<\/p>\n\n\n\n
The IoTeX Foundation will examine all DApp developers thoroughly to ensure that they effectively enable machine financialization.<\/p>\n\n\n\n
IoTeX, a blockchain platform focused on the Internet of Things (IoT), has announced the launch of a $100 million sustainable <\/p>\n\n\n\n
ecosystem fund.<\/p>\n\n\n\n
The new fund will back over 1,000 decentralized machine economy startups developing use cases for connecting more than <\/p>\n\n\n\n
10 million smart devices to the MachineFi portal within the next three years.<\/p>\n\n\n\n
The decentralized machine economy is a developing economy in which machines, rather than people, are the driving force <\/p>\n\n\n\n
behind economic growth. This new economy is powered by blockchain technology and artificial intelligence (AI), and it has <\/p>\n\n\n\n
the potential to create a more efficient, secure and sustainable way of doing business.<\/p>\n\n\n\n
MachineFi refers to a new paradigm based on Web3 that underpins the new machine economy. Machine resources and <\/p>\n\n\n\n
intelligence can be monetized to provide value and ownership to individuals rather than centralized corporations. Simply <\/p>\n\n\n\n
put, MachineFi may be described as the financialization of machines or, more precisely, internet-connected gadgets.<\/p>\n\n\n\n
MachineFi’s goal is to take the profits generated by device-financialization from big-tech and distribute them to actual users, <\/p>\n\n\n\n
which is precisely what Web3 is all about: Altering the internet (and now devices) financial model from platform advertising to <\/p>\n\n\n\n
user ownership.<\/p>\n\n\n\n
IoTex\u2019s head of investment and ecosystem Jing Sun explained that the fund is designed as an ever-green vehicle that may <\/p>\n\n\n\n
support over 10,000 MachineFi-focused businesses in the next 10 to 20 years, connecting tens of billions of devices to the <\/p>\n\n\n\n
IoTeX MachineFi portal.<\/p>\n\n\n\n
The IoTeX Foundation will examine all DApp developers thoroughly to ensure that they effectively enable machine financialization <\/p>\n\n\n\n
and, if successful, \u201cthey will receive all the support they need to be successful,\u201d Sun explained.<\/p>\n\n\n\n
Related: IoTeX co-founder urges crypto investors to hodl amid market conditions<\/a><\/p>\n\n\n\n In November 2021, IoTeX rebranded to concentrate on “The rise of MachineFi<\/a>” to integrate machines, the Metaverse, and the <\/p>\n\n\n\n traditional workforce. MachineFi aims to tackle the confluence of smart gadgets, machinery and finance through the use of <\/p>\n\n\n\n blockchain technology and follows the era of DeFi and GameFi<\/a>.<\/p>\n\n\n\n