Internet of Things (IOT) and blockchain project IoTeX has succeeded in conducting token lock-up to drive its mainnet.

IoTeX said Tuesday that 20% of total tokens in circulation had been locked up. Lock-up refers to a process in which a project team freezes part of issued tokens to enhance the transparency of the project. The company said the lockup is a requirement to drive the mainnet.

IoTeX aims to use blockchain technology to resolve such limitations in IOT as inter-device compatibility, construction of infrastructure and privacy protection. Toward that end, the mainnet and sidechain technology are essential. The sidechain tune-up is to be conducted by super nodes (participants) selected through the election. Earlier on Friday, IoTeX began the election aimed at releasing the mainnet.

Those wishing to be elected have to possess more than 1.2 million “IOTX,” the company’s cryptocurrency. They also have to obtain more than 2 million IOTX from voters. At this point, IOTX held by candidates and exercised by voters is locked up automatically via smart contract. If the locked up volume exceeds 20% of the total volume, the first requirement for driving the mainnet is satisfied; then the election is closed and the mainnet is launched.

IoTeX co-founder Raullen Chai said, “Our token lock-up goal was attained only three days after the election began,” expressing hope for ceaseless interest in the release of the mainnet scheduled for late March. /hyun@decenter.kr

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