IoTeX recently announced the highly anticipated launch of MachineFi, in line with the goal of the founder, Dr. Raullen Chai, to help blockchain enthusiasts monetize machine-driven data, events, and tasks. MachineFi is an innovative combination of machine and DeFi, ultimately unlocking a trillion-dollar opportunity in the Metaverse and Web3.
“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.”
Overview Of The Internet of Things And Prospects
A recent McKinsey report revealed that the Internet of Things (IoT) could unlock a global economic value of up to $12.6 trillion by 2030. Techjury also estimates that over 125 billion devices will be connected to the internet by the start of the next decade, powering that machine economy. Despite the amazing figures coming from both markets, there are not enough solutions to help blockchain enthusiasts leverage the fantastic features of the concepts. However, Dr. Chai and his team at IoTex seek to change this narrative. According to the IoT expert, “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.”
Features And Benefits Of MachineFi
The main objective of MachineFi is to transition traditional IoT and machine verticals into MachineFi decentralized applications (Dapps), enabling millions of users to participate in the machine economy with billions of smart devices.
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, with Dr. Xinxin Fan, IoTeX Blockchain and Cryptography Lead, championing the cause.
“MachineFi ties the machines together, lets them trade information and resources in real-time, and at a global scale, which is unprecedented,” explains Dr. Xinxin Fan.
“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,” said Dr. Fan.
Prospects Of The IoTex Blockchain
IoTeX is a revolutionary blockchain with the capability of shifting the balance of global wealth, which currently lies in the hands of the 1%. The goal of IoTex is to end the unethical and unscrupulous control of Big Tech firms, with MachineFi practically challenging the status quo through composability, bringing together the creativity and productivity of pioneering developers.
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.
“MachineFi realizes the vision that devices are owned by the people and are for 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 Team Behind MachineFi
Dr. Raullen Chai is the CEO and co-founder of IoTeX, a decentralised network for IoT. He is a member of the Centre for Applied Cryptographic Research (CACR), International Association for Cryptologic Research (IACR), and IEEE Communications Society, and joined Uber as head of cryptography R&D in 2016. He joined Google in 2013 was the founding engineer of Google Cloud Load Balancer (GCLB), which now serves thousands of cloud services with 1+ million queries per second. Dr. Raullen Chai got his Ph.D. degree from the University of Waterloo, focusing his research on cryptography, specifically in designing and analyzing lightweight ciphers and authentication protocols for IoT.
Dr. Xinxin Fan is a researcher, practitioner, and entrepreneur, with over 15 years of research and industry experience in the general area of information security and cryptography. The inventor of 15 patents filings in information security technologies and publisher of 50+ refereed papers in top-tier journals, conferences, and workshops, has more than 5 years of experience in business development and commercialization as well as project development or information security-related technologies.
For more information about MachineFi and other projects on the IoTex ecosystem, visit – https://iotex.io.