bicycle, the smart lock communicates with the IoTeX sub-chain, and the sub-chain is supported by the root chain, enabling payment and unlocking. Sub-chain smart contracts implement deposits and payments. All storage costs are managed through smart contracts, so there is no need to worry about the issue of rent reimbursement after the bicycle sharing platform collapses.
At present, the cost of technical operations and maintenance of many IoT vendors is very high. For example, most IoT vendors use cloud services, with risks such as hacking and data leakage on the one hand, and high maintenance costs on the back-end infrastructure. These vendors generally use cloud services from large companies and need to pay large companies for large fees. If the IoTeX blockchain is used, device management can be implemented within the subchain, interacting with the rootchain when necessary, and ensuring privacy and security. At the same time, the cost of using distributed services in the community is also greatly reduced.
For individual users using smart homes, many home TVs, lights, routers, refrigerators, curtains, sweepers, monitors, etc. may be smart devices. If these smart devices are based on the IoTeX platform, they can be connected to private sub-chains. To ensure privacy and security, data is kept on private sub-chains. In addition, IoTeX can automatically coordinate multiple devices through smart contracts, share data, and make families more intelligent.
With IoTeX, IoT companies run their ecosystem based on IoTeX’s public chain, using IoTeX developer tools to create their own child chains and Tokens. Token’s value encourages users to support applications and ecological development, and ultimately reshape the development of the Internet of Things. In a sense, IoTeX wants to become Ethereum in the field of Internet of Things.
It can be said that the blockchain protocol such as IoTeX has inserted imagination wings for the development of the Internet of Things, and has brought about the possibility of large-scale landing and expansion.
So, let’s take a look at the characteristics of IoTeX’s blockchain. Why can you empower the Internet of Things?
How IoTeX Enabling the Internet of Things
IoTeX focuses on several core issues that hinder the rapid growth of the Internet of Things: The way in which IoT devices are centrally managed has made its operating costs extremely high, and it has not even been profitable. The current IoT devices are connected to the cloud server, and data transmission and control are performed through the cloud. However, these continuous high operating costs make IoT equipment vendors not profitable as their scale increases. In addition, the privacy issues of IoT devices have become increasingly prominent, including identity, address tracking, user data analysis, information leakage, and hacking. In the current Internet of Things, multiple devices simply connect, and each device does not generate more value because of its own data. However, the value of IoT devices actually comes from the automatic coordination between heterogeneous devices and the body. Through the cooperation of individuals, ultimately produce a large data value. However, current equipment and entities cannot quantify the value, and they cannot perform immediate value circulation.
IoTeX eventually hopes to empower the Internet of Things through blockchains. The blockchain core includes blocks, consensus, governance, computing interfaces, and more. A blockchain is a distributed ledger, with many blocks connected to a blockchain. Each block contains a hash of the previous block, allowing the two to generate connections. Signed transactions are broadcast on all nodes, and digital asset transfers are encrypted. All nodes need to reach consensus. The current major mechanisms include PoW, PoS, and BFT. The consensus mechanism has a great influence on scalability and security. In terms of computing interfaces, although the block and consensus are the basis of the blockchain, the computing interface makes the blockchain usable. For example, the Ethereum smart contract is programmable, and the lightning network achieves scalability through the status channel. SDK, GUI, etc. are all essential to achieve usability. They give developers the ability to develop Dapp. Governance is also a key link in the development of the blockchain. If governance is not done well, it will cause division in the community. The last is the blockchain incentive system. With a well-designed incentive system, it is possible for individual entities to obtain their own interests through efforts to ensure the network’s self-operation.
IoTeX makes the Internet of Things more powerful through the blockchain: Through decentralization, IoT device users can control their device data autonomously, and achieve complete security and privacy. At the same time, the entire ecosystem will design flexible supply of resources according to demand, and increase the supply of resources within the ecosystem through incentives to meet more needs. By using consensus mechanisms such as Byzantine fault tolerance and distributed nodes to ensure security, there will be no service failure due to hardware read failures, network congestion, and malicious attacks. Blockchain records cannot be tampered with, and data can be used for auditing, notarization, forensics, authentication, and authorization. Blockchain programmability can be extended to IoT devices to achieve its scalability.
