Introduction
IoTeX is a Layer-1 blockchain project that aims to combine the Internet of Things (IoT) with blockchain technology. Launched in 2019, the IoTeX network has demonstrated impressive reliability with zero downtime. The project aims to connect real-world devices, data, and utility to blockchain-based decentralized applications (DApps) to enhance scalability and privacy. IoTeX has introduced innovative devices such as Ucam, a home security camera focused on user privacy and data ownership, and Pebble, which collects data from sensors and converts it into a blockchain-readable format. With their recent launch of W3bstream, a Layer-2 computational oracle for machines, IoTeX is positioning itself to leverage the emerging field of MachineFi. The project exhibits strong potential to lead the IoT industry through the power of blockchain.
Innovation (14.55%)
IoTeX stands out with its unique approach to integrating IoT and blockchain technology. The project has successfully connected real-world devices, data, and utility to blockchain DApps, offering new possibilities for IoT applications. This innovative concept has the potential to disrupt the traditional IoT industry.
Architecture (18.18%)
IoTeX’s technological architecture encompasses several key components. The blockchain utilizes Delegated Proof-of-Stake (DPoS) consensus and achieves fast consensus and instant finality with 5-second block finality. The project also incorporates a decentralized identity (DID) framework on-chain, real-world data oracles to convert real-world phenomena into blockchain data, and secure hardware utilizing tamper-proof devices with Trusted Execution Environments (TEE).
Code Quality (25.45%)
IoTeX demonstrates strong code quality, as the project is open source and utilizes well-established programming languages such as C, C++, Rust, Erlang, and Ruby, among others. The codebase exhibits good quality with extensive lines of code and a high number of commits per month. The project maintains good test coverage and maintainability, with well-commented code, ensuring the overall quality of the project’s codebase.
Product Roadmap (9.09%)
The review does not provide specific details regarding the product roadmap of IoTeX, thus not contributing to the overall score.
Usability (9.09%)
IoTeX aims to provide an easy-to-use experience for end customers. While the review does not give explicit details, the project’s focus on real-world IoT devices and privacy-centric solutions suggests a user-friendly approach.
Team (10.91%)
The IoTeX project boasts a strong team with many active developers with senior expertise. The developers exhibit a solid coding style, enhancing the project’s credibility and potential for success.
Conclusion
Based on the outlined review criteria, IoTeX achieves an impressive score of 87.27%. The project showcases innovation by integrating IoT and blockchain technology, offers a well-designed architectural framework, maintains high-quality code, and has a strong development team. While the review lacks details on the product roadmap, IoTeX’s potential to lead the IoT industry with its privacy-centric and blockchain-powered solutions makes it an intriguing project worth further exploration.
| Initial Screening | |||
| Keep researching | |||
| Does this project need to use blockchain technology? | Yes | ||
| Can this project be realized? | Yes | ||
| Is there a viable use case for this project? | Yes | ||
| Is the project protected from commonly known attacks? | Yes | ||
| Are there no careless errors in the whitepaper? | Yes | ||
| Project Technology Score | |||
| Description | Scorecard | ||
| Innovation (Out Of 11) | 8 | ||
| How have similar projects performed? | Medium | 1 | |
| Are there too many innovations? | Regular | 2 | |
| Percentage of crypto users that will use the project? | 6%-10% | 3 | |
| Is the project unique? | Yes | 2 | |
| Architecture (Out of 12) | 10 | ||
| Overall feeling after reading whitepaper? | Good | 2 | |
| Resistance to possible attacks? | Good | 2 | |
| Complexity of the architecture? | Not too Complex | 2 | |
| Time taken to understand the architecture? | More than 1 hour | 0 | |
| Overall feeling about the architecture after deeper research? | Good | 4 | |
| Code Quality (out of 15) | 14 | ||
| Is the project open source? | Yes | 2 | |
| Does the project use good code like C,C++, Rust, Erlang, Ruby, etc? | Yes | 2 | |
| Could the project use better programming languages? | No | 0 | |
| Github number of lines? | More than 10K | 1 | |
| Github commits per month? | More than 10 | 2 | |
| What is the quality of the code? | Good Quality | 2 | |
| How well is the code commented? | Good | 2 | |
| Overall quality of the test coverage? | Outstanding | 2 | |
| Overall quality of the maintainability index? | Good | 1 | |
| When Mainnet (out of 5) | 5 | ||
| When does the mainnet come out? | Mainnet Ready | 5 | |
| Usability for Infrastructure Projects (out of 5) | 5 | ||
| Is it easy to use for the end customer? | Yes | 5 | |
| Team (out of 7) | 6 | ||
| Number of active developers? | 5+ | 2 | |
| Developers average Git Background? | Senior | 2 | |
| Developers coding style? | Solid | 2 | |
| Total Score (out of 55) | 49 | ||
| Percentage Score | |||
| Innovation | 14.55% | ||
| Architecture | 18.18% | ||
| Code Quality | 25.45% | ||
| Mainnet | 9.09% | ||
| Usability | 9.09% | ||
| Team | 10.91% | ||
| Total | 87.27% |
