The IoTeX Foundation will examine all DApp developers thoroughly to ensure that they effectively enable machine financialization.
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 back over 1,000 decentralized machine economy startups developing use cases for connecting more than
10 million smart devices to the MachineFi portal within the next three years.
The decentralized machine economy is a developing economy in which machines, rather than people, are the driving force
behind economic growth. This new economy is powered by blockchain technology and artificial intelligence (AI), and it 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 centralized corporations. Simply
put, MachineFi may be described as the financialization of machines or, more precisely, internet-connected gadgets.
MachineFi’s goal is to take the profits generated by device-financialization from big-tech and distribute them to actual users,
which is precisely what Web3 is all about: Altering the internet (and now devices) financial model from platform advertising to
user ownership.
IoTex’s head of investment and ecosystem Jing Sun explained that the fund is designed as an ever-green vehicle that may
support over 10,000 MachineFi-focused businesses in the next 10 to 20 years, connecting tens of billions of devices to the
IoTeX MachineFi portal.
The IoTeX Foundation will examine all DApp developers thoroughly to ensure that they effectively enable machine financialization
and, if successful, “they will receive all the support they need to be successful,” Sun explained.
Related: IoTeX co-founder urges crypto investors to hodl amid market conditions
In November 2021, IoTeX rebranded to concentrate on “The rise of MachineFi” to integrate 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.
Retrieved from https://cointelegraph.com/news/100m-fund-aims-to-support-the-growth-of-decentralized-machine-economy?_ga=2.145273715.69309576.1647481496-1416573066.1642061684 (16 Mar, 2022)
