Web3 is about to disrupt the Internet. He has already done so in many ways. This paves the way for a multi-billion dollar decentralized machine economy at the forefront of which is IoTeX. This, according to highly regarded engineers and technology leaders from Amazon, Samsung, Microsoft, the Consumer Technology Association (CTA) and the International Internet Consortium (IIC).
“IoTeX is, interestingly, sort of in a sweet spot right now,” Anoop Nannra, global blockchain leader at Amazon, said in a recent Web3 panel. “If I look at the way you […] talk about what you do and how you do it, I think IoTeX is very unique. I think there are a lot of opportunities out there, and I think the ecosystem will reward itself and the larger community around it. “
The highly regarded blockchain expert also said he sees a significant ‘benefit’ in IoTeX’s goal of decentralizing machine economics through Web3. This is where users will own their data, smart devices and the value they generate instead of being dominated and monetized only by Big Techs.
“I think the ecosystem (IoTeX) will reward itself and the community at large, because ecosystems are not isolated,” Nannra added. “There are a lot of advantages not only from a monetary point of view, but even just from the advancement of the state of the art. “
“Web3 and MachineFi provide a lot of opportunities not only from a financial standpoint, but also to advance the state of the art, so I’m really excited about that,” added Nannra.
The blockchain expert explained the three phases of the World Wide Web, invented in 1989 by British computer scientist Tim Berner-Lee, while working at CERN, the European Organization for Nuclear Research. He designed and developed it for information sharing and messaging for scientists and universities around the world. On April 30, 1993, Berners-Lee released the source code for the world’s first web browser and editor, or Web1.
“We went from Web1 with no real sense of identity or strong security,” Nannra said. “Then we went to Web2 where we started to think about identity and interact with the larger community of creators and producers, documents, videos and everything in between. And now to Web3, where we actually encapsulate value and generate entirely new business models that weren’t possible in Web2.
NPR take is that Web1 was a disorganized but democratized means of accessing information around the world. Web2, which started in the mid-2000s, is when Google, Amazon, Facebook, and Twitter tidied up, making it easier to connect and make transactions, but ultimately amassed too much power. “Web3 is to recover some of the power. “
Nannra participated in “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 the Edge Computing Working Group, and IoTeX Co-founder Jing Sun.
Mitchell Kominsky, CTA The Director of Government Affairs for Autonomous Vehicles, Transportation and Smart Cities also participated in the panel. He also worked for the US Department of Transportation and Stanford University. Also present was Robert Parker, Bright.ai Co-founder and former head of AI, IoT and engineering at Microsoft, Samsung and Amazon.
A “case” of problems
He raised 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 to create more connections between more objects, simplify smart device development for manufacturers, and increase compatibility for consumers. This problem has significantly slowed the adoption of the smart home.
“Matter is tackling all of these different smart devices, but that 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 starting to be able to interact between devices, but that won’t be the solution. “
“You will need things like the IoTeX platform to create something where you can operate in a scalable multi-vendor environment,” he said.
Parker also said that IoTeX will play an important role in addressing the issue of scalability and interoperability. IoTeX creates a network completely separate from Big Tech. “It will become the most relevant” and solve the problems that Big Tech cannot, even with Matter.
A year of epic proportions
“I think 2021 has been pretty monumental in terms of building communities and I think next year,” especially when it comes to the work of IoTeX, will by extension be more creative in the way Web3 can create, invest and create different applications, said Michael Kominsky. from CTA, a trade association representing the US $ 422 billion consumer technology industry, which supports more than 18 million jobs in the United States.
“So I think we’re really just 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 the transition to Web3 has already started. “Finance switched to DeFi (decentralized finance), which reached $ 200 billion in two years. We’ve also seen transitions in the games, collectibles, and social media industries. They have increased by $ 100 billion this year, ”she added.
New Years Resolutions
“2022 will be a critical year for the entire IoT machine industry as this will be the first year we see the first batch of MachineFi use cases,” Sun said. “The transition will extend to more industries next year.
Next year will be very important in the machine economy sector, as IoTeX connects the physical world to the Web3. “This will unlock huge possibilities that were still not possible this year, even with Web3. We are now seeing developers creating use cases, decentralized applications, and other new models that will deliver extraordinary value.
Dr Tseng said that in 2022 the IIC —A global non-profit partnership between industry, government and academia— plans to start examining the MachineFi vision for IoTeX, as he believes it “can support us (the Industry IoT consortium) and help to 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 as well as in the software and physical realms, which means we are now 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, such as data integrity. How to trust the information transmitted? It can be a spectacle for us, ”Tseng said. “So what we’re looking for is a secure environment in which we can trust all data and transactions. “
After conversations with members of the IoTeX team, Tseng said he was “convinced that MachineFi” is the solution the CII needs, and it’s something the consortium will be looking at in 2022.
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