However, objectively speaking, blockchain cannot solve all the problems of the Internet of Things. For example, the Internet of Things has a lot of heterogeneous systems, and their respective construction goals and equipment capabilities are different. Hundreds of millions of industrial IoT nodes will be more focused on high scalability and rapid transaction capabilities, while furniture smart devices are more concerned with privacy and security issues.
In addition, in the IoT world, many devices are relatively weak nodes that are subject to power and computational power. PoW mining cannot be performed, and the storage space is also small. It is impossible to save the full-node accounts and cannot always connect to peer nodes. The node’s runtime and connection quality. For most IoT devices, the blockchain is too heavy. In other words, the Internet of Things may not be able to solve all the problems in the blockchain in a short time.
Currently, IOTA is used to integrate the blockchain IoT. It uses the Tangle technology to try to decouple the state transition mechanism and the consensus specification mechanism. It does not have the concepts of blocks and chains. Its transaction sponsors are also transaction verifiers, and the transaction confirmation uses DAG technology to make the transaction faster and realize zero expenses. It abandons global consensus to increase throughput, which makes it challenging to implement light client SPV (Simple Payment Verification) and smart contracts.
IoTeX Design Principles
IoTeX is trying to be the central system of the Internet of Things that addresses privacy issues and scalability issues. From this, IoTeX proposes the following design principles:
1) Separation of power and responsibility
IoTeX believes that it is difficult to achieve large-scale deployment by directly integrating all IoT nodes into a single blockchain network. First, different IoT applications require different blockchain functions. Putting all IoT nodes on a single chain will dramatically increase the scale and computing power, which will eventually make many IoT devices unreliable. If the separation of powers and duties allows each blockchain to interact with specific IoT nodes, it can also interact with other blockchains. The entire architecture is similar to the Internet. Heterogeneous devices first form an internal network. A small intranet can form a large intranet and eventually connect to the entire backbone network and connect with other networks. The separation of powers and responsibilities can create a balanced and scalable system that maximizes efficiency and privacy.
2) Occam’s Razor
Each blockchain has different uses, with different architectures and optimization priorities. For example, sub-chains focusing on payment scenarios do not need to run smart contracts; sub-chains running on devices with weak storage capabilities can use the class-Mimble Wimble architecture to reduce storage; running in a trusted environment network connects devices in the same network Don’t worry about too much transaction privacy.
3) Friendly to Internet of Things
The IoT world is full of heterogeneous systems and nodes, with different strengths, storage, and power. Obviously, weak nodes can do it, and strong nodes can be done without a doubt. IoTeX therefore believes that the design and optimization should be based on weak node capabilities, and priority should be given to the computational power, storage, and power of weak nodes.
IoTeX Design Architecture
The core architecture of IoTeX is the chain of links. IoTeX has a lot of blockchains, arranged by layers, and the interoperability of blockchains running independently. In the world of IoTeX, the root chain manages many independent subchains. Child chains connect and interact with IoT devices. If a child chain runs poorly, such as being attacked or the software has a bug, the root chain is completely unaffected. In addition, cross-chain transactions are also supported, which can transfer value or data from one sub-chain to the root chain or another sub-chain from one sub-chain through the root chain.
IoTeX’s root chain is a public chain, and anyone can enter without a license. The public chain has a relay function, which can realize cross-sub-chain transfer of value and data, and realizes interoperability while preserving privacy. The root chain is open, and the subchains can be public or private. The root chain must have strong scalability, and the sub-chain scalability can be changed according to the needs. The robustness of the root chain is demanding, and the subchains vary according to demand. In terms of scalability, the root chain does not need to implement Turing’s completeness, and the sub-chain needs Turing’s completeness.
