IoTeX launches MachineFi, a combination of machine and DeFi that unlocks trillion-dollar opportunities in the Metaverse
MENLO PARK, Calif., Nov. 25, 2021 /PRNewswire/ -- IoTeX is thrilled 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 the Metaverse and Web3.
MachineFi's main objective is to transition traditional IoT and machine verticals into MachineFi decentralized applications (Dapps) that will enable millions of users to participate in the machine economy with billions of smart devices.
The world has witnessed the boom of smart devices and automated machines, including smart home devices and smart cars. However, few have noticed inter-machine communication is significantly increasing.
"Today, numerous machines have already started collaborating, producing, and distributing, and they consume information and resources collectively, forming a heterogeneous network of machines," explains IoTeX CEO and Founder Dr. Raullen Chai.
"Machine networks are communicating with other machine networks accomplishing even more advanced tasks," Dr. Chai added. "This is essentially a new form of economy, a machine economy or machine finance, which is MachineFi. MachineFi is here to reshape the future of the machine economy that is upon us."
According to a McKinsey report, the Internet of Things (IoT) could unlock a global economic value of up to $12.6 trillion by 2030. echjury estimates that over 125 billion devices will be connected to the Internet by the start of the next decade, 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 pushes human society through the next digital revolution wave.
"Although these technologies have evolved independently, they have become increasingly intertwined around a new form of productivity — MachineFi," he added.
At the core of MachineFi
MachineFi is the result of three years of the IoTeX team's continuous and tireless research and development and the establishment of a solid foundation for the project moving forward. MachineFi has been designed to tie machines together. It enables them to trade information and resources in real-time.
"MachineFi ties the machines together, lets them trade information and resources in real-time, and at a global scale, which is unprecedented," explains IoTeX Blockchain and Cryptography Lead Dr. Xinxin Fan.