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IoTeX's MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

IoTeX's MachineFi Lab challenges Big Tech by democratizing IoT to benefit users and businesses

Ankr and IoTeX meet on Twitter Spaces to discuss the future of IoT and how with blockchain technology, IoTeX can enable "all of us" to own our machines and data

We all produce data constantly, even unsuspectingly, as all smart devices and machines are built to gather data for profit. A Domo report states each person generated 1.7 MB every second in 2020. The amount of data we as individuals generate could be worth about $3,000 a year.

What's more, a 2018 article by Penta Security said that by 2021, automakers would profit more from connected vehicle data than actual car sales. In the US, an average person spends 17,600 minutes driving annually, generating anywhere from 380 TB to 5,100 TB of data, according to a Tuxera report.

Google, Amazon, Microsoft, Apple, Facebook, and others have built empires worth up to trillions of dollars off of commercializing our data. So, yes, "data is the new oil," as British mathematician and data scientist Clive Humby said in 2006. Was he wrong? Of course not.

In 2021, Techdirt published an article entitled "Smart TV Makers Will Soon Make More Money Off Your Viewing Habits Than The TV Itself." 

This is true of all intelligent devices and machines, which is why the Ankr and IoTeX Twitter Space conversation is so relevant to people worldwide, particularly as we head toward 2030, when 125 billion IoT devices could exist. That is over ten per person, considering that the global population is estimated to reach 8.6 billion by that year, according to a recent United Nations forecast.

'The Internet of Things Meets Blockchain'

Ankr and IoTeX spoke about the future of the Internet of Things (IoT) movement and how both projects are empowering development and bridging web3 with the IoT industry that is growing in value daily, wrote Ankr's blog writer Kevin Dwyer.

"MachineFi is a new category of applications that connect all smart devices and machines to blockchains like IoTeX," he added. "These 'trusted devices' will likely become one of the largest users of the blockchain as they have an incredible amount of data to record and share."

The Ankr blog points out that "IoTeX allows developers to create new applications that leverage the enormous amount of data that internet-connected machines provide. This data can be used to inform nearly every kind of software, dApp, and metaverse that may need to adapt based on real-world happenings like weather, traffic, package statuses, locations, etc."

Dwyer points out only a few use cases of the many possibilities with MachineFi and more so, thanks to the cutting-edge technology developed by IoTeX's core developer, MachineFi Lab.

The X-to-earn potential

"You may have heard of new crypto projects surrounding move-to-earn, interact-to-earn, etc. In short, you prove your activity (from a trusted device) in the real world to earn token rewards," the blog reads. "This is similar to the idea of 'safe driver discounts' from insurance companies."

And continues: "You plug in your camera to collect data on your driving and earn rewards for being safe — there are almost limitless opportunities to apply similar ideas with blockchain tech. Your data has value, and for the first time, you will be able to own your data and benefit from the rewards."

Rewards from pooling your data

"Governments, cloud companies, social media companies, and all corporations harvest an enormous amount of data from everyday people to use for their purposes," Dwyer wrote. "A combination of blockchain and IoT has the potential to reform society, allowing a more bottom-up approach to data. If you contribute data to the pool with thousands of others, this is an extremely valuable dataset for the above parties — but they will need to reward you for access to it this time."

A DAO of Machines

"Automated machines are set to replace an ever-increasing amount of jobs and tasks," he adds. "These machines will drive us around, deliver our groceries, manufacture our goods, sort and ship our packages, and many other things.

"But who will own the machines that do the work? A handful of corporations, or all of us?" he so pointedly asks. "IoTeX allows a future for the latter by creating tools that enable developers to build applications and let everyone contribute their machines to work and earn rewards."

How to achieve mass IoT network mass adoption

Dwyer wrote that the "main blocker for mass adoption when it came to a convergence of blockchain and IoT was the absence of a gateway between real machine data and the blockchain."

However, he added, "IoTeX allows us to connect this real data to the blockchain while providing a full suite of developer tools and SDKs (Software Development Kits) that let anyone build new use cases. Ankr is instrumental in this path to mass adoption as, without web3 developers, nothing is possible."

 

 

In summary

IoTeX connects real-world data to the blockchain, while Ankr connects web3 developers and dApps to the IoTeX network.

 "The internet of things will require a gateway to relay a vast amount of information to and from blockchains — this is where Ankr comes in. Ankr currently serves around 200–400 requests per second to the IoTeX blockchain from developers and dApps interacting with the IoTeX chain. Ankr empowers all devs who want to get involved with the IoTeX ecosystem," the blog concludes.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

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