Lotex (IOTX) is the private “blockchain-within-a-blockchain” scalable solution powering the Internet of Things (IoT). Besides, It considers connecting the physical world of internet strategy block by block and be fast and scalable. Lotex also brings to bear a lightweight technique for preserving privacy.
Several problems have prevented the mass adoption of technology. These include:
- Lack of Privacy
- High Operating Costs
- Lack of Functional Value.
So, It plans to solve these problems with a privacy-centric blockchain that provides flexibility and scalability by leveraging a fast consensus mechanism based on Proof-of-Stake, combined with sidechains.
Is Lotex a Good Investment?
Lotex is a good investment in 2021. However, it has a high possibility of surpassing its current ATH at about $0.088 this year.
In terms of architecture, it aims to become like the spinal cord and nervous system of Lotex systems. And also, this architecture includes the following design features:
Separation of Duties
When dealing with it, many different features are needed in a blockchain because various applications have different needs and make it impractical to put nodes all into a single blockchain. Besides, It would cause blockchain to bloat, making computations slow and heavy.
And also, It is working with the idea of a separation of duties. Sidechains create each needed function, and these sidechains interact with each other when necessary. By creating sidechains, the team believes, can maximize the efficiency of the blockchain and its privacy.
Lotex includes several mechanisms to ensure users’ privacy and transactions through the use of ring signatures. It adds to this with a consistent payment code to hide the address of the transaction recipient.
Occam’s razor is a law that says the simplest solution is usually the correct solution. When you apply, these different devices have different needs. It addresses this in the simplest way possible by giving each device just what it needs through separate sidechains. One example is where transactions can relay. These blockchains don’t require Turing-complete contracts and are more straightforward.
Lotex blockchain solutions need to be lightweight and minimize energy usage as well as storage and computational needs. One unique design feature is that its blockchains can run alongside each other and retain interoperability. It is through the use of a root blockchain combined with sidechains.
Root Blockchain and Sidechains
Its architecture consists of a root blockchain that provides security and governance for the network while also managing the subchains. Those subchains are used to connect Lotex devices in similar environments, have similar trust levels, or have a similar functional purpose.
It comes with several benefits: if any subchain attacks, the root chain remains unaffected. With the Lotex blockchain, this architecture is also called a “blockchain-within-a-blockchain.”
With the protocol, communication across blockchains is fast, capable, and economical. It provides pegging, a method for using sidechains to scale the Bitcoin network. The developers include block finality in the solution and guarantee a new block and cannot be changed.
The Lotex Team
The team behind it is capable of cryptography and cryptocurrencies. Rollen Chai is co-founder of the project, and along with being a research scientist at the University of Waterloo, he also holds a Ph.D. in cryptography.
The Lotex token is an ERC-20 token that will swap to a native token (scheduled for Q1 2019). Once changed, the native token will take the ticker symbol and be mineable for the next 50 years. There are at present 1,331,040,005 IOTX in exchange, and there is a total capped supply of 10 billion tokens.
In terms of general communication, the Lotex team engages with their community quite.
It is an ambitious project that could significantly impact business and industry and is helpful with tens of billions of Lotex devices in the future. The team is knowledgeable, with several PhDs working to realize the vision.
The token can make massive gains very rapidly, especially if a working product launches. With IOTA as a competition, the Lotex team will certainly challenge along the way, but they believe they have the best solution for Lotex applications and work hard to prove it.