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Draft:IoTeX - Wikipedia

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Instructions · What links here · IoTeX (talk: + · bio) · (log) · Copyvios report · reFill · Citation Bot · (Search: Google, Wikipedia) · Submitted 5 days ago by 0xNoScope (talk: D · +) · Last edited 4 days ago by 0xNoScope

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. ^[1]^[2]

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.^[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

^ "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.

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