IoTeX (IOTX) is an erc20 coin that will to be used as a fuel on the IoTeX network. It will run the distributed applications and execute transactions on the IoTeX platform. In order to cushion IoTeX from inflation, a fixed number of IOTX tokens will be available. The supply will be capped at 10 billion coins and the coins won't be mineable. However, after the launch of the Mainnet (IoTeX), the native coin (IOX) will be mineable for a period of 50 years using the PoS consensus mechanism. The rewards of mining will reduce gradually over time.

IoTeX did not hold a public sale, but there was a private sale on February 2018, that saw the project raise 25,000 ETH. All private sale investors received 20% bonus in this sale. One IOTX token was retailing at 0.0000125 ETH. There have also been community rewards in which participants have received points as the network continues to grow. The main idea is to connect the physical world block by block.

IoTeX is a decentralized platform powered by privacy-centric blockchain on which developers can build their own token economies and projects. They can create flexible sub-chains and choose the programming language to use as well as make them either permissioned (private) or permissionless (public).

There are some innovations developers of this network are working on to improve its status. Fast Consensus Roll-DPoS scheme is one such innovation which will support numerous nodes with instant finality. It will have low latency and be eco-friendly. Blockchain-in-blockchain technology seeks to enhance privacy, interoperability and scalability There are some privacy-preserving schemes built within the system like light weight stealth address as well as constant size ring signature.

The IoTeX network is managed and supported by a team of experts from various fields including science, mathematics and computer science. Including Raullen Chai who is a co-founder, Qevan and JingSun, also co-founders and XinXin, who is head of cryptography among others.