Welcome to the IoTeX Tokenomics series. In Part 1, we focus on the utility of the IOTX coin. In Part 2, we will introduce the underlying technical principles. In Part 3, we will share how the IoTeX Network will be bootstrapped.
IoTeX is a decentralized ecosystem fueled by the IOTX coin, which is native to the IoTeX Network. IOTX has multiple uses (or “utility”) with the goal of enabling trusted and transparent interactions between various entities in the IoTeX Network, including Delegates, stakeholders, product builders, service providers, and consumers. Ultimately, the IOTX coin and complementary tokenomics establish economic and reputational incentives that ensure the IoTeX Network is maintained in a decentralized fashion and “Powered by IoTeX” products are effectively serviced.
In the IoTeX Network, entities spend, stake, and/or burn IOTX in order to access and utilize various network resources. As the utility of IOTX grows, the demand and value of IOTX will also grow, providing continued incentives for network participants to support, maintain, and service the network. As IoTeX begins to power the world’s first blockchain-secured devices, we are excited to share this complementary tokenomics design that will drive value and network effects to the IoTeX Network.