IoTeX Bytes - Volume 1

An unfortunate confluence of FUD has tumbled the crypto markets, but the night is darkest before the dawn 💎🖐🏼

Hey IoTeX Community,

Welcome to our shiny new newsletter, IoTeX Bytes! 🤖 By subscribing to our Substack, you will get must-read emails delivered to your inbox every month 📩

  • A monthly update with the latest IoTeX news and our best content of the month

  • Bi-weekly insights roundups on the pulse of the crypto and IoT industries

Our first insights roundup coincides with a widespread dip across crypto markets. Over the past two weeks, 🤮 FUD has stockpiled from Elon leaning in to his role as the “Dogefather” to critiques of Bitcoin’s eco-friendliness to rumors of China banning crypto (for the 100th time) to mass liquidations of over-leveraged traders. 📉

This unusual confluence of 🐻 bearish news has tumbled the crypto markets, but the night is darkest before the dawn. Unlike the last 🐮 bull cycle of 2017, real world use cases of blockchain are skyrocketing leading most (like us!) to believe the super-cycle is just beginning. 🚀

Crypto Markets Tumble Due To Cascading Liquidations, China, and Elon Musk 🤡

An unusual confluence of bearish news has hit the crypto markets this past week, contributing to Bitcoin’s drop to $30k and ETH’s drop to $1.8k on Binance before reversing on Wednesday. Bitcoin has fallen almost 50% from its high on April 12, fueling over $8 billion in liquidations for over-leveraged traders on the way down. On Tuesday, China reiterated its intent to ban crypto as another catalyst that may have caused newer entrants to sell. But the ultimate catalyst was Elon Musk’s Twitter announcement on May 12 that Tesla would no longer accept Bitcoin over climate concerns, re-sparking questions of Bitcoin’s relationship with sustainability. But in true Elon fashion, he didn’t stop there …

Elon Musk goes to ⚔️ war with crypto Twitter and hints at Tesla offloading ₿ BTC

Elon Musk appears to have again been a catalyst for Bitcoin and the broader crypto market’s price decline after Tesla’s CEO suggested he was actively working with Dogecoin devs while reneging on his commitment to Bitcoin. After clashing with Bitcoin maxis, Musk hinted that Tesla would consider selling BTC from its balance sheet this quarter, sending Crypto Twitter into a frenzy.

On Wednesday, Elon posted another tweet (aka the modern day press release) that “Tesla has 💎🖐🏼” suggesting Tesla would not be selling their Bitcoin. Or was he talking about Dogecoin … let’s just hope this is all over soon!

Blockchain currently is comparable to the early days of📱cell phones.

In terms of adoption, products, and services, the blockchain industry has come a long way since Bitcoin’s launch in 2009. Emilie Choi, Coinbase president and chief operating officer, however, still said crypto usage needs to be easier. 

“It’s about, you know, how do we create the most user-friendly experiences for folks,” Choi told Bloomberg in a May 13 interview when asked about any notable uncertainties regarding crypto’s future. She added:

A vast number of solutions exist for people to become involved in the blockchain space — from trading apps to payment facilitators such as BitPay, to asset availability on PayPal, to physical hardware products.

Why the Internet of trusted things should be built to further the democratization of IoT?

A central problem with IoT’s current architecture is that users are forced to trust platforms, making consumers—whether they are Alexa users or corporate customers—wary of privacy violations and the potential abuse of their data for advertising anti-competitive purposes. 

A trusted IoT, or an Internet of Trusted Things, needs to be built private-by-design and with peer-to-peer, blockchain-based device identity and coordination built-in. Once each device is de-coupled from a central authority, broad, decentralized coordination becomes possible.

Learn More

How “Proof of Presence” is one way NFTs could evolve.

IoTeX is starting with “proof of presence” based on verifiable real-world data from Pebble Tracker. Pebble Tracker lets developers working with blockchain and IoT use verifiable real world data which is owned exclusively by the device holder. 

In practice, that might have ramifications for insurance, for example. Having verifiable data from your vehicle or verifiable data from your health wearable could trigger financial outcomes. Alternatively, if there is verifiable data regarding a storm, a smart contract might be triggered if that storm results in damage to a house. 

Learn More

In April 2018, IoTeX launched our first-ever code release. Three years later, IoTeX is now one of the top blockchain networks in the world powering a flourishing ecosystem of DApps and devices! We celebrated our 3-year anniversary with a livestream AMA with the IoTeX core team — it’s a must watch.

IoTeX is partnering with Travala to redefine the future of decentralized travel. We held a joint livestream that was full of gems on our new partnership and the future of travel fueled by blockchain + IoT and the emerging "travel creator economy".