Second, the root chain can supervise subchains, such as bond operators who punish subchains by confiscation of deposits. The root chain focuses on scalability, robustness, privacy, and the ability to monitor child chains. A child chain can be a private chain and interact with other child chains by relaying the root chain. Subchains are flexible and expandable and can be adapted to different IoT application needs. The sub-chains are run by different operators. Their roles depend on the situation. In general, sufficient bonds need to be stored on the root chain. However, the system allows the operator to nominate one or more operators with or without additional bonds. The operator operates as a light client on the root chain and encapsulates the new block on the full chain of the child chain.
The root chain uses Bitcoin UXTO based models and Monroe’s ring signature technology. First, the transaction sorting does not require random numbers or serial numbers. These serial numbers and random numbers impose minimum requirements on the consistency mechanism and allow parallel transaction processing. Second, the existing privacy protection techniques such as ring signatures are used to hide the senders.
The root chain consists of hash-connected blocks. The block includes the hash headers that can be associated with the previous block, as well as the transaction list. The root chain allows two types of transactions: basic transactions include P2PKH, P2SH, Multisig, and advanced transactions that support cross-chain operations such as BondedRegistraion, Lock, ReLock, Reorg, and so on. Validation transactions added to a blockchain have dynamic capacity up to 8MB. The root chain is non-Turing complete, supporting stack-based scripting and rich opcodes.
The sub-chain licensing model, specifications, parameters, transaction types can be customized to suit its application. The IoTeX subchain can use an account-based model and is more suitable for tracking state trading. Similar to Ethereum, IoTeX has two types of accounts: regular accounts and contract accounts. Effective transactions are added to the block, resulting from the same consensus mechanism. Confirmation based on the root chain can make cross-chain communication more effective. Subchains can use root chain tokens or custom tokens. Tokens can be sold through the Token or traded on the exchange.
Child chains support smart contracts that run on virtual machines. WASM is a web standard that can be used to build high-performance web applications. With smart contracts, the IoT device is connected to the same subchain: First, the physical environment based on the state of the subchain, the device can interact, such as in the subchain, the light bulb automatically switches based on the “time state”; second, the device can follow Changes in the physical environment change, for example, thermostat thermostats are controlled by the sensor’s smart contract.
IoTeX’s cross-chain communication mechanism
Cross-link communication is also common in IoT applications. An IoT device on a subchain has the need to collaborate with devices on other subchains. Constrained by the low computing power and storage footprint of IoT devices, IoTeX attempts to design a fast and efficient cross-chain communication mechanism.
The Bitcoin network implements extensibility through sidechains, such as the peg mechanism, which relies on SPVs to allow bitcoins to be transferred from the Bitcoin blockchain to sidechains, that is, Tokens are sent to a specific address and locked on the blockchain. Once the locked transaction is confirmed, a person sends a Reorg transaction to the sidechain, including a lock transaction and a Merkel branch form containing the proof. The sidechain uses the SPV to confirm the Reorg transaction. After the confirmation, the same amount of tokens are created, and they are sent to the specified address on a side chain. Pegging is the processing method for most cross-chain communication protocols, such as Cosmos, Lisk, RSK, etc. Two independent pegs can easily be coupled together for 2WP (Two Way Pegging) and implement Token to revert accounts. The final confirmation (blocking) of the block ensures that the new block is final and cannot be changed. The final confirmation of the block affects the specific execution of the pegging, because it requires waiting before the block is finally confirmed. Most public chains, such as Bitcoin, do not need to be immediately blocked. For IoT applications, the cross-chain value and data flow needs to be very fast and efficient, and IoTeX’s consensus can be achieved instantly.
