Question 1

What is IoTeX Network (IOTX)?

Accepted Answer

IOTX ERC20 is the original Ethereum-based version of the IOTX token. It was issued as an ERC20 token while the IoTeX blockchain was under development and before its mainnet became available.

IoTeX began developing its own blockchain in 2017. During this initial phase, issuing IOTX on Ethereum allowed the project to distribute the token and support trading before users could hold IOTX directly on the IoTeX blockchain. IoTeX launched its mainnet in 2019 and later introduced the native IOTX coin for use on its own network.

The ERC20 version is sometimes referred to as IOTX-E to distinguish it from native IOTX. Following the mainnet launch, IoTeX began moving from the Ethereum token to the native coin through token swap and bridging mechanisms.

This page refers specifically to the original ERC20 form of IOTX issued on Ethereum, not the native IOTX asset used on the IoTeX blockchain.

Question 2

What is IoTeX Network (IOTX) used for?

Accepted Answer

The IOTX ERC20 token was mainly used for the initial distribution and trading of IOTX before the IoTeX blockchain was fully operational. It provided an Ethereum-compatible version of the token during the project's early development phase.

The ERC20 token was also used in parts of IoTeX's early staking and governance processes before these functions moved to the native IoTeX blockchain.

IOTX ERC20 is not the native gas asset of the IoTeX blockchain. Network functions such as paying transaction fees, staking and validator rewards use native IOTX.

The ERC20 version can be transferred through supported migration and bridging mechanisms into assets compatible with the IoTeX network.

Question 3

Who created IoTeX Network (IOTX)?

Accepted Answer

IoTeX was founded in 2017 by Raullen Chai, Qevan Guo and Jing Sun. Xinxin Fan also joined the project during its early development and has been identified by IoTeX as part of the founding team.

The team developed IoTeX as a blockchain network focused on connecting blockchain systems with devices and machine-generated data. The ERC20 IOTX token was issued during this development period as the original form of the project's token before native IOTX became available on the IoTeX blockchain.