IOTEN is highly scalable and secure blockchain network for secure exchange of both value and data. IOTEN seeks to democratize access to DApps, linking the physical and digital worlds, providing value to users and fueling the new economy of the machines.
Users of decentralized network, developers, and businesses that control and use the platform collaboratively will build the interconnected IOTEN network. IOTN is native token of the IOTEN network which powers Internet of things(IoT) devices with decentralized apps.
IOTN will be used to pay transactions, managing and governing the IOTEN network, registering new devices, backing NFTs(proprietary technology) with IOTN in native NFT Marketplace and also TEN wallet fee reduction.
One of the biggest challenges that IOTEN aims to resolve is how big companies may not be able to embrace blockchains unless they can withstand the scalability and privacy needs. IOTEN is being built with enterprises in mind , so it will be able to handle heavy loads produced by big tech companies such as Amazon, Facebook and Google. We believe that building technology which can be seamlessly integrated and bring value to the existing companies is mandatory for building long-term partnerships which is key for the project’s success.
In order to compete with other similar niched blockchains, IOTEN relies heavily on its randomized delegated proof-of-stake protocol (Roll-DPoS) and zk-SNARKS to improve the scalability and security of its blockchain.
What are zk-SNARKS?
A proof that allows one party to prove it owns certain information without revealing it. The acronym zk-SNARKS refers for Zero-Knowledge Succinct Non-Interactive Knowledge Arguments. The term “zero knowledge” refers to a party’s desire to show the truth of a proposition without explaining why it is true. Before completing a transaction in a blockchain, a user may be required to show that certain requirements are satisfied. As an example, showing that they have enough funds to execute a transaction without revealing just how much resources they have in the account.
Aside from driving actual DApp based physical products, IOTEN is also aiming to solve two major setbacks of the current blockchain ecosystem which are :
1) illiquid NFTs: IOTN backed NFTs(proprietary) will remove the barriers of entry for all NFT artists
2) truly private wallets: TEN wallet will generate a custom address every time the user withdraws digital assets or sends them to another wallet. Additionally, TEN wallet will use smart contracts to hold collective funds in its network to mix the flow of cryptocurrencies to hide the traces and cover up transaction data. More on these in the future articles.
· A part of company’s profits is used to buy back IOTN tokens from exchanges. Those tokens are burnt, which incentivizes price growth and creates deflation. One percent transaction fee is automatically burned, which reduces the overall IOTN circulation.
· Staking IOTN works via the Smart Staking mechanism. There is no need to freeze tokens or store them in any special wallets. Staking works for everyone, always. This generates passive income, keeps some tokens out of circulation and encourages holding for the long term. One percent transaction fee is proportionally divided between all IOTN holders, which incentivizes holding for the long term.