In general, suppose the address of “Charlie” on a subchain wants to send a transaction to the address of “Dave” on another subchain. All three blockchains use the same Token transaction. By simply applying for pegging, the four transactions need to talk remotely from one subchain to another subchain through the root chain. First, lock the transaction on a subchain; second, trade for Reorg in the root chain; again, the other locks the transaction on the root chain; and finally, another for the sub-chain Reorg. From this process it can be seen that David must wait at least 4 blocks to receive remote calls. The data carried by this remote call needs to be stored on all three blockchains, which can be very slow and expensive. IoTeX tries to optimize this process by combining the second and third steps into the ReLcok transaction to speed up the entire process and avoid storing data on the first subchain and root chain. The following figure is a schematic diagram of it:
In addition, some people are concerned that in cross-chain communication, someone will launch malicious sub-chain spam to attack the root chain or other sub-chains, such as sending a large number of cross-chain transactions and consuming the capacity of other blockchains.
IoTeX has designed a way to mitigate the attack: share bidding, if the share is consumed, it needs to conduct rate-limited transactions. IoTeX can define the storage space share based on one block. If the maximum capacity of the block is 8MB, 4MB is an ordinary transaction that takes place on the root chain, and 4MB is reserved for all cross-chain transactions. Further divisions are 4096 shares, each share 1KB. The sub-chain bids n shares (with a ceiling). In each round, only nKB can be used in a new block for a subchain-initiated transaction. Each transaction charges a “bandwidth” fee from the store (a miner rewarding the execution of this rule); the remaining transactions are queued, after the time is up drop out. The allocation of shares is dynamic, and it changes as the root chain grows. If a child chain makes a spam attack, it quickly consumes its storage and eventually loses its share. On the other hand, if a sub-chain has a lot of storage, a large amount of bandwidth is reserved, but it is rarely used. The root chain has a mechanism to return part of the storage, which is conducive to making storage closer to the actual use.
IoTeX Privacy Protection
In general, the number of transactions, metadata, receiving addresses, and sending addresses in a block chain can be found. IoTeX integrates invisible addresses, ring signatures, and PedersenCommitments to achieve user privacy. It implements the privacy of recipients and senders and hides the transaction amount. That is, through the lightweight stealth address mechanism, the recipient is protected from being scanned for the entire blockchain, resulting in exposure of private information, and ring signature optimization is implemented in a distributed trusted setting.
IoTeX also uses a relayable payment code to hide the recipient’s information in transactions. The invisible address technology originates from the Cryptonote protocol, which solves the receiver’s information security problem and uses the “half round” Diffie-Hellman key transaction protocol. The obvious disadvantage of invisible addresses is that the recipient either scans all transactions (which is not a good choice in the area of the Internet of Things) or rely on trusted full-node help (this also has some degree of privacy issues). IoTeX’s payment code design compensates for the lack of invisible addresses and also sacrifices some privacy. One user tells another user a private payment code in private, and the other user only needs to check the transaction address from this payment code. Therefore, this process produces two processes: notifications, which are set once between two specific parties; sending occurs multiple times between two subjects. Once the notification flow is complete, both users establish a unified, private channel that can send tokens. Another user does not need to scan and rely on the entire node to scan all transactions.
In order to further reduce the risk of privacy leakage, IoTeX designed a relayable payment code. Although the sending stream is the same, the notification stream changes, enabling a user to secretly share the payment code of Ta to another user without using notification transactions. The relayable payment code better achieves privacy security, taking into account the use of existing private channels to hide transmission intent on the chain, without adding any calculation or storage costs to the node, this design is very suitable for most Internet of Things applications Scenes.
IoTeX is optimized and improved in privacy protection. IoTeX uses a secure multi-party computing protocol to allow a group of blockchain boot nodes to generate private domain name parameters in a secure and distributed manner. In addition, the RingCT-like protocol is improved in three ways: first, through a new link signature mechanism that can generate links, to reduce the complexity of communication; second, to summarize multiple parties through a new method to generate link ring signatures; and third, through a The sigma protocol can set private domain name parameters without a trust mechanism. IoTeX is trying to propose a new private transaction solution to reduce transaction costs.
