What does the company/project do?
IoeX is a decentralized Peer-to-Peer Network designed for the Internet of Things (IoT). IoeX has the objective to reduce machine to machine data transmission costs. It will enable data transmission without a storage and transmission center. In particular the transmission costs associated with the updates of smart devices shall be reduced.
IoeX forms part of the Elastos ecosystem serving as a collaborative chain. Elastos is a cryptocurrency that is building a smart web with blockchain technology and a peer-to-peer infrastructure. Elastos supports ownership of digital assets and smart contract functionality. It is expected that Elastos and ioeX will collaborate in terms of developing the infrastructure and building a community.
IoeX is supported by MIC, a Taiwanese ICT industry research agency and consultancy.
How advanced is the project?
The ioeX team has published the white paper and activated the social channels for the token sale. IoeX has already received an investment from venture capital firms such as EOS Global VC. The wallet and the beta version of ioeX are planned to be released in December 2018. The main net is planned to be released in January 2019.
What are the tokens used for and how can the token value appreciate?
The token will be initially launched as an Ethereum ERC-20 token. After the main net will be launched the token will be transferred into a native token. The token will reward nodes that provide network traffic and storage. The inflation of tokens is expected to be 3% per year. IoeX will buy back tokens with 25% of its annual profit. The higher the profit of ioeX will be the more tokens will be bought back. Through this mechanism the price of the token will increase with the profit. Network services will be paid in another token called GAS.
Team & Advisors
The ioeX team counts with four co-founders, one sales officer and one public relations officer. The team includes nine technical development team members.
Aryan Hung is the founder and CEO of ioeX. He is a previous entrepreneur and has 11 years of experience at Foxconn.
Adguel Wang is a co-founder and the COO of ioeX. He counts with 15 years of experience in RF engineering and previously worked as well at Foxconn.
Neo Peng is a co-founder and the Chief Marketing Officer of ioeX. He has previous experience with activating cryptocurrency communities.
Kenneth Kuo is a co-founder and the Chief Strategy Officer at ioeX. He has experience with cryptocurrency investing and business development.
Among the ioeX advisors are Rong Chen, the founder of Elastos, DingHe Hu, the Chairman of Elastos Capital, Simon Szeto, a venture capitalist, Raymond Lee, the Chairman of Everex Group, a blockchain powered money transfer service on Ethereum, Ling Zhang, an angel investor, Miranda Tan, the CEO of Robin8, and Xavier Hou, the founder of Prometheus Capital.
IoeX can be classified as a B2B2C business, in the sense that it helps other enterprises serving their end users. IoeX is designed to enable businesses such as equipment manufacturers to transfer content in a distributed way. For this to happen the smart device manufacturer needs to put ioeX into their smart devices. Subsequently these smart devices will become peer nodes.
IoeX wants to enable software updates without an OTA (over the air programming) server. An OTA server is a central location that sends an update to all users. Cost advantages of the technology proposed by ioeX compared to OTA should help to pave the way for mainstream adoption.
Strength and Opportunities
The support of an already established blockchain project like Elastos, that has a market capitalization of more than 80 million USD as of July 2018, is an advantage of the ioeX project.
IoeX claims that manufacturers can save 70% of costs associated with updates, which represents an enormous saving potential if it can be really achieved.
Weaknesses and Threats
The concept behind ioeX is difficult to understand for the average ICO participant, making it better suited for venture capital investors than for a crowd sale.
In order to scale its technology ioeX requires the collaboration of original equipment manufacturers. It may be difficult to convince enough smart devices manufacturers to implement ioeX into their devices so that the ioeX ecosystem can take off.
Eventually, the number of projects combining the Internet of Things with blockchain technology is very high. Many of these projects have a different focus than ioeX. Nevertheless, some projects are already established very well in the market, such as IOTA. It will be difficult for ioeX to distinguish their platform from competitors.
The fact that ioeX already raised substantial private funds points towards a successful ICO performance. Since ioeX is an application extension of Elastos, the long term success of ioeX will be linked to the performance of Elastos. It may be riskier to build technology that is based on Elastos compared to Ethereum, a platform that is already more established in the cryptocurrency space with a multi-billion market capitalization. Furthermore, ioeX is targeting a crowded market segment and it remains to be seen which blockchain platform will end up dominating this market. Our Rating: B+
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.