- The value of little-known crypto has more than quadrupled.
- IOTX is used to manage the network’s fundamentals.
Open economics for machines is the objective of the IoTeX project, which was founded as an open-source initiative in 2017 with the purpose of creating an open environment where people and machines may communicate in a safe and trustworthy environment with free will and economically organized incentives.
As the native token of the blockchain system, IOTX is used to manage the network’s fundamentals and to utilize as its transaction fees. As the number of devices controlled by IoTeX increases, the value of IoTeX decreases.
This week, the value of little-known crypto has more than quadrupled, while the value of other crypto assets has remained flat. IoTeX is a blockchain platform for decentralized apps and Internet of Things (IoT) devices available as open-source projects.
Due to the platform’s compatibility with EVM, developers will have an easier time transferring their apps to the IoTeX network. On November 8th, the coin’s value increased from $0.10 to $0.25, representing a rise of 150 percent and a market capitalization of $2,000,000,000.
Bold Entry Into NFT Sector
Last week, chainlink (LINK) stated that it had awarded Protofire a grant to facilitate the IoTeX integration. As part of its expansion into the crypto economy, IoTex has announced a strategic relationship with the NFT game PlaceWar, allowing players to generate revenue. According to CoinMarketCap, the IoTeX price today is $0.235097 USD with a 24-hour trading volume of $1,205,495,890 USD. IoTeX is up 48.74% in the last 24 hours.