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Blockchain
The IoTeX blockchain is decentralized, EVM-compatible, and lightning-fast, making it the perfect foundation for decentralized applications and products. Powered by our in-house Roll-DPoS consensus mechanism, the IoTeX blockchain is governed and maintained by 60+ Delegates for true decentralization. As the "root of trust" for the entire IoTeX Network, our blockchain is fully open-source and built-from-scratch to the highest technical standards. It is also one of the fastest blockchains in the industry (5-second blocks w/ instant finality) and has been running error-free since 2019.
The IoTeX blockchain is compatible with the Ethereum Virtual Machine (EVM), which allows developers to build/convert any Solidity-based smart contract on IoTeX. In June 2020, IoTeX launched Mainnet GA "Machina", our fully native blockchain that incorporates native staking (nsv2) and powered by the native IOTX token. In January 2021, the IoTeX blockchain surpassed 10 million transactions and now processes thousands of transactions every day.
The IoTeX blockchain utilizes Roll-DPoS consensus, a variant of Delegated Proof of Stake (DPoS) designed in-house to support the high scalability required for IoT use cases. Unlike traditional DPoS that utilizes a fixed number of Delegates (e.g., EOS has 21 block producers), Roll-DPoS randomly selects 24 of the top 36 community-voted Delegates to mine every hour, which greatly improves the decentralization and security of the IoTeX Network without sacrificing performance.