Everything You Need to Know About IoTeX Mainnet Alpha

IoTeX & Internet of Trusted Things

  • Humans can seamlessly transact with machines in new sharing economy and data-as-a-service use cases
  • Machines can interact directly with other machines to power decentralized autonomous organizations (DAO)
  • Businesses can collaborate with other businesses to achieve new levels of collective intelligence and impact
  • Humans, machines, and businesses can access trusted dApps to perform various processes/tasks with full data privacy

What is Mainnet Alpha?

Key components that have been released in Mainnet Alpha include:

  • Roll-DPoS Consensus: IoTeX’s in-house consensus mechanism is a variant of Delegated Proof of Stake (DPoS), which delivers higher scalability without sacrificing decentralization or security. Roll-DPoS randomly selects 24 of the top 36 community-elected Delegates using distributed key generation (DKG) + BLS signatures. New Delegates are randomly selected every epoch (one hour) to ensure high security and hardware efficiency.
  • Ethereum-to-IoTeX Bridge: until the IoTeX Gravity Chain (governance layer) is launched in Q3/Q4, governance tasks (e.g., staking/voting) will be run on Ethereum. To facilitate this cross-network interoperability, we built a first-of-its-kind decentralized bridge between IoTeX and Ethereum, where the status of Ethereum staking/voting smart contracts instruct the IoTeX blockchain to perform Delegate swaps based on live voting results.
  • Extensible State transitions: IoTeX’s state transition component is designed to be extensible, meaning a subprotocol can be conveniently plugged in to support certain state transitions (e.g., confidential txns) without disrupting performance/security. As of now, there are five subprotocols implemented in Mainnet Alpha:
  • EVM-compatible execution unit: Mainnet Alpha uses Ethereum Virtual Machine (EVM), which is widely used by blockchain developers. Existing EVM-based dApps can be ported over to the IoTeX Network starting now! In the future, we will use EVM as a standalone execution unit for edge devices and develop an in-house IoTeX Virtual Machine, interpreter, and corresponding programming paradigms for decentralized computing.
  • SDK and explorer: to ensure a great developer experience, we provide the latest tech stack in the industry. dApps can interact with the IoTeX blockchain using our SDK (iotex-antenna) via gRPC. Developers can also create/unlock accounts, prepare smart contracts, and query the chain with GraphQL via our explorer (iotexscan). We use typescript to support type check and type annotation for ease of use and engineering quality.

IoTeX Native Token & Utility

  • Decentralized governance: staking/voting for Delegates, Delegate rewards and slashing, and network-wide votes/referendums (i.e., changes to rules, parameters, protocols)
  • Gas fees: running transactions and executing smart contracts on the IoTeX Network. One novelty is that gas fees are collected as a “tax” and then pooled/distributed to block producing Delegates
  • Bond/operation costs for L2 chains: to provision a Layer 2 chain, one must stake tokens on the Root Chain as bond and pay for operational costs. Each L2 chain may have its own crypto-economics and tokens, but will pay “registration costs” to leverage Root Chain resources.

Token Swap: Native & ERC20

  • ERC20-to-native: leverage our Ethereum-IoTeX bridge to swap via smart contract — just send ERC20 tokens to an Ethereum smart contract and the corresponding amount of native tokens will be sent to your IoTeX address
  • Native-to-ERC20: use our micro-service iotex-tube — just send your native tokens to a specific IoTeX address, and corresponding amount of ERC20 tokens will be sent to your ETH address.

IoTeX Delegates & Staking/Voting

Vote today at member.iotex.io!

The Future of IoTeX

The Grand Design of IoTeX: Multi-layer Architecture
IoTeX Roadmap 2019

About IoTeX

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