ioeX

From Cisco's trend analysis "The Zettabyte Era: Trends and Analysis", it can be glimpsed that by 2021, the number of devices connected to the Internet will exceed three times the global population. By 2021, per capita, networked devices will reach 3.5, higher than the 2.3 networked devices per person in 2016. Personal devices and machine-to-machine (M2M) connection devices will be more widely used, and their number will increase from 17.1 billion units in 2016 to 27.1 billion units in 2021. Indicators also point to Internet users growing from 3.3 billion to 4.6 billion people (58% of the global population). Leveraging blockchain for IoT can offer new ways to automate business processes without setting up a complicated and expensive centralised IT infrastructure. It can also provide the new levels of security. However, this idea is not unique, and there are plenty of projects aiming to create the blockchain for IoT. The list of competitors includes IOTA, Streamr, Nucleus Vision, Atonomiand others. The competitive advantage over similar IoT blockchains is unclear. Also, the current low level of blockchain scalability poses significant limits to the growth of blockchain in IoT. IoT requires hundreds of thousands TPS while bitcoin can process 6-7 TPS, Ethereum up to 20 TPS, IOTA can handle 500-800 TPS, EOS up to 10000 TPS.

ioeX employs the Decentralized Peer-to-Peer Network to fix the existing problems of IoT security and high costs. The Decentralized Peer-to-Peer Network used by ioeX was built on Elastos. ioeX is an application extension of Elastos and is part of its ecosystem. There is no link to GitHub to track the product development. Product development started around February 2018. Beta is not ready yet and expected in November 2018, as well as Beta wallet version. Mainnet release is scheduled for January 2019. The roadmap is vague and does not give a deep understanding of the product development.

In order to enable P2P network service users to pay for services in cryptocurrency and not be affected by the floating price change of ioeX coin, tokens called “GAS” will be issued instead of the ioeX currency. GAS is based on a fixed price and is set at US$1 for each GAS token. There is no limit to the number of GAS tokens issued, and P2P network service users can pay for network services using GAS.

ioeX already received investment from EOS VC and Softbank. The size of investment is unclear. ioeX will sell 55% of the tokens during ICO. The Soft and Hard Caps have not been disclosed yet. The similar projects, except IOTA, did not gain high ROI since ICO: Streamr current ROI USD is 1.08x, Nucleus Vision has ROI of 1.41x. IOTA with its growth over 62000% is rather an outlier than a usual case. Streamr initially attracted $27M, Nucleus Vision - $40M. The use of proceeds will be as follows: 30% for Marketing, 15% for Risk Management, 40% for P2P Networking Development, 15% for strategic partner investment.

According to LinkedIn, 14 people are working at ioeX. The team is located in Taiwan. Many team members previously worked at HengHung - small Taiwan IT company. Most of the tech team members have previous mobile software development experience. The CEO previously worked as a mobile phone ODM Project Manager at Foxconn Group and founded a startup - HengHung. He also previously worked as Senior Manager at Elastos. The R&D team consists of 9 developers with various experience. One of the developers came from Elastos core development team. The project made a partnership with Elastos on the 4th of June. The blockchain experience of the team members cannot be verified. What is more, the experience of most of the team members cannot be verified on LinkedIn.