As mobile devices, cost and internet access become less important to people around the world, the value of data has become a new and increasingly demanded topic.
Governments and companies use customer and user data for a variety of purposes, and this has highlighted how we collect data, estimate rates and of course there are privacy considerations when it comes to how personal information is collected.
Currently there are several blockchain projects that focus on organizing data, giving users more control over the data they choose to share, and investing some of the profits generated by data collection.
IoTeX (IOTX) is one such project that has gained momentum over the past five weeks. The project aims to address the scalability, privacy and high operational costs that are currently limiting the massive adoption of the Internet of Things (IoT) system.
Data from Cointelegraph Markets and TradingView shows that IOTX price has risen 300% since February 1st as the price rose from $ 0.011 to $ 0.0443 on March 10 when trading volume increased 130%.
Embrace partnership and complementarity
Scrolling through IoTeX Twitter reveals that project contributors have worked hard to find projects and a community to integrate with the goal of promoting the expansion of the IoTeX ecosystem.
March got off to a warm start for the protocol when the project was integrated into the DeFi PankcakeSwap (CAKE) protocol. This allowed IOTX to trade on the Binance smart chain with the Ethereum (ETH) network, and plans to integrate with Polkadot (DOT) are already underway.
On March 2, the team announced that they will join the Amazon Web Services (AWS) Partner Network as well as AWS China as a way to improve Ucam and Pebble Tracker technologies.
Several other smaller partnerships were announced over the next few days, and on March 7, it was revealed that IoTeX has partnered with the Unifi protocol and provided the project with a development grant “to provide IoTeX users with access to a secure, reliable, and enduring software. Network solution.” “.
Unifi is a set of interoperable and non-storable smart contracts that aim to serve as the building blocks for the next generation of DeFi products. Automated protocol marketing platform, uTrade, currently operates 6 different blockchain chains including Ethereum, Binance Smart Chain, ICON, Ontology (ONT), Harmony (ONE) and Tron.
Enthusiasm for the project increased following the partnership with Unifi, followed by a recent increase in trading volumes and prices.
VORTECS data from Cointelegraph Markets Pro began to define the optimistic outlook for IOTX on March 6, ahead of the latest price rally.
Exclusive to Cointelegraph, VORTECS Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
As shown in the chart above, the VORTECS begynte started turning green on March 4 and reached a high of 69 on March 5, after which it turned yellow again. On March 6, the valuation peaked at 71, nearly two days before the IOTX price hike by 60%.
The growth of the Internet and the increasing number of interconnected smart devices has resulted in a massive increase in the amount of data produced and collected, and this trend is showing no signs of slowing down.
Projects like IoTeX, which use blockchain technology to securely track, record and transmit data, are well positioned to grow and spread further as digital transformation and the Internet of Things continue to infiltrate all aspects of society.