Internet of Things blockchain platform IoTeX releases IOTX new token economic model, introducing device activation and destruction mechanism

The IoTeX blockchain platform IoTeX has released a new IOTX token economic model. This model introduces the token destruction mode based on device activation and the Stake-for-Servie reward and punishment mechanism for the first time. According to the official introduction of IoTeX, the IOTX token has multiple utilities, including fuel costs, equipment activation and destruction, pledge for services (stake-for-service) and network governance. Among them, “device activation and destruction” is based on the economic model of device growth. With the increase of new IoTeX-enabled devices (such as privacy home camera Ucam), the total supply of IOTX will decrease, and it will also increase the IoTeX network. Activity and the value of IOTX tokens. The “pledge for services” mechanism requires that each service provider needs to pledge IOTX in order to provide services to users in the IoTeX network, which is governed by DAOs. Service providers that fail to reach the SLA level will be penalized partially or All rights and interests will also damage their reputation. At present, the IoTeX network has realized the use of IOTX to pay fuel fees and voted for network governance, but “device activation and destruction” and “pledge for services” are still in progress.

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