IoTeX launches MachineFi, a combination of machine and DeFi that unlocks trillion-dollar opportunities in the Metaverse - Seite 2

Dr. Fan says there are two critical ways this new machine economy will shape the future — mirroring the physical world to the Metaverse and programming the material world from the Metaverse.

"By continuously improving the interactions between the physical and virtual worlds, the Metaverse is expected to transform every aspect of our lives and disrupt and reshape the next generation systems in all the sectors in a way that we are only beginning to imagine today," says Dr. Fan.

Machines are the workforce in the physical world, and the information they capture can be supplied to the Metaverse, enriching DeFI, gaming, NFT, and social media applications. However, more groundbreaking is that Metaverse applications can actually "program" the real world by using machines.

MachineFi has been designed to enable millions of people to monetize their personal information and the data their smart devices generate with decentralized applications built on IoTeX, the fastest, most secure, and most scalable blockchain platform in the industry.

Who will own this new machine economy?

IoTeX's revolutionary blockchain has the power to shift the balance of global wealth that is currently in the hands of the 1%. IoT is presently mainly controlled by Big Tech, including Facebook, Google, Amazon, Microsoft, and other large corporations. They currently profit from our privacy and intelligent devices. They make about $35 monthly from each user's personal information, according to a recent report. And then there are the hundreds of other companies that collect our data globally, who alone have raked in over $150 billion in 2012, according to a WebFX Team study. It adds that our email address sells for $89.

It's time to end this unethical and unscrupulous control Big Tech firms have over our data and intelligent devices and the valuable information they generate.

MachineFi is here to change that through composability, bringing together the creativity and productivity of pioneering developers.

The current engine — cloud computing, IoT platforms — that powers machines do not have what it takes to push the new upcoming machine economy. It leads to monopolized ownership of the future workforce, and, more importantly, it does not have the critical pillars for a new machine economy to sprout.

In summary

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 offers a comprehensive set of building blocks for developers creating machine-driven Dapps in the virtual world.