Messari: IoTeX Could Lead New Generation of Web3 dApps

  • Active IoTeX {hardware} units – Ucam and Pebble – almost reached 17,000 in August 2022, up 140% YoY; IoTeX plans to additionally onboard legacy IoT units.
  • IoTeX transactions and lively wallets grew 115% and 114% YoY, respectively.

A lately launched Messari report discovered that “with MachineFi, IoTeX has the opportunity to lead the charge in enabling a new generation of decentralized apps powered by real-world IoT data.

“IoTeX is a decentralized smart-contract platform that enables secure communication between IoT-powered devices in the real world,” the report states. Messari defined that IoTeX goals to allow safe communication between IoT units, one thing that earlier than IoTeX was not doable.

The reviews stated that “thanks to the Internet of Things (IoT), devices in the real world are getting smarter — be it wearables, home appliances, or connected cars. The economic value created by these devices may reach $13 trillion by 2030 — that’s more than half of the U.S. GDP in 2021 ($23 trillion).”

Market intelligence companies estimate that by 2030, every individual may personal about ten good units. IDC predicts that by 2025, almost 60 billion IoT units shall be IoT related, and IHS Markit estimates that by 2030, that shall be 125 billion.

What presently hinders the $13 trillion potential from realizing IoT units are considerably siloed. “Think of an Alexa not speaking with an Apple Watch,” Messari explains. “Or a Tesla not communicating with local Arduino weather stations. An inherent design limitation prevents IoT devices from communicating with each other, and IoTeX aims to bridge this gap by enabling secure communication between various IoT devices.”

As Messari defined, IoTeX gathers uncooked information from tamper-proof IoT units by way of a community of decentralized nodes with W3bstream, probably the most technologically-advanced information oracle. This distinctive information L2 protocol is scheduled for launch within the coming weeks, in accordance to their CTO and Co-Founder, Qevan Guo.

The Reward Economy, the New Web3 Generation

In late November 2021, IoTeX launched MachineFi Lab to steer its machine financialization imaginative and prescient, which it described as “an innovative combination of machine and DeFi to monetize machine-driven data, events, and tasks that unlock a trillion-dollar opportunity in the Metaverse and Web3.”

In essence, MachineFi is a revolutionary and groundbreaking Web3 economic system that decentralizes good machine and machine connectivity to empower folks to regain management of their information and the worth it generates.

With its distinctive and disruptive know-how, IoTeX creates an entire new reward economic system, enabling folks and companies to profit from their information and clever devices with infinite x-to-earn and proof-of-anything dApps.

IoTeX CEO and Founder explains MachineFi

In an unique interview with CryptonewsZ, IoTeX CEO and Founder Raullen Chain stated that MachineFi Lab, IoTeX’s core developer, has “built cutting-edge web3 technology enabling rewards for millions of people for contributing data and resources from billions of smart devices and carrying out everyday activities.”

He stated these actions may vary from “visiting a local store or participating in a local event to earning benefits from business owners or event organizers. Also, from contributing TV viewing habits for marketing research and driving safely for lower insurance premiums. Sleeping well to earn a bonus from employers who value employee’s productivity and level of happiness.”

Rewards may additionally come from insurance coverage corporations. Medical insurance coverage suppliers know wholesome folks pose fewer monetary dangers. “They would clearly see the benefit in rewarding people for leading a healthy lifestyle as they currently do with our IoTeX ecosystem partner, Health Blocks.”

Currently, person information is estimated at $3,000 per year. With extra good units and machines per person, that worth may enhance exponentially in time, stated Chai. “If data is the new gold, then smart machines and devices are the new gold mines,” he concluded.

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