IoTeX Celebrates 4 Year Anniversary and Shares Some Predictions
It’s cliché, but it was only yesterday when IoTeX raised $30 million in a private sale to over 30 non-US accredited investors back in 2018. Yes, it was necessary to clarify because many believe IoTeX was born from an ICO.
The IoTeX team came together in a two-hour live stream last week to celebrate their fourth anniversary since their first code release on April 21st, 2018. Since then, the Layer 1, EVM-compatible, and open-source blockchain platform have not been hacked nor suffered a security breach.
So it’s no wonder that the US Navy trusted its network and granted Nathan Miller’s Consensus Network a $1.5 million contract to build HealthNet on it to monitor the health of all its marines and sailors in real-time. It has had smart contracts since 2018. And for Proof-of-Concept purposes, it manufactured two blockchain-powered devices with globally recognized firms: the CES2020 award-winning Ucam and the Pebble Tracker.
Since that genesis code release, the IoTeX team has grown to over 50 members. Today, more than 38 million transactions have taken place on its blockchain, & 73 delegates perform consensus and help govern the network over which 17 million blocks have been produced. Telling of the user trust in IoTeX is 30% of the total token supply currently staked.
IoTeX is built for developers to connect billions of machines with Web3 infrastructure to create innovative products, including DeFi, NFT, DAO, Metaverse, and MachineFi applications. Founded in 2017 with a team of alumni from Google, Facebook, Uber, Bosch, and Intel, IoTeX has launched a high-performance public blockchain with off-chain computing for devices and machines, cross-chain bridges, a cryptocurrency wallet, and the MachineFi marketplace.
WATCH: IoTeX Co-Founders’ Projections on the Coming Year
What Does the Future Look Like?
But beyond the tech jargon, IoTeX is today a unique proposition. The company brings together real-world and real-time data so that developers can create services that benefit people. Rather than a traditional centralized company reaping the value of a person’s data, IoteX rewards people directly for using their mobile devices, wearables, and other smart devices and machines.
IoTeX Co-Founder and CEO Raullen Chai explain what the future holds. “We are preparing for upcoming growth. We have some very important partners that we are about to reveal. These partners have sought our support to convert their Web2 devices into Web3 devices,” said Chai.
Web3 is more than innovation, and IoTeX’s W3bstream is point and case. Technology has transformed society and how it operates, and it has modified the global concept of trust. Traditionally, people and organizations trust companies based on their reputation, status, and, let’s face it, their media coverage. This model has worked in the past, but today we live in a world where deep fakes, misinformation, and false news have made us all reconsider what we should or should not trust.
“W3bstream is a protocol, the first of its kind,” explains Dr. Chai. “W3bstream provides developers with verifiable data, and in real-time, from IoT devices. Combining tamper-proof hardware & software, W3bstream provides an agnostic blockchain framework to create data flow or streams. That is stamped, trusted, verifiable, usable, and monetizable on the IoTeX network and beyond,” he added.
That opens up many possibilities for DApp developers to create use cases that will change how we interact with smart devices. And by 2030, there will be about 120 billion of them connected to the Internet, which equates to about ten intelligent devices per person. Mckinsey said the amount of data and its value could be worth up to $13 trillion in a vast forward-looking report.
Who Owns the Data?
“Our mission is to ensure a redistribution of wealth, and our objective is to support projects built on IoTeX that do just that,” said Chai. “Our priority is to make sure people benefit significantly from their data, smart device data, and the value it generates.”
Even the simplest of things are possible. Imagine a refrigerator connected to the Internet that orders milk, butter, juice, meats, and vegetables when you need them instead of when you run out of them. It generates consumer behavior data from which Big Tech and others profited immensely when it does that for you. With IoTeX, that profit potential would instead belong to the owner of that device.
Health wearables are a huge market, and the data Big Tech draws from those devices is massive. If these devices were on IoTeX’s MachineFi hub, users would have the opportunity to earn from their data by participating in exercise-to-earn activities and data pools for medical research.
Your Imagination Is the Limit!
How about sleep-to-earn? Sure, that brought a smile to your face. But this is an incredible tool for employers who want their employees to come to work well-rested because they are more productive when they’ve had a good night’s sleep. So, they can now offer bonuses for those who rest well before working. The possibilities are endless.
The problem is how, as an employer, you can make sure that you are rewarding the employees for actually sleeping. W3bstream combines real-time data with real-world data, and it analyzes the data and can verifiably tell whether they have or not through heartbeat data, blood pressure, body temperature, etc.
How can you tell somebody is simply shaking a device to get rewarded for exercising? The very same way. You need wearables equipped with sensors that draw blood pressure, body temperature, heart rate, and GPS data that shows that a person covered the proper distance.
IoTeX’s MachineFi vision is about connecting the physical world to Web3 in a secure, private, and user-friendly way for the people worldwide. That has captured the attention of some of the biggest tech companies and investors globally, who are joining IoTeX shortly to be part of this revolutionary innovation that will transform our lives forever in a positive way.
WATCH: IoTeX 4-Year Anniversary Livestream
