IoTeX is not based on Ethereum. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
NOTE: WARNING: IoTeX is not based on Ethereum. It is a separate blockchain platform that utilizes its own native token, IOTX. It has its own consensus mechanism and smart contract capabilities, and it is not interoperable with Ethereum or any other blockchain platform.
The IoTeX platform is built on top of the Ethereum blockchain and utilizes its smart contract functionality. However, IoTeX goes beyond simply being a decentralized application platform.
It also includes a number of features that make it well suited for the Internet of Things (IoT), such as scalability, privacy-preserving computation, and support for light clients.
In conclusion, while IoTeX is based on Ethereum, it has been modified to better suit the needs of the IoT industry and includes several additional features that make it more than just a decentralized application platform.
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Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.
