IoTex is a private blockchain with a goal to connect different Internet connected devices, also known as Internet of Things. The team behind the project was able to pinpoint problems associated with adoption of IoT and aim to solve them. These problems include lack of privacy, scalability, high fees and operating costs, among others, and the project solves it using a proof of stake consensus mechanism and their private blockchain and its sidechains. The network also has its governance token which is trading under the IOTX tag.