CityDAO is a decentralized organization that has bought around 40 acres of land in the small town of Clark in Northwest Wyoming, as a part of assets network built by them, using 2 IoTeX Pebbles, in order to track and record sensor information on the first-ever decentralized land in the world which is connected to the blockchain ecosystem.
On this piece of multi-chain land, CityDAO citizens can use the two Pebble Trackers registered by MachineFi in order to record and analyze air pressure, light intensity, air quality, humidity, and climate temperature. Pebble Trackers offer verifiable and trustworthy data about Parcel 0 of CityDAO that can be owned, monetized, and managed by owners of the land, as stated by IoTeX in its published blog. A groundbreaking device powered by blockchain will capture physical information and offer trusted data about world events in real-time.
Pebbles of CityDAO are attached to MachineFi of IoTex that offers verifiable and trusted information of the physical world and brings them onto blockchain ecosystems to power the whole economy for people as well as their machines to utilize, monetize and own that particular data.
CityDAO is MachineFi’s latest member that is envisioned to build a connected reality. According to the blog published by IoTex, what makes the collaboration between CityDAO and IoTex interesting is that the Pebble Trackers make valuable information directly available to CityDAO humans. Ultimately it is up to the citizens to decide and vote on how the information will be utilized. All owners of Parcel 0 will have absolute control over sensory data and will enjoy the benefits that come with it.
The CityDAO-IoTex collaboration started as a community proposal for the sensor initiatives to help Parcel 0 develop as a suitable neighbor to Shoshone National Forest, situated adjacent to the real estate acreage of CityDAO. People expressed their desires of having a dedicated property to conserve nature and offer their visitors collectible NFTs.
Parcels of this land, along with CityDAO, are digitized as an NFT, owned and operated collectively by individuals or by the community. CityDAO visualizes a future that includes decentralized governance along with the blockchain network of on-chain crypto assets for powering smart cities.
CityDAO brings endless possibilities for the prospect of the ownership of a decentralized land and how crypto assets, powered by such a community, can play a major role in the MachineFi economy, as stated by the IoTex blog post.
The portal of MachineFi is all geared up to enable a complete suite of strong dApps that offer opportunities to the users and allow them to own as well as monetize their information in various ways.
The blog also explains how digitizing the physical assets will democratize access, remove gatekeepers, increase transparency and reduce complexity. Building a plot of land on the blockchain has multiple benefits such as near-instant land transfers, the democratization of ownership of land via crowdfunding, reduced legal complexities, and reduced barriers to entry to real estate ownership which is available only to large investors who have the potential to afford a complete parcel.