IoTeX’s fast consensus mechanism RDPOS
The benefit of PoW is that it can maintain large-scale distributed global blockchain consensus. However, it was slow and the transaction expansion was not good. At the same time, for the Internet of Things scenario, PoW computing requires a lot of power and power, and it is not applicable to the actual use scenarios of the Internet.
IoTeX designed a fast and efficient RDPOS (Randomized Delegated Proof of Stake) consensus mechanism based on Algorand and DPOS according to the requirements of the Internet of Things scenarios. MIT researchers Yossi Gilad et al. proposed Algorand, an efficient PoS consensus algorithm (VRFs) based on verifiable random functions. VRFs were introduced by Micali et al. and can generate publicly verifiable proofs that support the correctness of random output. By using VRFs, RDPOS participants privately check if they have been proposed or voted for new rounds of each block, and then can post their VRFs proofs along with block offers or votes. By using VRFs, IoTeX optimizes network efficiency and avoids fixed-point attacks.
Finally, IoTeX also creates a periodic checkpoint for light clients. In the IoT network, many devices are lightweight clients, and blockchain participants do not record all historical transaction records locally. Many IoT devices do not have enough capacity to download the entire blockchain data. IoTeX creates periodic checkpoints for these light clients so that they can quickly verify the correctness of the blockchain and interact.
IoTeX also recognizes that using PoS instead of PoW has a disadvantage for light clients. When verifying the PoS-based blockchain correctness, the light client needs to download a public key and signature list for the block proponent and voter. This group of block proposers and voters can change at any time. Therefore, when the light client is back online from offline, the client needs to download a large number of public keys and signatures and then verify them all. To alleviate performance problems, V-God proposed to create a periodic checkpoint on the blockchain called epochs, such as every 50 blocks. Each checkpoint can be verified based on the previous checkpoint, so that the light client can quickly follow the entire blockchain.
IoTeX tries to build an ecosystem
From the perspective of IoTeX blockchain design principles, architecture, cross-chain mechanism, privacy protection, consensus mechanism, etc., the IoTeX team has in-depth consideration on the combination of blockchain and the Internet of Things. IoTeX is committed to supporting the entire IoT ecosystem, including supply chain, automated driving, sharing economy, and smart home.
Moreover, different developers can pick and choose, IoTeX’s blockchain technology can support a variety of developers, such as IoT hardware manufacturers, IoT device control system developers, smart home app developers, and sharing economy devices. Manufacturers, supply chain data integrators, data crowdsourcing providers, autonomous driving developers, etc.
The IoTeX blockchain is suitable for various Internet of Things scenarios. For example, building a shared economy based on the IoTeX blockchain can use smart contracts to control all deposit storage details. No one has the money until the transaction is completed, and refunding the deposit deposit can be guaranteed. Users can use the service without trusting the company. All sharing can automatically realize value and goals. Everyone can have rights and interests, and can contribute to the ecosystem to achieve community self-operation. The company only needs to maintain the Internet of Things lock and manage the community.
In the current smart home field, IoT cloud service development and maintenance costs are extremely high and the performance is still poor. If deploying their products to the IoTeX blockchain can significantly improve the performance of the equipment while substantially reducing operating expenses. If you use the cloud services of big IT companies, there will be problems: manufacturers can not fully control the availability of cloud services; need to continue to pay for cloud services; clouds, clients or intranets have the risk of being hacked, resulting in user data being stolen or Generate home security issues. In contrast, IoTeX blockchain management devices are local and only interact with the public chain when necessary. These chains are maintained by the community. There is no maintenance cost for IoT manufacturers. The IoTeX blockchain itself has strong privacy protection capabilities to prevent data leakage or hacking.
Finally, IoTeX will collaborate with IoT chip makers to develop the IoTeX blockchain, and IoT manufacturers can simply integrate chips and get IoTeX blockchain support.
