IoTex (IOTX) is yet another attempt to create an interface between blockchain and the Internet of Things (IoT). Moreover, IoTex hopes to combine decentralized finance and the Internet of Things to create MachineFi.
Unfortunately, IoTex does not say how MachineFi will work. Instead, they fill a website with catchphrases but provide no actual examples of it in action. Although a Vision Paper outlines how MachineFi could work.
First, they will create a MachineFi portal, I imagine this is an application programming interface (API) that connects machines such as smart appliances to a blockchain. Next they will create a W3 L3 Computational Oracle for Machines.
The MachineFi Vision
A Computational Oracle, or oracle machine, is a digital machine, or abstract machine, that studies complex problems. For example, an oracle that bills customers who use a robot or machine tool they connect to the IoT. To explain, customers will pay to use the machine. They call this the W3bstream.
Next, they will create machine identities or avatars for machines. For example, an avatar that represents a vending machine, a gas pump, or a charging station for electric vehicles.
This machine identity allows people and machines to participate in a MachineFi Marketplace. I suppose the IoTex (IOTX) token will serve as the token for the MachineFi Marketplace. A cross-chain DataBridge will connect the IoTex to different blockchains.
The ultimate vision at IoTex is to connect artificial intelligence, blockchain, 5G, and other technologies. Such connectivity is necessary because machines will perform most of the labor in the future, IoTex’s developers believe.
Unfortunately, I do not think IoTex has a working blockchain or oracle. Instead, all they appear to offer is a business plan and an idea for a blockchain.
There is no Value at IoTex (IOTX)
Hence, there is no true value at IoTex (IOTX) only an interesting idea that many people have.
Disturbingly, Mr. Market thinks IoTex (IOTX) has a little value. For example, CoinMarketCap named IoTex the 10th most trending cryptocurrency on 14 January 2023. Moreover, IoTex was the 114th ranked cryptocurrency on 17 January 2023.
Conversely, CoinMarketCap gave IoTeX a 2.887₵ Coin Price on 17 Janaury 2023. Yet gave IoTex a $272.056 million Market Cap, a $288.7666 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $8.461 million on 17 January 2023. IoTex had an $8.345 million Centralized Exchange (CEX) Volume and a $127,748 Decentralized Exchange (DEX) volume on 17 January 2023. IoTex had a 9.421 billion IOTX Circulating Supply, and a 10 billion IOTX supply on 17 January 2023.
Does IoTex (IOTX) Offer any Value?
Moreover, CoinGecko named IoTex its 132nd ranked cryptocurrency on 17 January 2023. CoinGecko gave IoTex a 28.35₵ Coin Price, a $272.601 million Market Cap, an $8.871 million 24-Hour Trading Volume, and a $274.790 million Fully Diluted Valuation. They base those numbers on a Circulating Supply of 9.421 billion IOTX, a 9.496 million Total Supply.
Moreover, CoinGecko named IoTex its 132nd ranked cryptocurrency on 17 January 2023. CoinGecko gave IoTex a 28.35₵ Coin Price, a $272.601 million Market Cap, an $8.871 million 24-Hour Trading Volume, and a $274.790 million Fully Diluted Valuation. They base those numbers on a Circulating Supply of 9.421 billion IOTX, a 9.496 million Total Supply.
Thus, IoTex offers little value. I recommend speculators avoid this overpriced coin.
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