The IoTeX Foundation will conduct a thorough examination of all DApp developers to ensure they effectively enable machine financialization.
IoTeX, a blockchain platform specialising in the Internet of Things (IoT), has announced the establishment of a $100 million sustainable ecosystem fund.
Within the next three years, the new fund will invest in over 1,000 decentralised machine economy firms that are building use cases for connecting more than 10 million smart devices to the MachineFi portal.
The decentralised machine economy is an emerging economy in which machines, not people, drive economic growth. This new economy is powered by blockchain technology and artificial intelligence (AI), and it has the potential to transform how businesses are conducted into one that is more efficient, safe, and sustainable.
MachineFi is a term that refers to a new paradigm based on Web3 that serves as the foundation for the new machine economy. Individuals, rather than centralised businesses, can benefit from the monetization of machine resources and intelligence. MachineFi, in its simplest form, is the financialization of machines, or more accurately, internet-connected devices.
MachineFi’s mission is to transfer the profits generated by device financialization away from big tech and distribute them to actual users, which is precisely what web 3.0 is about: shifting the financial model of the internet (and now gadgets) away from platform advertising and toward user ownership.
Jing Sun, IoTex’s Head of Investment and Ecosystem, noted that the fund is intended to be a perpetually green vehicle that would assist over 10,000 MachineFi-focused enterprises over the next ten to twenty years, connecting tens of billions of devices to the IoTeX MachineFi portal.
The IoTeX Foundation will thoroughly vet all DApp developers to guarantee they successfully enable machine financialization and, if they do, “they will receive all the support necessary to succeed,” Sun added.
IoTeX renamed in November 2021 to focus on “The Rise of MachineFi,” which aims to combine machines, the Metaverse, and the traditional workforce. MachineFi, which follows the eras of DeFi and GameFi, intends to address the intersection of smart gadgets, manufacturing, and finance through the use of blockchain technology.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.