After looking at 171 token announcements we’re picking IoTex as our ICO of the Week. IoTeX is a scalable, private blockchain for the IoT.
Competitive Advantage – Superior Technology
IoTeX is an IoT blockchain technology – an application also targeted by other projects such as IoTA, but IoTeX distinguishes itself with state of the art technology. Rather than using the DAG approach that IoTA uses, IoTex uses blockchains with subchains, as well as a DPOS consensus mechanism similar to what EOS uses. This allows for fast confirmations, as well as strong scalability, without a centralized coordinator node like IoTA.
Besides functioning as a cryptocurrency and payment system, IoTex also has smart contracts, and privacy features for IoT data.
The team behind IoTex is quite good, with very strong tech talent hailing from Uber, Facebook, and Microsoft. They include Stanford and University of Waterloo graduates, and have experience in cryptography, IoT, and the sharing economy.
IoTex is a relatively low risk ICO in terms of short-term RoI right now because the project has already raised 80% of its funds through private sales. This shows strong demand to invest in the project, and also ensures that the project has more than enough funds to start developing the platform.
Medium and long-term there will be risks both in terms of technical execution and business partnerships. Technically, the team is very strong but blockchain projects are always very large undertakings and IoTex’s forward-looking technologies mean they are taking on significant technological risk, as some of the features they are designing have not been used in real world applications yet.
Business-wise they will need to convince established businesses to try and use their new technology. This will definitely be a challenge – although the fact the team is quite all-star and also has enterprise experience, and major investors, may help.
IoTex is a promising IoT blockchain that seems like it solves many of the problems other IoT blockchains have. Its team is all-star, and the project is already quite well-funded. We think this one is a winner and are happy to pick it as ICO of the Week.
Wednesday: Verasity – video sharing platform
Tuesday: Iotex – Decentralized IoT Network
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