The IoTeX project is very young, but has already given good returns to its investors. IOTX coin is available for trade from May 2018, therefore, now it seems to be possible to draw certain conclusions and make predictions.
What is IoTeX?
This is a decentralized network for the Internet of Things (IoT), hence its name. The concept is based on the idea of combining physical objects using the blockchain technology, which should exclude the direct participation of a person in economic activity (exchange, sale, supply of goods).
The project’s team is transferring the Internet of Things to a token economy, since it is cryptocurrency incentives that can provide a real embodiment of innovation in this area. Thus, IoTeX is a blockchain platform, the main features of which are as follows (as claimed by its developers):
- strong scalability;
- isolation from external interference;
- the ability to create new IoT apps and ecosystems.
The operation of the platform is provided by the IOTX token (currently ERC-20 token). It should be used for the exchange of assets between users, as a reward for various contributions to the ecosystem, as well as for participation in voting within the network. The coin is available on Binance, Bgogo, Kucoin, Gate.io, Bilaxy, and IDEX. Binance features over 75% of the total trading volume.
In April 2019, the transition to Mainnet Alpha should occur. This is a landmark event for the entire ecosystem. The project will have the opportunity to compete with IOTA, an absolute leader in this sphere. In the process of testing the mainnet, a reward program for attacks on the network was announced. Every successful attack is rewarded. This is done in order to eliminate all potential network vulnerabilities.
All versions and updates of Mainnet are very well displayed on the project blog in Medium.
IoTeX (IOTX) Price Prediction for 2018 & 2019
In order to understand the perspectives of the IoTeX project and its coins, it is necessary to pay attention to one very important fact. The platform has not yet switched to its own blockchain (MainNet). It moves from one Testnet version to another. Such transitions have been powerful triggers for the growth of the coin.
In June 2018, the project presented an alpha version of its Testnet. The day before this event, the price of the coin showed 250% increase. After that, the rate of the crypto significantly decreased. But the fall was not as rapid as growth. Those who wanted to take profits, could do it.
On October 30, 2018 IoTeX will start working on beta Testnet. A couple of days before that date, a rapid increase in trading volumes began and, accordingly, the IOTX price rose.
There are a number of factors that will determine the coin’s price in the future. Some of them will have a positive impact on its cost, while some might significantly slow down its development.
We’ve found the following factors that will cause a favorable impact on IOTX price:
- The project is popular even being on testnet stage.
- Potential transition to the Mainnet may be much powerful price rise trigger than Testnet updates.
- The market targeted by the project has a high potential. According to some studies, the annual turnover of the Internet of Things (IoT) will reach $11 trillion within 7 years.
- The team is actively engaged in search of new partners.
Factors that may cause unfavorable impact on the crypto are as follows:
- General trends in the cryptocurrency market.
- High level of competition (for example, Aurora project is also working in this direction).
- Insufficient information content of the official project’s website in terms of plans for the future, which may a sense of uncertainty in investors.
Anyway, the above gives grounds to believe that the project is quite promising. It is necessary to closely monitor the announcements on its official website, so as not to miss significant events that will push the price of the cryptocurrency up.
It is possible to predict the correction of the crypto’s price after the release of a new Testnet version. But having ‘bought the bottom’, you may safely hold the coin waiting for the Mainnet.
In our forecast, we will not take into account short-term pumps of IoTeX price. Well, how much will the coin cost in the end of 2019 and in 2020? Find IOTX price predictions in the table below.
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Disclaimer: We have analyzed various factors that can determine the price of the coin in the future. However, we cannot guarantee that the price will be exactly as predicted. We’ve expressed our subjective opinion, which shouldn’t be the basis of your investment activity.