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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 a secure infrastructure for users to connect and monetize their 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. [1][2]
History
editIoTeX 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 IoT ecosystems. The founders, with backgrounds at Google, Facebook, Uber, and other tech giants, leveraged their expertise to design a blockchain tailored for secure, scalable, and private interactions among IoT devices. IoTeX launched its testnet in 2018 following a private token sale that raised $25 million. The following year, the project introduced ioPay, a multi-chain cryptocurrency wallet, and later released alpha and beta versions of its mainnet.[3][4]
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.[5][6]
References
edit- ^ "IoTeX price today, IOTX to USD live price, marketcap and chart". CoinMarketCap. Retrieved 2024-12-11.
- ^ "IoTeX Funnels $50M Funding Into DePIN Offering — Launches Solana Bridge". CCN.com. 2024-09-16. Retrieved 2024-12-11.
- ^ "AN OVERVIEW OF IOTEX (IOTX)". pontem.network. Retrieved 2024-12-11.
- ^ "IoTeX Company Profile 2024: Valuation, Funding & Investors | PitchBook". pitchbook.com. Retrieved 2024-12-11.
- ^ "IoTeX 'MachineFi' rebrand backs 200%+ rally to a new all-time high". Cointelegraph. 2021-11-16. Retrieved 2024-12-11.
- ^ Notariya, Harsh (2024-07-18). "IoTeX Unveils Version 2.0 to Build Modular Infrastructure For All DePins". BeInCrypto. Retrieved 2024-12-11.