Unlocking the $ 12.6 Trillion Machine Economy on Web3

Web3 is about to disrupt the Internet. It has already done so in many ways. It is paving the way to a multi-billion dollar decentralized machine economy at the forefront of which is IoTeX. This, according to highly regarded leading engineers and technologists from Amazon, Samsung, Microsoft, the Consumer Technology Association (CTA) and the International Internet Consortium (IIC).

“IoTeX is, curiously, at a sweet spot right now,” Anoop Nannra, Amazon’s global blockchain leader, said in a recent Web3. panel. “If I look at the way […] They are getting closer to what you do and how you do it, I think IoTeX is very unique. I think there are a lot of opportunities there, and I think the ecosystem will reward itself and the wider community that is around that ecosystem. “

The renowned blockchain expert also said that he sees a significant “advantage” in IoTeX’s goal of decentralizing the machine economy through Web3. That’s where users will own their data, smart devices, and the value they create rather than being dominated and monetized by Big Tech alone.

“I think the ecosystem (IoTeX) will reward itself and the community at large because ecosystems are not isolated,” Nannra added. “There are many advantages not only from a monetary perspective, but also from the advancement of technology.”

    IoTeX: Building a New Internet: Blue Ocean for Next Generation Web3 Builders
Several crypto and blockchain leaders from major organizations and startups joined IoTeX for a deep dive into Web3, decentralization, and the future of MachineFi. Look here.

The ‘web solution’

“There are a lot of opportunities in —Web3 and MachineFi— not just from a monetary perspective, but also in advancing cutting edge technology, so I’m very excited about that,” Nannra added.

The blockchain expert explained the three phases of the global network, invented in 1989 by British computer scientist Tim Berner-Lee, while working at CERN, the European Organization for Nuclear Research. He conceived and developed it to share information and send messages to scientists and universities around the world. On April 30, 1993, Berners-Lee released the source code for the first global web browser and editor, or Web1.

“We went from Web1 without a real notion of strong identity or security,” Nannra said. “Then we went to Web2, where we started to think about identity and interacted with the broader community of creators and producers, documents, videos, and more. And now to Web3, where we are really encapsulating value and generating completely new business models that were not possible in Web2. “

NPR bring is that Web1 was a disorganized but democratized way of accessing information around the world. Web2, which began in the mid-2000s, is when Google, Amazon, Facebook, and Twitter tidied up to make it easy to connect and transact, but ultimately amassed too much power. “Web3 is about taking back some of the power.”

Nannra participated in the “Unlocking the Trillion Dollar Potential of IoT and Blockchain” panel on December 15 with Mitch Tseng, President of the IIC of the Testbed Council and Edge Computing Task Group, and IoTeX Co-Founder Jing Sun.

Mitchell Kominsky, CTA Director of Government Affairs for Self-Driving Vehicles, Transportation and Smart Cities, also participated in the panel. He has also been to the US Department of Transportation and Stanford University. Robert Parker was also present, bright.ai Co-founder and former CEO of artificial intelligence, IoT, and engineering at Microsoft, Samsung, and Amazon.

Evolution of the Web (source Fabric Ventures)
The evolution of the web (source: Fabric Ventures)

A ‘matter’ of issues

He brought up an interesting point. How Google, Samsung, Apple, and Amazon are trying to solve smart device interoperability with Matter, which Big Tech describes as the solution for creating more connections between more objects, simplifying smart device development for manufacturers, and increasing compatibility for the consumers. This problem has significantly slowed down the adoption of smart homes.

“Matter addresses all of these different smart devices, but it doesn’t really solve the problem,” Parker said. The problem is the high cost of smart device data management and device interoperability and how that conflicts with a business model that makes sense. “With Matter, providers are beginning to be able to interoperate between devices, but that will not be the solution.”

“You will need things like the IoTeX platform to create something that you can operate on in a scalable multi-vendor environment,” he said.

Parker also said that IoTeX would play an important role in solving the problem of scalability and interoperability. IoTeX is creating a completely separate network from Big Tech. “It will become more relevant” and solve problems that Big Tech cannot, not even with to import.

    Rami Al-zayat on Unsplash
Rami Al Zayat in (Source: Unsplash)

A year of epic proportions

“I think 2021 was quite monumental in terms of how communities are formed and I think next year”, in particular in regards to IoTeX work, will by extension be more creative in the way that Web3 can build, invest and create different applications, said Michael Kominsky. from CTA, a trade association representing the US $ 422 billion consumer technology industry that generates more than 18 million US jobs.

“So I think we are really starting to scratch the surface,” he said. “I’m excited to see how communities will change and invest in various areas (of Web3),” Kominsky said.

Jing Sun said that the transition to Web3 has already started. “Finance has transitioned to DeFi (decentralized finance), which grew to $ 200 billion in two years. We’ve also seen transitions in the gaming, collectibles, and social media industries. They grew $ 100 billion this year, ”he added.

IoTeX 2.0 overview
Figure 1 IoTeX 2.0 Overview (IoTeX Source)

New Year’s resolutions

“2022 will be a critical year for the entire IoT machine industry because it will be the first year that we will see the first batch of MachineFi use cases,” Sun said. “The transition will expand to more industries next year.

Next year will be a significant one in the machine economy sector as IoTeX connects the physical world on Web3. “This will unlock enormous possibilities that were not yet possible this year, even with Web3. Now we are seeing developers create use cases, decentralized applications and other new models that will generate extraordinary value. “

Dr. Tseng said that in 2022, the CII – a global nonprofit association of industry, governments and academia – has plans to start looking at the MachineFi vision of IoTeX because it believes it “can support us (the Industry IoT Consortium) and help solve problems.”

He spoke about the issues his organization sees in the IoT community. “We have a lot of people contributing in the virtual world and also in the software and physical domains, which means that now we are talking about using the digital twin to connect these entities,” he added.

“But when we use a digital twin, we face a lot of issues, like data integrity. How do we trust the information that is transmitted? This can be an obstacle for us, ”Tseng said. “So what we are looking for is a secure environment where we can trust all data and transactions.”

After discussions with members of the IoTeX team, Tseng said he is “convinced that MachineFi” is the solution the IIC needs, and it is something the consortium will look at in 2022.

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