How To Buy IoTeX (IOTX)?

A common question you often see on social media from crypto beginners is “Where can I buy IoTeX?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy IoTeX on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.

Step 1: Create an account on an exchange that supports IoTeX (IOTX)

First, you will need to open an account on a cryptocurrency exchange that supports IoTeX (IOTX).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase IoTeX (IOTX) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy IoTeX (IOTX)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for IoTeX (IOTX) or IoTeX (IOTX) trading pairs. Look for the section that will allow you to buy IoTeX (IOTX), and enter the amount of the cryptocurrency that you want to spend for IoTeX (IOTX) or the amount of fiat currency that you want to spend towards buying IoTeX (IOTX). The exchange will then calculate the equivalent amount of IoTeX (IOTX) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of IoTeX (IOTX) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is IoTeX (IOTX)?

Starting as an open-source project in 2017, IoTeX has built a decentralized platform whose aim is to empower the open economics for machines — an open ecosystem where people and machines can interact with guaranteed trust, free will, and under properly designed economic incentives.

With a global team of over 40 research scientists and engineers, IoTeX has built their EVM-compatible blockchain from scratch using the innovative Roll-DPoS consensus and launched in 2019 April, which has been running by 100+ delegates worldwide and has processed more than 10 million transactions already. On top of the IoTeX blockchain, the team has built the essential blocks of infrastructures to connect with Ethereum, BSC, and Heco blockchains such as ioPay wallet and ioTube bridge, which serve ten thousands of users. IoTeX helps EVM-based DApps scale without concerning expensive gas fees.

Besides, middleware such as Decentralized Identity, Confidential Computing, and Secure Hardware has been built on top of IoTeX blockchain to enable self-sovereign devices such as Ucam real-world oracle such as Pebble. The former has been deployed to 3000+ households and still proliferates. In contrast, the latter has been launched to 300+ developers initially and enables innovative Dapps that connect the physical world with the crypto world, such as real-world NFTs, weather derivatives, and machine learning-as-mining.

Who Are the Founders of IoTeX?

The founders of IoTeX are Raullen Chai, Qevan Guo, Xinxin Fan, and Jing Sun. Besides being the co-founder of IoTeX, Raullen Chai is also an advisor at BootUP Ventures and is a member of the Industrial Distributed Ledger Task Group at Industrial Internet Consortium. He used to work as lead of crypto R&D and engineering security at Uber.

Qevan Guo is also a co-founder of Hyperconnect Lab. He used to be a research scientist and engineering manager at Facebook. Before co-founding IoTeX, Xinxin Fan was a senior research engineer at Bosch Research and Technology Center, North America. He has also worked as a research associate and project manager at the University of Waterloo. Jing Sun also works as a managing partner at Sparkland Capital. She is an LP investor at Polychain Capital and an angel investor at Rippling.

What Makes IoTeX Unique?

IoTeX is the decentralized backbone for machine economics which serves machines ranging from smart home devices to autonomous vehicles. To this end, IoTeX has built and launched a fast, high-performance, and EVM-compatible blockchain that provides flexibility and scalability for various applications. Also, middlewares and Dapps are built on top of the blockchain to bring self-sovereign devices and real-world oracles into reality.

IOTX is the native coin that governs the underlying blockchain protocol while being used as the gas for the blockchain protocol. Burndrop is a unique economical design that leads to deflation of IOTX while the number of devices orchestrated by IoTeX increases.

IOTEX development updates in 2023

IoTeX (IOTX) cryptocurrency has seen notable developments in 2023, marking significant strides in its technological evolution. Here’s an overview of the most important updates:

• Launch of W3bstream “Sprout”: This major update introduces a fully decentralized infrastructure for applications requiring custom proofs derived from off-chain data. W3bstream “Sprout” is a complete redevelopment from its previous version, focusing on decentralization, scalability, and composability. It supports diverse Zero-Knowledge (ZK) technologies and introduces programmability for creating custom provers to generate zk-proofs for DePIN projects.

• Account Abstraction on ioPay: IoTeX has launched Account Abstraction on its DePIN Wallet ioPay, marking it as a significant, battle-tested multi-chain AA wallet. This feature enhances the usability and security of the wallet, making it a pivotal development in the IoTeX ecosystem.

• Integration with Optimism and Solana: W3bstream’s integration with Optimism and Solana is a strategic step to expand the DePIN (Decentralized Physical Infrastructure Networks) ecosystem. This integration is part of IoTeX’s ambition to create a seamless connection between the real world and Web3, empowering innovators to develop impactful decentralized applications.

• Liquid Staking and Staking Bucket as NFTs: The introduction of liquid staking dApp, Bedrock, and the concept of Staking Bucket as NFTs have revolutionized the staking ecosystem on IoTeX. These innovations offer new avenues for asset utilization and investment strategies within the IoTeX network.

• Collaboration with ARM-Research for Privacy Computing: In partnership with ARM Research, IoTeX is integrating confidential computing into its DePIN stack. This collaboration aims to enable privacy-preserving computation, delivering valuable insights without exposing sensitive data.

• DePIN Liquidity Hub and DePINscan Launch: The DePIN Liquidity Hub is a crucial development for liquid token markets in web-3 projects, supporting a broad range of contributors. Additionally, the launch of DePINscan, a data aggregation and visualization tool, brings enhanced transparency and composability to the DePIN sector.

These updates and developments underscore IoTeX’s commitment to fostering innovation, improving scalability, and enhancing the functionality of its platform. The IoTeX community and stakeholders in the cryptocurrency space are likely to observe these advancements with great interest, anticipating their impact on the platform’s performance and utility.

Official website: https://iotex.io/

Best cryptocurrency wallet for IoTeX (IOTX)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for IoTeX (IOTX)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).