IoTeX is a layer one Ethereum-based platform powered by a randomized delegated proof of stake consensus mechanism that improves its scalability. It is also EVM compatible.
IoTeX is an essential application for the Internet of Things. It provides an enabling platform for developing Solidity-based decentralized applications, tokens, and NFTs. Apart from its high scalability, it boasts high transfer speed and low gas fees.
The platform innovatively blends the power of blockchain technology with data oracles to improve the future of a decentralized machine economy.
IoTeX projects consist of components, including Identity of Things, a feature that allows machines to own and rule over their data through the IEEE Standard.
It also has a layer two oracle, the Webstream, that allows a secure transfer of verifiable data from IoTeX machines to smart contracts.
There is a MachineFi portal that allows users and developers to interact with Dapps, register their devices, and access data.
How does IoTeX work?
Essentially, IoTeX is an open-source full-stack platform that allows developers to access and use real-world data from machines.
It has an EVM-compatible feature, IoT protocols, and an intuitive user interface. On top of this, it is compatible with deploying smart contracts across different chains.
Users can facilitate transactions and deploy contracts with the network’s utility token, $IOTX. The token also allows holders to stake for yield rewards and participate in decision-making processes.
By using IoTeX, smart device owners can freely control their devices and the data they generate. With this, everyone can be part of the machine economy and its huge revenue.
It will also enable the development of MachineFi, a newly developed space for web3 builders to breed an economy based on machines.
The IOTX token powers IoTeX’s ecosystem economy. The token is key to accessing several functions within IoTeX. As the utility token, it is useful for paying transaction fees, accessing Dapps, and deploying smart contracts.
Holders of IOTX can stake their tokens to earn rewards. Stakers can also participate in IoTeX governance and have voting rights within the ecosystem.
Before you can unstake IOTX tokens, you must have delegated your token to a validator on the Iopay wallet.
Steps to Unstake IoTeX
Unstaking IoTeX is only possible when you stake via the Iopay wallet. To stake, you must set up an Iopay wallet on your mobile or PC device.
Download the app from your device app store and fund it with IOTX. Select delegate/validator and stake your tokens.
Staking IOTX means you are locking your token to the validator you chose. Therefore, to unstake your tokens, you must first unlock the staking lock. Then you can go ahead with unstaking your tokens.
Unstake tokens are available for withdrawal only after three days of unstaking. Before you start, ensure you fund your wallet with enough IOTX tokens to cover gas fees.
IOTX is listed on many centralized exchanges, including Binance, Coinbase, and Kucoin.
Here’s how to unstake your IOTX tokens from your Iopay wallet.
- Turn off the IoTeX stake lock from your Iopay wallet
- Go to ‘My Staking’ and choose the bucket you want to unstake
- Click ‘Edit’ and tap ‘Unstake’
- Withdraw your tokens
1. Turn off the IoTeX stake lock in your Iopay wallet
The first step to unstaking your IoTeX tokens is unlocking your staked tokens.
Unlocking is important because IOTX token staking is only available as Locked Staking. This means your tokens are locked in a time-based smart contract.
Normally, time-based locks are only available for unstaking after the lock period is over. In this case, you can manually unlock your IOTX tokens from your Iopay wallet.
All you have to do is open your Iopay wallet and tap STAKE > My Staking from your dashboard.
This should take you to the staking bucket, where you have your active locked stakings.
In your staking bucket, click on the staking you want to unlock to view its details.
From the details, you will see that AUTO-STAKE is active. You must deactivate auto stake to unlock your stake duration.
From the bucket details, tap EDIT > RESTAKE to turn off your lock status.
In the RESTAKE options, toggle the Auto Stake button to turn off the duration lock.
2. Go to ‘My Staking’ and choose the bucket you want to unstake
After unlocking your stake duration, you can now unstake your tokens easily. To unstake your tokens, go ‘My Staking’ and click on the stake bucket you want to unstake.
3. Click ‘Edit’ and tap ‘Unstake’
In the bucket details, click EDIT and tap UNSTAKE from the options that pop up.
A notification warning you of your action will pop up. Confirm the action by tapping OK.
Once you confirm the process, your token will move from STAKED to UNSTAKING. The unstaking process takes up to 72 hours.
4. Withdraw your tokens
Once the three-day waiting period is over, your unstaked IOTX tokens will be moved from UNSTAKING to READY TO WITHDRAW.
To view the status of your unstaked tokens, open your wallet after the 3-day waiting period and tap on STAKE > MY STAKING from your dashboard.
In the staking bucket, you should see your unstaked tokens under ‘Ready to Withdraw.’
To withdraw, click the unstaked bucket and tap EDIT > WITHDRAW STAKE. Tap OK, and your unstaked tokens will be moved to your wallet.