IoTeX, a blockchain platform focused on the Internet of Things (IoT), has announced the launch of a $100 million sustainable ecosystem fund.
The new fund will support over 1,000 decentralized machine economy startups developing use cases to connect more than 10 million smart devices to the MachineFi portal within the next three years.
Decentralized machine economy is a developing economy in which machines rather than people are the driving force behind economic development. This new economy is powered by blockchain technology and artificial intelligence (AI), and has the potential to create a more efficient, secure and sustainable way of doing business.
MachineFi refers to a new paradigm based on Web3 that underpins the new machine economy. Machine resources and intelligence can be monetized to provide value and ownership to individuals rather than to centralized corporations. Simply put, MachineFi can be described as the financialization of machines or, more accurately, gadgets connected to the Internet.
MachineFi aims to take the profits generated by device-financialization from big-tech and distribute them to real users, which is what Web 3.0 is all about: transforming the Internet (and now device) financial model from platform advertising to user ownership.
Jing Sun, head of investment and ecosystem at IoTex, explained that the fund is designed as an evergreen vehicle that could support more than 10,000 MachineFi-focused businesses over the next ten to 20 years, with tens from the IoTeX MachineFi portal. Can connect billions of devices.
Sun explained that the IoTeX Foundation will conduct a thorough investigation of all dApp developers to ensure that they enable machine finance effectively and that, if successful, “they will receive all the support they need to be successful.” “
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In November 2021, IoTeX rebranded to focus on the “Rise of Machinefi” integrating machines, the metaverse, and the traditional workforce. MachineFi aims to tackle the confluence of smart gadgets, machinery and finance through the use of blockchain technology and follows the era of DeFi and GameFi.
