The crypto sector and blockchain technology have witnessed a considerable amount of growth over the last decade. Digital assets like Bitcoin which were the earlier creations were used majorly as digital assets. With innovations and new tokens making their debut in the market, most of them have real-world use cases. This is happening even though they can still be traded like Bitcoin and other cryptos. Two coins that fit this description are IOTA and IoTeX.
The two networks have tokens that act independently as digital assets, which can be traded on most crypto exchanges. However, they aim to solve issues in the Internet of Things industry. Although they drive to solve issues in the same sector, they are entirely different and solve different issues. In this article, we will be looking at IOTA and IoTeX and the major differences between them.
What is IOTA?
IOTA can simply be called a distributed ledger technology. Most crypto exchanges run on one blockchain or another but this is not the case for IOTA. However, it uses an underlying technology called Tangle. Tangle, the technology that acts like the blockchain of IOTA uses nodes to handle transactions carried out on the network.
Although this does not sound like how most chains work, users are well aware of the superiority of the network over the blockchain. For example, users of Tangle can attest to the fact that the network offers faster transaction execution than the blockchain.
Investors have continued to flock to the IOTA network due to its uniqueness. IOTA does not use miners since it does not use blockchain which means that users do not pay fees for transactions. One special quality of IOTA is that its development was built to solve most issues in the IoT sector.
According to the creators, they wanted the platform to be the go-to network for facilitating transactions between IoT smart devices. With the exponential growth that the system has witnessed, IOTA is primed to become big in the coming years.
What is IoTeX?
IoTex was created to be an open-source decentralized platform to empower open relationships between machines. Its main aim is to foster relationships between humans and machines without the lack of trust and free will. One of the most unique features of the IoTeX is that it was designed with enough economic benefits.
The creation of IoTeX began in 2017 as a few developers worked on the project as facilitators. However, the system has been taken over by more than 40 scientists who have great beliefs in the system. As a digital asset, IoTeX was built on the EVM blockchain. This was done with the Roll-DPos consensus, which is considered the next big thing in the sector.
The system has been run combined by more than 100 delegates across the world, completing more than 10 transactions since then. Just like Tangle, the IoTeX blockchain has a lot of potential and capabilities. Presently, the blockchain can interact with blockchains such as Heco, Binance Smart Chain, and Ethereum. Asides from that, the development of the IoPay wallet and the IoTube Bridge is another remarkable product that is serving users.
What is the relationship between IOTA and IoTeX?
IOTA and IoTeX share a great deal of relationship as they both strive to better the Internet of Things sector. Both platforms have a great capacity to initiate great smart relationships between machines in the home and other places with humans. Both platform also has distinct digital assets which are available for trading on different exchanges. With this, traders buy MIOTA (the native token of IOTA) and IOTX ( the native token of IoTeX) for trading. Regarding this article, we will focus mainly on both tokens as they will form the basis of our comparison.
What are the differences between IOTA and IoTeX?
IoTeX and IOTA, even though with great similarities through the IoT sector, are very different in a huge number of ways. The vivid explanation above should give you a summary of what both platforms bring to the table in the sector. Although they are classed under the same industry, both of them have their unique ways to approach and achieve their goals in the sector.
The native tokens of the two networks have their differences in terms of price, total supply, availability, and market capitalization. In terms of liquidity, IOTA boasts of a 24-hour trading volume of $61,767,108 while IoTeX has a trading volume of $144,502,249.
Looking at its performance in the market, IOTA trades at $1.34 with a loss of 1.84% in the last 24 hours while IoTeX trades at $0.1082 with a loss of 2.13% at the same time frame. In terms of the adoption, IOTA has gained wide acceptance while IoTeX is gradually coming up to meet it.
IOTA and IoTeX are a little different going by what they bring to the IoT industry. This is because they are both different in the types of services they offer. However, it will be foolhardy for any trader to neglect the native tokens of both platforms. Although IOTA has not been delivering as expected since when it entered the market, it still shows huge promise. While some traders will prefer to pick IOTA, others will prefer to go with IoTeX. However, it is great that any trader who intends to pick one of the two native tokens should carry out deep research to that effect.