With mobile devices, costs, and easy access to the Internet becoming less of a challenge for people around the world, the value of data has become a new coveted commodity.
Governments and businesses use customer and user data for a variety of purposes. This has put an additional focus on the way data is collected, offered at prices, and of course there is also privacy concern about the way personal data is obtained.
There are currently several blockchain projects that focus on organizing data, allowing users to have more control over what data they want to share and monetize some of the profits from data collection.
IoTeX (IOTX) is one such project that has grown in importance over the past five weeks. The project aims to solve the problems of scalability, data protection and high operating costs that are currently limiting the mass adoption of the Internet of Things (IoT) ecosystem.
Data from Cointelegraph Markets and TradingView show that the price of IOTX has risen 300% since February 1, when the price rose from $ 0.011 to a new all-time high of $ 0.0443 on March 10 when its trading volume rose 130 % rose.
Partnerships and integrations promote acceptance
Scrolling through the IoTeX Twitter feed shows that project members have worked hard to find projects and communities to integrate with to make it easier to expand the IoTeX ecosystem.
The month of March got off to a hot start for the record when the project was listed in the PankcakeSwap (CAKE) DeFi record. This enabled IOTX trading on the Binance Smart Chain along with the Ethereum (ETH) network and plans to integrate with Polkadot (DOT) are already underway.
On March 2, the team announced that it had joined the Amazon Web Services (AWS) partner network, as well as AWS China, to improve its Ucam and Pebble Tracker technologies.
Several other smaller partnerships were announced over the next few days. On March 7, it was announced that IoTeX has partnered with the Unifi protocol and granted the project a development grant to ensure IoTeX users have access to a secure, reliable and active network. Chain DeFi solution. “
The Unifi protocol is a group of interoperable, unsecured smart contracts designed to act as building blocks for the next generation of DeFi products. The automated market-making trading platform uTrade for protocols is currently available on 6 different blockchains including Ethereum, Binance Smart Chain, ICON, Ontology (ONT), Harmony (ONE) and Tron.
Enthusiasm for the project increased after the Unifi partnership, followed by the recent increase in trade volume and price.
VORTECS ™ data from Cointelegraph Markets Pro identified an optimistic outlook for IOTX on March 6, ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the table above, the VORTECS ™ value began to turn green on March 4th and peaked at 69 on March 5th before turning yellow again. The score then soared to a high of 71 on March 6, about 2 days before the IOTX price rose 60%.
The rise of the internet and the increasing number of interconnected smart devices have exponentially increased the amount of data produced and collected, and this trend shows no signs of slowing down.
Projects like IoTeX, which use blockchain technology to securely track, record and transmit data, are well positioned to see further growth and adoption as digitization and the Internet of Things continue to permeate all facets of society.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.