The Decentralized Machine Economy-IoTeX, a blockchain platform focusing on IoT, has announced the formation of a $100 million sustainable ecosystem fund.
Over 1,000 decentralized machine economy businesses will be supported by the new fund, which will build use cases for connecting more than 10 million smart gadgets to the MachineFi portal over the next three years.
The decentralized machine economy is an emerging economy in which machines, not people, drive economic growth. This new economy, which is fueled by blockchain technology and artificial intelligence (AI), has the potential to make business more efficient, safe, and long-term.
MachineFi is a Web3-based new paradigm that underpins the future machine economy
Individuals, rather than centralized businesses, can benefit from machine resources and intelligence, which can be commercialized to offer value and ownership. MachineFi, to put it simply, is the financialization of machines, or more accurately, internet-connected devices.
MachineFi’s purpose is to disperse the revenues earned by big-device-financialization tech’s to actual users, which is exactly what web 3.0 is all about: shifting the internet’s (and now devices’) financial model from platform advertising to user ownership.
Jing Sun, IoTex’s Head of Investment and Ecosystem, noted that the fund is envisioned as an ever-green vehicle capable of supporting over 10,000 MachineFi-focused firms over the next ten to twenty years, while connecting tens of billions of devices to the IoTeX MachineFi site.
All DApp developers will be extensively examined by the IoTeX Foundation to ensure that they successfully enable machine financialization, and if successful, “they will receive all the support they need to be successful,” according to Sun.
IoTeX renamed in November 2021 to focus on “The Rise of MachineFi,” which aims to combine machines, the Metaverse, and the traditional workforce. MachineFi, which follows the DeFi and GameFi eras, intends to address the intersection of smart gadgets, manufacturing, and finance using blockchain technology.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews