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 more than 1,000 decentralized machine economy startups that are developing use cases to connect more than 10 million smart devices to the MachineFi portal within the next three years.
The decentralized machine economy is an evolving 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 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 underlies the new machine economy. Machine resources and intelligence enable monetization to provide value and ownership to individuals rather than centralized companies. Simply put, MachineFi can be described as the financialization of machines or, more precisely, internet-connected gadgets.
The goal of MachineFi is to take the profits generated by device financing from big tech and distribute it to actual users, which is exactly what web 3.0 is all about: the financial model of the internet (and now devices) changing from platform ads to user ownership.
Jing Sun, IoTex’s Head of Investments and Ecosystem, explained that the fund is designed as an evergreen vehicle that can support more than 10,000 MachineFi-focused businesses over the next ten to 20 years, connecting tens of billions of devices to the IoTeX MachineFi. -portal.
The IoTeX Foundation will thoroughly screen all DApp developers to ensure they enable machine finance effectively and, if successful, “will get all the support they need to be successful,” explains Sun. .
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In November 2021, IoTeX changed its name to focus on “The Rise of MachineFi” to integrate machines, the Metaverse, and the traditional workforce. MachineFi aims to tackle the confluence of smart gadgets, machines and finance through the use of blockchain technology and follows the era of DeFi and GameFi.