It’s cliché, nevertheless it was solely yesterday when IoTeX raised $30 million in a non-public sale to over 30 non-US accredited traders again in 2018. Sure, it was essential to make clear as a result of many consider IoTeX was born from an ICO.

The IoTeX crew got here collectively in a two-hour live stream final week to have fun their fourth anniversary since their first code launch on April twenty first, 2018. Since then, the Layer 1, EVM-compatible, and open-source blockchain platform haven’t been hacked nor suffered a safety breach. 

So it’s no surprise that the US Navy trusted its community and granted Nathan Miller’s Consensus Network a $1.5 million contract to build HealthNet on it to watch the well being of all its marines and sailors in real-time. It has had good contracts since 2018. And for Proof-of-Idea functions, it manufactured two blockchain-powered units with globally acknowledged corporations: the CES2020 award-winning Ucam and the Pebble Tracker. 

Since that genesis code launch, the IoTeX crew has grown to over 50 members. Right this moment, greater than 38 million transactions have taken place on its blockchain, & 73 delegates carry out consensus and assist govern the community over which 17 million blocks have been produced. Telling of the person belief in IoTeX is 30% of the overall token provide at the moment staked.

IoTeX is constructed for builders to attach billions of machines with Web3 infrastructure to create progressive merchandise, together with DeFi, NFT, DAO, Metaverse, and MachineFi purposes. Based in 2017 with a crew of alumni from Google, Fb, Uber, Bosch, and Intel, IoTeX has launched a high-performance public blockchain with off-chain computing for units and machines, cross-chain bridges, a cryptocurrency pockets, and the MachineFi market.

WATCH: IoTeX Co-Founders’ Projections on the Coming Yr

What Does the Future Look Like?

However past the tech jargon, IoTeX is at this time a novel proposition. The corporate brings collectively real-world and real-time knowledge in order that builders can create companies that profit folks. Relatively than a standard centralized firm reaping the worth of an individual’s knowledge, IoteX rewards folks instantly for utilizing their cell units, wearables, and different good units and machines.

IoTeX Co-Founder and CEO Raullen Chai clarify what the longer term holds. “We’re making ready for upcoming progress. We’ve got some essential companions that we’re about to disclose. These companions have sought our help to transform their Web2 units into Web3 units,” mentioned Chai.

Web3 is greater than innovation, and IoTeX’s W3bstream is level and case. Expertise has remodeled society and the way it operates, and it has modified the worldwide idea of belief. Historically, folks and organizations belief corporations based mostly on their repute, standing, and, let’s face it, their media protection. This mannequin has labored prior to now, however at this time we reside in a world the place deep fakes, misinformation, and false information have made us all rethink what we should always or mustn’t belief.

“W3bstream is a protocol, the primary of its sort,” explains Dr. Chai. “W3bstream supplies builders with verifiable knowledge, and in real-time, from IoT units. Combining tamper-proof {hardware} & software program, W3bstream supplies an agnostic blockchain framework to create knowledge circulation or streams. That’s stamped, trusted, verifiable, usable, and monetizable on the IoTeX community and past,” he added.

That opens up many potentialities for DApp builders to create use circumstances that may change how we work together with good units. And by 2030, there might be about 120 billion of them related to the Web, which equates to about ten clever units per particular person. Mckinsey mentioned the quantity of knowledge and its worth could possibly be value as much as $13 trillion in an unlimited forward-looking report.

Who Owns the Information?

“Our mission is to make sure a redistribution of wealth, and our goal is to help initiatives constructed on IoTeX that just do that,” mentioned Chai. “Our precedence is to verify folks profit considerably from their knowledge, good machine knowledge, and the worth it generates.”

Even the only of issues are potential. Think about a fridge related to the Web that orders milk, butter, juice, meats, and greens whenever you want them as a substitute of whenever you run out of them. It generates shopper conduct knowledge from which Huge Tech and others profited immensely when it does that for you. With IoTeX, that revenue potential would as a substitute belong to the proprietor of that machine.

Well being wearables are an enormous market, and the info Huge Tech attracts from these units is very large. If these units have been on IoTeX’s MachineFi hub, customers would have the chance to earn from their knowledge by taking part in exercise-to-earn actions and knowledge swimming pools for medical analysis.

Your Creativeness Is the Restrict!

How about sleep-to-earn? Certain, that introduced a smile to your face. However that is an unbelievable instrument for employers who need their staff to return to work well-rested as a result of they’re extra productive after they’ve had evening’s sleep. So, they’ll now provide bonuses for many who relaxation effectively earlier than working. The probabilities are infinite.

The issue is how, as an employer, you’ll be able to just be sure you are rewarding the workers for truly sleeping. W3bstream combines real-time knowledge with real-world knowledge, and it analyzes the info and may verifiably inform whether or not they have or not via heartbeat knowledge, blood strain, physique temperature, and so forth.

How will you inform someone is solely shaking a tool to get rewarded for exercising? The exact same manner. You want wearables outfitted with sensors that draw blood strain, physique temperature, coronary heart charge, and GPS knowledge that reveals that an individual coated the right distance.

IoTeX’s MachineFi imaginative and prescient is about connecting the bodily world to Web3 in a safe, non-public, and user-friendly manner for the folks worldwide. That has captured the eye of among the greatest tech corporations and traders globally, who’re becoming a member of IoTeX shortly to be a part of this revolutionary innovation that may remodel our lives without end in a optimistic manner.

WATCH: IoTeX 4-Yr Anniversary Livestream