A day after IoTeX CEO and Co-Founder Raullen Chai announced his project’s support of the Ethereum Merge, his colleague, CTO, and Co-Founder Qevan Guo explained why backing the event is vital for the entire community, particularly MachineFi developers. MachineFi Lab is IoTeX’s core developer.
“W3bstream is on our roadmap for launch in the coming weeks”, said Guo. “Everybody knows this and is looking forward to releasing what we can describe as one of the most technologically-advanced data oracles. It enables proof of anything in the most trusted and verifiable way”.
Guo said W3bstream will be launched and will support the Ethereum Merge. “This is very important because developers will be able to build MachineFi-focused dApps using W3bstream on both the IoTeX and Ethereum networks”.
The CTO also explained that supporting the Ethereum Merge means ioTube needs to pause until the entire Proof-of-Work (PoW) to Proof-of-Stake switch takes place to avoid user issues.
“We take user security seriously”, Guo added. “So, we will pause ioTube but also ask our community to be very cautious with Ethereum-related transactions until the merge is complete and security guaranteed”.
Yesterday, IoTeX and its core developer MachineFi Lab announced they are prepared to fully support the Ethereum Merge, which could happen as soon as 19 September 2022. IoTeX is among several other blockchain projects that have come forward, announcing its solidarity with Ethereum’s Proof-of-Work (PoW) to Proof-of-Stake (PoS) switch.
“The Ethereum merge is one of the most long-awaiting events recently in the crypto and blockchain space”, said IoTeX CEO and Co-Founder Raullen Chai. “The entire IoTeX team and I are very excited about Ethereum’s transition to a Proof-of-Stake protocol and have ensured we are technically, completely ready ahead of time to support the merge”.
Chainlink announced it would not support any PoW Ethereum forks and would only support the Ethereum PoS. It called for caution, warning that PoW-deployed smart contracts could behave unexpectedly during the merge.
Tim Beiko, the Ethereum developer leading the software development for merging the current Ethereum blockchain with the Beacon chain, a new proof-of-stake consensus layer, said Ethereum users would unlikely notice any differences in the network’s operation.
The news comes weeks ahead of MachineFi Lab’s W3bstream release. Launching the world’s most advanced data oracle is another milestone in the crypto space. The Layer 2 data oracle is poised to disrupt IoT by providing a decentralized alternative for the internet connectivity of billions of intelligent devices and creating a multi-trillion dollar reward economy that will benefit users, not corporations, as it has in the past.
As stated by Samsung Next, Draper Dragon, and Escape Velocity Ventures, MachineFi Lab investor, this new digital asset category will undoubtedly shake the Web3 reward economy. It will give back control to billions of people of their data and empower them with revenues of up to $3,000 annually, a figure that will significantly increase over time.