What is IoTex (IOTX)?

IoTex is an open-source project built to provide modular infrastructure for DePIN (Decentralized Physical Infrastructure Network) projects. DePINs are those P2P networks where participants contribute physical infrastructure like data storage or energy grids to earn network rewards. IoTex combines blockchain technology with the Internet of Things (IoT) to create its DePIN infrastructure, where humans and machines can interact with guaranteed trust and privacy.

IoTex's primary business includes offering advanced blockchain solutions, creating blockchain-powered smart devices and connecting real-time data to DApps.

IOTX is the native token of IoTex Network and has multiple utilities. IoTex users need to pay fees in the IOTX token to perform any action on the blockchain. They can also stake their IOTX holdings in the platform's staking portal to earn rewards for supporting the network operations and DPoS consensus. By participating in the IoTex DAOs, these IOTX holders can also share their feedback and opinions in the discussions regarding IoTex Network's future changes. Any institution that wants to register their devices in IoTex must also stake or burn IOTX tokens first. The maximum supply of IOTX is 10 billion, with 9.4 billion currently in circulation.

How Does IoTex (IOTX) Work?

IoTex works as a secured and trusted layer facilitating interaction between IoT devices and humans. Its integral design is based on a "blockchain-within-a-blockchain" design that separates duties to maximize efficiency and minimize fees. Under this infrastructure, the IoTex network comprises multiple interoperable blockchains working simultaneously on different objectives. The network has a root blockchain that supervises all independent subchains and settles the payments. The subchains are function-specific to meet the varying needs of different dApps while also being interoperable and interacting with each other when required. If any subchain faces an attack, the root chain remains unaffected, increasing the efficiency of the entire Iotex Network.

For consensus and governance purposes, IoTex uses the Roll-DPoS algorithm. Roll-DPoS inherits all the advantages of original DPoS but has some additional capabilities. It is a randomized version of DPoS consensus that combines DPoS with Verifiable Random Functions (VRF) and Practical Byzantine Fault Tolerance (PBFT). Combining these three elements makes the DPoS system more random and, hence, less decentralized. Roll-DPoS consensus involves the random selection of 24 out of the top 36 community-voted Delegates to mine every hour. It greatly improves the decentralization and security of IoTeX without reducing performance. Becoming a validator or delegator in IoTex requires individuals to hold IOTX tokens.

To participate in the voting process, IOTX holders receive one vote for every IOTX stake (1 IOTX = 1 vote). Those who show long-term commitment by locking their IOTX for a longer period get "bonus votes" as a reward for their commitment.

How to Buy IoTex (IOTX) crypto in India?

There are many platforms where you can invest and Buy IoTex (IOTX) in India.

One such platform is Flitpay. To buy IOTX in INR, you have to sign up to Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy IOTX and execute the purchase.

You can instantly convert your INR to IOTX and IOTX to INR and withdraw your INR through bank transfers whenever you want.

What to Do After Buying IoTex (IOTX)?

IOTX can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the IOTX till it reaches a high price, and then you can sell it instantly through Flitpay's Quick Buy/Sell facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

FAQs

What is IoTex (IOTX)?

IOTX is the native token of IoTex Network. It is used to pay gas fees, power the staking based on DPoS consensus and manage the governance in the IoTex ecosystem. The maximum supply of IOTX is 10 billion, with 9.4 billion currently in circulation.

What is the IoTex (IOTX) price in India?

Check out the current INR price of IOTeX crypto in India on Flitpay.

Which is the best crypto app in India to buy IOTX?

Flitpay is the best crypto app in India to buy IOTX, buy bitcoin, or your favourite cryptocurrencies instantly. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy IoTex (IOTX) crypto in India?

You can easily buy IoTeX in India on safest crypto exchanges like Flitpay, with the lowest fees.

To buy IoTeX coin in India:

1. Register on Flitpay and create an account.
2. Verify your identity through Know-your-customer (KYC)
3. Add INR or Fiat currency, corresponding to the amount of Polkadot you want to buy.
4. Instantly buy IoTex with the deposited funds.

What are the benefits of IoTex (IOTX)?

IoTeX (IOTX) is a unique IoT-powered and DePIN-centric blockchain network with many benefits. It provides a modular infrastructure for projects to establish a seamless interaction between physical objects and humans. It offers blockchain-powered smart devices and real-time data to DApps, with enhanced scalability and security through its Roll-DPoS consensus and multi-chain responsibility division approach. The native token, IOTX, helps Iotex maintain community governance and decentralization in its functioning.

Is it safe to invest in IoTex (IOTX) crypto in India?

Yes, investing and trading IOTeX is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying IOTeX crypto. It offers real-time prices and advanced investing features.

Where can I deposit and withdraw IoTex (IOTX) crypto in India?

Your search for secure crypto deposits and withdrawals ends here. Flitpay is India's most trusted exchange to facilitate hassle-free and Instant deposits and withdrawals of all the top cryptocurrencies with minimal or no fees.