IoTeX, a Layer-1 blockchain, has doubled down into the decentralized physical infrastructure network (DePin) with the launch of Version 2.0. This upgrade propels IoTeX into a new phase aimed at transforming the development and scalability of DePin projects.
The company has outlined an ambitious roadmap, which includes integrating over 100 million devices. Moreover, it aims to unlock trillions of dollars in real-world value on the blockchain within the next three to five years.
IoTeX Aims to Bring More Utilities to IOTX Token
At the core of this initiative are the DePIN Infrastructure Modules (DIMs), which encompass the entire DePin technology stack from hardware abstraction to off-chain computing. Therefore, this modular approach enables projects to adopt specific technology layers that meet their unique needs, enhancing both efficiency and flexibility.
IoTeX’s development team provides foundational implementations for several DIMs, while other modules are developed in partnership with various infrastructure builders. This collaborative ecosystem is crucial to the modular framework, optimizing each component for performance and interoperability.
Read more: IoTeX (IOTX) Price Prediction 2024/2025/2030
Furthermore, a significant innovation in IoTeX 2.0 is the Modular Security Pool (MSP).
“Projects can inherit security from IoTeX L1 and other major L1s, acting as a security anchor for the entire network,” IoTeX explained.
Additionally, the updated tokenomics of IoTeX 2.0 expands the utility of the IOTX token. It introduces meritocratic principles that reward stakeholders based on their contributions. This balance of inflationary staking rewards with deflationary token burning, dependent on usage, is designed to foster the growth of DePin decentralized applications (dApps) and Layer-2 solutions (L2s).
Despite these advancements, the IOTX token’s performance remains subdued. Data from BeInCrypto shows a slight decline of 0.7% over the past 24 hours, with the token currently priced at $0.0474.
Since reaching its peak at approximately $0.26245 in November 2021, IOTX has seen a significant drop of about 82%. Moreover, it has decreased by around 10% this year, even during a broader crypto market bull run.
Nonetheless, IoTeX remains committed to promoting the modular DePin infrastructure. It believes that this model is more efficient and cost-effective than traditional infrastructures. Additionally, it addresses technical challenges while speeding up product deployment at reduced costs.
“Unlike traditional centralized models, this decentralized approach ensures that value and decision-making power are more evenly distributed. Community members have a direct stake in the network’s success, encouraging continuous innovation and fostering a more collaborative and sustainable ecosystem. This participatory environment allows community members to contribute to and benefit from the network’s growth, driving innovation and long-term sustainability,” Domenic Carosa, the co-founder of Hivello, told BeInCrypto.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Prominent DePin projects, such as DIMO, Hivemapper (HONEY), and WeatherXM in sensor networks and Helium, Nodle (NODL), and Wicrypt (WNT) in connectivity networks, demonstrate the application of this modular approach.
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