IoTeX Future Improvement Plan
1. Optimize your privacy calculations. One is to consider how to keep the confidential state in the blockchain, which can be used for calculations of some specific nodes; the second is to implement smart contracts that maintain privacy; the third is to reduce computation and storage; and the fourth is to resist the privacy protection technology of quantum computing.
2. State pruning and transfer. Considering the lack of storage for IoT devices, it is being assessed that it is safe to trim the state on the subchain to reduce storage. In addition, the team will continue to focus on the safe and efficient state transition from the sub-chain to the root chain.
3. Governance and self-correction. The IoTeX blockchain provides incentives to maintain consensus, but there is still no clear rule for seamless governance of the chain. The future plans to explore governance and self-correction.
4. Tree structure Blockchain. At present, IoTeX is a two-layer blockchain and may be expanded to a blockchain tree in the future. The plan will fully utilize the technologies of Plasma and Cosmos, and finally support a more complex hierarchical structure.
Conclusion
In general, IoTeX hopes to become the cornerstone and foundation technology and ecosystem builder of the Internet of Things. Internet of Things participants can use IoTeX as an enabling technology to build their own business ecosystem.
Through the integration of blockchain technology, users of IoT devices really have their own data, and they also have the value brought by their own devices. This is a completely different ecological system than the traditional Internet of Things. In addition, thanks to the Token-inspired value system, the entire Internet of Things has become an ecosystem that everyone can participate in, and the combination of data and value has brought the value of the Internet of Things into full play.
It is not easy to achieve this. Among the many Internet of Things blockchain projects, the deepest impression IoTeX has given to Blue Fox is that the team has a deep understanding of the issues that need to be solved in the Internet of Things, and it is The solution has a deep understanding, based on which IoTeX’s own solution.
In conclusion, the core innovation of IoTeX is its Blockchain-in-Blockchain. IoTeX includes a lot of blockchains, and these blockchains are hierarchically arranged. First of all, it has a root chain, which is also a public chain, manages independent sub-chains or some sub-chains that run at the same time, and at the same time retains the privacy of sub-chains and realizes the interoperability between the chains. Second, the sub-chain is generally provided by the developer or the company, which can realize the connection between the Internet of Things device and the Internet device. These devices operate in a similar environment and have similar functional goals. This organization supports cross-chain transactions, realizing data transfer and value circulation, and realizing the value and data flow between the sub-chains and the root chain through the root chain.
IoTeX has also been optimized in the consensus algorithm, and innovatively proposed the RDPoS consensus mechanism to achieve rapid block generation.
Privacy and security are arguably the biggest concerns of IoTeX. Transactions such as Bitcoin and public chains such as Ethereum are only anonymous, but there is no privacy, and the number and balance of transactions at all addresses are viewable. The relationship between the metadata of one transaction and other transactions can also be inferred. To solve this problem, IoTeX uses a lightweight stealth address to protect receiver privacy, protect sender privacy with a constant-sized ring signature, and use Bulletproof to hide the transaction amount.
In the end, IoTeX is to become a scalable, privacy-protected and scalable blockchain platform, build a blockchain suitable for the Internet of Things, and be a flexible and lightweight IoTeX infrastructure. It achieves scale expansion and privacy security through chain-in-chain; privacy protection through chaining based on relayable payment codes; constant size ring signature without trust settings; and the first implementation of bulllet proofs; Consensus, to achieve rapid out of the block.
In the biosphere, the real strong is not the strongest, but the best adaptable to the environment. IoTeX’s design philosophy has these considerations in mind. Its original design is always based on the issues that need to be solved in the Internet of Things, rather than simply embodying its own powerful technology. This is not easy. And the team is also keeping a flexible attitude towards future changes. It is very difficult to optimize the consensus algorithm and privacy protection.
IoTeX Testnet Preview will be released on April 20, 2018 17:00 PDT.Let’s together countdown to the excited moment!!
My Hash ID is AvxcN.