Friday, June 9, 2023

IoTex Establishes $100M Fund for MachineFi


The IoTex Foundation has announced the creation of a $100 million fund to assist DApp development and machine financialization. The fund should subsidize the establishment of a sustainable ecosystem, according to the platform that focuses on the Internet of Things.

$100M Fund for Decentralization

IoTex has established a $100 million fund to support the creation of a long-term machine financialization ecosystem. It disclosed that the fund intends to help over 1000 decentralized machine economy businesses. It focuses on use cases with over 10 million smart devices connected to the MachineFi portal.

Another forthcoming breakthrough in the crypto field is the Decentralized Machine Economy, which relies on machines rather than people to run the economy. This economy, powered by blockchain technology, ensure decentralization while also incorporating AI to improve efficiency. It has potential to change the way businesses run by making them more efficient and long-term.

MachineFi is a phrase for another Web3 paradigm that will serve as the foundation for a decentralized machine economy. Individuals, rather than centralized enterprises, will benefit from the monetization of computer resources and intelligence.

Transfer of Device Monetization to Actual Users

In accordance with Web3, MachineFi intends to redistribute money generated by device monetization from centralized tech corporations to actual users. This version of the internet aims to change the internet’s present funding paradigm away from platforms and toward user ownership.

On the other hand, IoTex’s Head of Investment and Ecosystem is Jing Sun. The fund, he added, would be a perpetual green vehicle that would support over 10,000 MachineFi-focused businesses. This would be plenty for the next decade or two. The fund, according to Sun, will assist connect tens of billions of gadgets to the IoTex MachineFi Portal in the same time frame.

The company will properly evaluate all DApp developers. This is in order to ensure that projects are successfully integrated into their systems and that the fund is not misused. The foundation will provide full support to the developers if they are judged worthy.

Furthermore, IoTex renamed in November 2021 to focus on MachineFi development, similar to Facebook. Their ambition is for MachineFi to improve the financial industry by combining machines, the metaverse, and traditional financial systems. It also intends to use blockchain technology to address the integration of smart devices.

Possibility of Decentralization on Economy

The recent announcements about MachineFi and the decentralized machine economy raise the question of when digital economies will become widespread. Recent themes include authorities’ increased interest on digital assets and the planned decentralized initiative. This appears to be the early phases of such economies’ adoption.

These developments demonstrate that the age of digital and decentralized economies has arrived. Countries are even forming CBDCs to demonstrate their belief in the banking sector’s digitization.

As a result, as the crypto market expands, the number of fraud and hack attacks grows at a corresponding rate. As a result, it’s a good idea to be selective about which assets you invest in and do extensive research on them. Only time will tell how quickly the globe embraces decentralized economies.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

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