ioeX is a network transmission and consensus mechanism for IoT devices, which will operate as a P2P network.
- ioeX is a start-up company from Taiwan.
- The blockchain is being built on the Elastos blockchain.
- Several funds have invested during the private sale.
- Full details on the public sale and the amount being raised have not been released yet.
- The token distribution is available in the whitepaper, although the total token supply is not disclosed.
Product
ioeX, which bills itself as the internet of everything, is a B2B2C solution for IoT hardware firms. It allows hardware devices to connect to a network without the need for data storage or a transmission centre. It will provide chipset vendors, equipment manufacturers, software companies or solution providers with increased data file transfer, exchange and information communication capabilities.The whitepaper claims this can decrease the cost of data transmission and storage by 70%.Users that provide bandwidth and storage to the network earn ioeX tokens. Miners can also earn tokens by maintaining the network. ioeX tokens are required for access to the network.
Technical Aspects
ioeX employs a a decentralized peer to peer network to replace relay servers and OTA servers. The network is built on top of Elastos as an application extension.The network consists of existing servers and high-end PCS that act as bootstrap nodes and smart devices that act as peer nodes. Bootstrap nodes will connect to the network via fixed IP addresses, while smart devices will form a peer to peer network.Bootstrap nodes help smart devices connect to the network and provide relay functions to peer nodes, but do not function at the application level.
Technical Conclusion
There is no MVP and the the beta version is only due later in 2018, so there is no way to know whether the technology will work as expected, and just as importantly, whether it will reduce costs by as much as predicted.ioeX will also need to convince hardware vendors to incorporate the product in their own technology for the network to achieve critical mass.There is no reason to doubt the technology, but as it stands this is a whitepaper ICO, and the technology is unproven.
Potential use case for this ICO
Any connected device can make use of ioeX protocol. These includes mobile devices, smart home devices and connected vehicles. Industries where these networks can be deployed include communications, supply chain, military, healthcare and retail.
Market
The IoT/blockchain space is already crowded, although there is not yet a dominant player in the space. IOTA, IoTeX, IoT Chain are all competitors in one way or another, and so are numerous mesh network projects including Ammbr, Altheamesh, RightMesh, SmartMesh and BlockMesh.While not entirely unique, ioeX has two USPs. Firstly, it promises to reduce the cost of connecting IoT devices to the internet and updating device software. Secondly, ioeX is working with hardware manufacturers to ensure the network is integrated in the networks the devices operate on. In this way they are going a step further than many other IoT blockchain projects that are relying on hardware manufacturers to plug into their networks.
People
The core team includes 15 members. Key members of the team include:
- Aryan Hung, the founder and CEO, who has previously worked at Foxconn and founded a start-up. He was also involved with Elastos.
- Adguel Wang, the co-founder and COO, who has 15 years of RF engineering experience.
- Neo Peng, a co-founder and CMO, has brand marketing experience. He is also described as a Bitcoin early investor and a cryptocurrency influencer.
- Kenneth Kuo, a co-founder and chief strategy officer. He is described as a blockchain investor, token economist and community influencer.
The remainder of the team have backgrounds in software development, network architecture and mobile development. Overall the team is technically strong, though there is a lack of blockchain development experience.
Advisors
ioeX also has a large advisory board with diverse backgrounds. This includes the founder and chairman of Elastos. The advisory team is awaiting the appointment of a member from EOS Global VC.The remainder of the advisory team have backgrounds in venture capital and appear to be representing funds that are investing in the project.
Investors
Elastos Foundation, EOS Global VC, Lightbulb Capital and Prometheus Pro Fund are amongst the projects backers.
Partnerships
ioeX has formed partnerships with Elastos, EOS Global VC, Market Intelligence and Consulting Institute, Everex Group, Maestro Tech Ltd, RabbitJets Ltd, Shuttle Incoporation, Robin8 Tech, Emdoor Information, Ezfly, Azio Electronics Co Ltd and Unified Computer Intelligence Corporation.
Roadmap
The roadmap only started in July 2018. A series of technical releases are due to be released over the next six months, when the roadmap concludes. The team aims to have 200k peer nodes and 500 bootstrap nodes on the network by December.The wallet is due for an alpha release in November and the upgraded P2P network is due for release in January 2019.We found two GitHub repositories that appear to relate to the project, but both were empty.
Tokenomics
Is this utility or security token?
This is a utility token. It is used to access the network, reward miners, reward nodes that share bandwidth and storage and can be used to interact with Elastos/ELA.
Do they need a token?
Yes, the token fuels the blockchain.
When is the ICO and what are the token metrics?
The amount being raised, the public sale dates and the total token supply have not been announced yet.Details of the token allocation are as follows:Available for Token Sale: 36% (Private sale and public sale)The remainder of the tokens will be distributed as follows:19%: Coin swap with P2P networking eco-system partners17%: ioeX Foundation for the future development of ioeX coins10%: Team members18%: Strategic partners, mining rewards and marketing incentives.
Hype
The hype rate is average, but growing rapidly. The fact that so many funds have invested is bound to attract attention to the project soon.
Conclusion
The IoT industry is a compelling industry, however it is also very crowded with other projects trying to build THE blockchain that all IoT devices use to connect to the internet. ioeX doesn’t have an MVP yet, so there is no way to know if the technology works as described. In addition, many of the competing projects are further down the road.We will therefore pass on this opportunity.
Links:
https://www.ioex.co/https://files.ioex.co/whitepaper/ioeX_whitepaper_en.pdf
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