The ioeX ICO
What is ioeX?
ioeX is a decentralized platform for connection of smart devices, also called the Internet of Things (IoT). The ioeX team hopes to capitalize on the growth of IoT by offering a low-cost way for smart devices to connect with each other and be upgraded.
The homes of consumers are increasingly being filled with "smart" devices, such as smartphones, PCs, voice-activated smart-speakers, and eventually, smart cars. But these devices require an enormous amount of data to be upgraded and maintained. They also have staggering bandwidth needs when communicating with each other.
If a consumer is operating all of his/her devices in the home, communication between these devices is simple. However, consumers often leave their homes and want to connect using a smartphone, laptop, or other portable device. Since these devices are not hooked up to the home WiFi, this requires the company providing the device to maintain servers to handle communication.
However, the data needs of these devices are so extreme that profit margins are often reduced due to the cost of maintaining these servers. In some cases, companies have actually sustained losses because of these costs.
The ioeX team believes this problem must be solved if IoT is to continue growing. And according to them, it can be solved through a decentralized network.
How does ioeX work?
ioeX is a decentralized peer-to-peer network based on Elastos. It consists of two types of servers: "bootstrap nodes" and “peer nodes.” Bootstrap nodes have fixed IP addresses and form the heart of the ioeX network. Smart devices that have ioeX firmware installed can connect to these bootstrap nodes. These devices then become peer nodes. This allows mobile devices outside of the home to easily connect to a home smart network without the company having to invest in centralized servers.
Bootstrap nodes can only communicate with each other using a basic communication framework. There is no ability for application-level data to be shared between them in an unencrypted format. Therefore, the system is resilient against DDOS attacks by hackers.
People who operate nodes are rewarded with ioeX tokens and Gas, two tokens that are used on the network for various functions. This system allows for personal cloud storage and software upgrades to be done at significantly reduced cost.
How is ioeX unique?
Previous attempts to solve the problem of data transfer in the Internet of Things has relied upon costly central servers. The team believes that ioeX is unique because it dramatically lowers the cost of cloud storage and data transfer through decentralization.
Who makes up the team behind ioeX?
The team behind ioeX consists of experts in engineering, marketing, public relations, cloud computing, and mobile applications. This includes CEO Aryan Hung (Founder and Chairman of HengHung, former Director of Kortide Tech Limited), COO Adguel Wang (former Hardware Manager for Hon Hai/Foxconn Technology Group), Chief Sales Officer Michael Wu, CMO Neu Pang (Co-Founder of Tenacity Auto Parts), CSO Kenneth Kuo (former Frontliner for Australia for UNHCR), and Chief Public Relations Officer Monika Lin (former Account Manager for Leo Burnett.)
The team also includes engineers Anthony Lin, Elvis Lin, Bruce Huang, Wade Ku, Art Hsu, Jay Chuang, HungJiun Shieh, Earnest Chen, and Ricky Huang. The team is advised by Rong Chen, DingHe Hu, Simon Szeto, Raymond Lee, Miranda Tan, Daniel Liebau, Matthew Cannon, and Xavier Hou.
More details about the ioeX ICO
The ioeX (IOEX) ICO is launching in July, 2018 and ending in August, 2018. No exact dates have yet been announced. Investors wishing to participate will need to sign up for the whitelist, found here.
The team has not yet stated a fundraising goal for the ICO. As a result, it is unknown at this time what the price of an individual token will be.
The July public sale will comply with the following allocation strategy:
36% of the tokens will be sold in the ICO
19% will be used for the Ecosystem Acceleration program
17% will be held by the Foundation
10% will go to the team. This portion will not be released for resale until 30 months after the ICO
5% will go to strategic partners
5% will go to the Angel Fund
3% will be used for initial mining rewards
3% will go to advisors
2% will be used for the bounty program
The proceeds from the sale will be used as follows:
40% will be spent on development of the ioeX network
30% will be spent on marketing
15% will be spent on strategic partner investment
15% will be spent on risk management and legal fees