MENLO PARK, California., November 25, 2021 /PRNewswire/ — IoTeX is pleased to announce the highly anticipated launch of MachineFi, an innovative combination of machine and DeFi to monetize machine-driven data, events and tasks that unlocks a trillion dollar opportunity in Metaverse and Web3.
The main goal of MachineFi is to turn traditional IoT and machine verticals into decentralized MachineFi applications (Dapps) that allow millions of users to participate in the machine economy with billions of smart devices.
The world has witnessed the rise of smart devices and automated machines, including smart home devices and smart cars. However, few have noticed that the communication between machines increases significantly.
“Today, countless machines have already started working together, manufacturing and distributing, and they collectively consume information and resources, forming a heterogeneous network of machines,” explains IoTeX CEO and Founder Dr. Raullen Chai out.
“Machine networks communicate with other machine networks to perform even more sophisticated tasks,” added Dr. Cheers. “This is essentially a new form of economics, a machine economy or machine finance, and that’s MachineFi. MachineFi is here to reshape the future of machine economics that lies ahead.”
According to a McKinsey report, the Internet of Things (IoT) could have a global economic value of up to $12.6 trillion by 2030. ehjury estimates that by the beginning of the next decade, more than 125 billion devices will be connected to the Internet, powering that machine economy.
dr. Chai explains that the convergence of artificial intelligence, blockchain, cloud computing, edge computing, the Internet of Things, 5G, computer vision and augmented/virtual reality is pushing human society through the next wave of digital revolution.
“While these technologies have evolved independently, they have become increasingly intertwined around a new form of productivity – MachineFi,” he added.
The core of MachineFi
MachineFi is the result of three years of continuous and tireless research and development by the IoTeX team and laying a solid foundation for the project moving forward. MachineFi is designed to tie machines together. It allows them to trade information and resources in real time.
“MachineFi connects the machines, makes them trade information and resources in real time and on a global scale, which is unprecedented,” explains IoTeX Blockchain and Cryptography Lead Dr. Xinxin Fan.
dr. Fan says there are two critical ways this new machine economy will shape the future: mirroring the physical world from the Metaverse and programming the material world from the Metaverse.
“By continuously improving the interaction between the physical and virtual worlds, the Metaverse is expected to transform every aspect of our lives, disrupting and reshaping next-generation systems across all industries in ways we are just beginning to imagine today.” set,” says Dr. Fan.
Machines are the workforce in the physical world, and the information they capture can be delivered to the Metaverse, enriching DeFI, gaming, NFT, and social media applications. More groundbreaking, however, is that Metaverse applications can “program” the real world by using machines.
MachineFi is designed to empower millions of people to monetize their personal information and the data their smart devices generate with decentralized applications built on IoTeX, the industry’s fastest, most secure, and most scalable blockchain platform.
Who will own this new machine economy?
IoTeX’s revolutionary blockchain has the power to shift the balance of global wealth currently held by the 1%. IoT is currently mainly operated by Big Tech, including Facebook, Google, Amazon, Microsoft and other big companies. They are currently taking advantage of our privacy and intelligent devices. They make about $35 monthly of each user’s personal information, according to a recent report. And then there are the hundreds of other companies that collect our data worldwide, which alone have brought in more than $150 billion in 2012, according to a WebFX team study. It adds that our email address is being sold for: $89.
It’s time to end this unethical and unscrupulous control that Big Tech companies have over our data and intelligent devices and the valuable information they generate.
MachineFi is here to change that through composability and bringing together the creativity and productivity of trailblazing developers.
The current engine – cloud computing, IoT platforms – that power machines does not have what it takes to fuel the new emerging machine economy. It leads to monopolized ownership of the future workforce and, most importantly, it lacks the critical pillars for the emergence of a new machine economy.
MachineFi consists of a suite of blockchain-based protocols such as DeFi, SSI, DAO, NFT, and decentralized device management to enable developers to build innovative machine-driven applications. MachineFi provides a comprehensive set of building blocks for developers creating machine-driven Dapps in the virtual world.
People who own smart devices can participate in various machine-driven financial activities to earn cryptocurrencies, including renting their smart devices from other peers to collect data, track events, and/or complete tasks for a predefined period of time.
“MachineFi realizes the vision that devices belong to the people and belong to the people. By participating in the machine economy, people can fully monetize their devices and associated digital assets on a global scale,” concluded Dr. chai.
The MachineFi Roadmap
Q4 2021: IoTeX launches the MachineFi portal, a universal registration hub for devices such as Pebble Tracker and Ucam.
Q1 2022: IoTeX will release a groundbreaking “real-world data oracle” that for the first time ever will provide blockchain Dapps with real-time data from IoTeX-registered machines instead of price feeds and historical data from APIs. IoTeX’s proprietary oracle will have the ability to make telemetry data from machines available to smart contracts, giving developers a new design space to build new applications that span day-to-day activities. For example, someone’s real-time GPS location can be used to claim NFTs.
2nd quarter 2022: IoTeX releases the first Decentralized Identity (DID) framework for all machines registered with the IoTeX blockchain. This DID will become the standard for all IoT platforms and networks and will allow machines to take sole ownership of the data and value they generate. With this DID, devices can communicate with each other, with people and thus companies. Combining innovations in blockchain, identity, oracles and hardware, IoTeX will make real-world data available to blockchain dApps for the first time.
Q3/Q4 2022: The MachineFi Hub is launched. While hundreds of Dapps will already be available on the IoTeX blockchain for public use, the Hub will be where all Dapps will be available and seamlessly connected to a user’s device fleet. It will also be the place where developers can use templates and modular tools to create their own solutions and dApps without cumbersome coding and enable their users to monetize their data in a self-sovereign way.
Q3/Q4 2022: IoTeX launches its cross-chain data bridge, allowing all machine data to be used in all EVM-compatible blockchains and therefore optimally usable for both users and developers. For example, the ability to combine supply chain tracking data on IoTeX with supply chain documents on Ethereum or other blockchains will increase the utility of machine data coming from IoTeX.
Make sure you watch the MachineFi video with the team, their vision and real-world examples of how Pebble works in the IoTeX blockchain-powered Internet of Trusted Things (IoTT).
For more information or interviews with core team members, please contact Olivier Acuna, PR/Comms Director at firstname.lastname@example.org.
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