IoTeX was founded in 2017 as a Silicon Valley open source project, building network architecture from scratch (no forking) and designing solutions tailored for IoT use cases. IoTeX's mission is to create an open and trusted IoT ecosystem, committed to allowing all people and machines to freely interact with information and exchange value in a safe, trustworthy and privacy-protecting environment. Combining blockchain, security hardware, privacy computing and other technologies, the IoTeX network allows trusted data from trusted devices to be used in trusted DApps.

The IoTeX team consists of more than 30 top engineers and scientists from Uber, Google, Intel, Facebook and other top technology companies. Currently, the IoTeX network is jointly maintained by more than 70 nodes from all over the world, including Blockfolio, CoinGecko, DraperDragon, etc.

IoTeX is a fully decentralized open ecosystem with native token (IOTX). The IOTX token has a variety of uses. Its goal is to ensure trusted, transparent and secure interactions between various entities in the IoTeX network, including nodes, stakeholders (voters), developers, service providers and users, etc. . The IOTX token and the IoTeX token economy complement each other, establishing a complete set of economic and reputational incentive mechanisms, further strengthening the concept of decentralization of the IoTeX network, and fully applying it to IoT products "empowered by IoTeX".

In the IoTeX network, each subject accesses and uses various network resources by using, staking and destroying IOTX. As the utility of the IOTX token increases, its demand and value will continue to grow, continuing to incentivize many participants to support, maintain and service the IoTeX network.