Two major DeWi projects have joined forces with IoTeX to provide decentralized bandwidth and build the largest decentralized wireless networks in the world. Nesten and GIANT Protocol will leverage IoTeX blockchain and its chain agnostic data compute infrastructure, W3bstream, to ensure the successful expansion of their decentralized networks.
IoTeX will leverage GIANT Protocol’s community-owned decentralized bandwidth marketplace to accelerate the trillion-dollar Web3 machine economy and to provide seamless, secure, and fully automated eSIM IoT connectivity for the increasing number of intelligent devices and machines people own worldwide.
Nesten has chosen IoTeX as its Layer 1 blockchain to build on because of its cutting-edge technology and its chain-agnostic computational oracle infrastructure W3bstream to migrate away from AWS cloud services. “After careful consideration and analysis, we concluded that W3bstream will help us reduce our go-to-market time and resources by at least 50%,” said Andrew Baek, Nesten’s Founder and CEO.
"GIANT Protocol is an ideal partner for IoTeX as it seeks to provide billions of mobile users with a decentralized internet connection that is easy to use and enables them to earn and own crypto by simply going online," said IoTeX CEO and Co-Founder Raullen Chai.
"We are pleased to partner with a team that, like us, has a goal of democratizing trillion-dollar industries that have for decades been monopolized by corporations," Chai said.
The partnership represents GIANT's first integration with an IoT platform and an essential step towards fulfilling its vision for a new, global connectivity economy. Statistics vary, but experts believe that currently people around the world own up to 44 million smart devices and machines. By 2030, according to IHS Markit, people could own 125 billion IoT devices globally.
GIANT says its goal is to build a bandwidth marketplace on the blockchain, bringing liquidity to the $1.7T connectivity market. It says this is with protocols that coordinate, tokenize, and financialise bandwidth as semi-fungible Data Contract Tokens (DCTs). DCTs are cryptographic tokens representing contracts between connectivity providers and consumers for prepaid data.
"GIANT envisions a new global connectivity economy where anyone, and any device, can connect to one global, seamless, affordable internet," said GIANT Protocol CEO and Founder Suruchi Gupta. "We're thrilled to partner with IoTeX to help connect their IoT ecosystem through GIANT's connectivity network."
Nesten, a community-driven wireless network provider based in California, decided to migrate away from their Layer 1 Ethereum-based blockchain to IoTeX’s more scalable, secure, and EVM-compatible multi-chain. The two startups have joined forces to build the world’s largest, most scalable and secure Web3 wireless network.
This move, Nesten announced, will also help them successfully challenge their competitors, particularly Helium, and become the world’s leading Web3 wireless network provider.
The Nesten team, led by their CEO and Founder Dr. Andrew Baek, analyzed several Layer 1 blockchains and decided to build on IoTeX because of its unique tools and middleware that connect real-world devices to Web3 quickly and inexpensively.
The Nesten and IoTeX partnership is mutually beneficial as the former provides decentralized wireless connectivity for IoT devices, such as smart city sensors, supply chain asset trackers, and many other types of cellular-connected machines that IoTeX aims to bring onto its MachineFi platform.
“The AWS cloud infrastructure is centralized and costly, which is not in line with our mission to build a decentralized and distributed network,” said Dr. Baek. “IoTeX and W3bstream can improve the costs of building and operating our wireless communications networks ten-fold, and by utilizing blockchain to automate network operations and facilitate community-driven deployments.”
Fueling DeWi and MachineFi
IoTeX CEO and Founder Raullen Chai said that “after years of building independently in the Web3 and IoT sectors, IoTeX and Nesten are excited to formalize our partnership to fuel the decentralized wireless (DeWi) and Web3 machine economy (MachineFi) industries.”
Chai added: “Nesten has built state-of-the-art hardware for the connectivity industry that extends from long range, low power (LoRa) connectivity to 5G and beyond. The IoTeX platform will provide foundational tools and innovative products to secure their gateways to the blockchain and expand their Web3 business model.”
Unlike other DeWi projects, Nesten has prioritized user benefits and continues to build cutting-edge technologies to disrupt traditional telecommunication giants such as Vodafone, Telefonica, Verizon, T-Mobile, and AT&T, Baek said. “Unlike other DeWi projects, we have focused on delivering technologies that can bring tangible benefits to users,” he added.
Helping marginalized communities
Nesten is currently present in over ten countries worldwide with more than one thousand of its wireless nodes as proof of concept and services. They have also created wireless solutions for real-world problems in the health sector in India, where they provide essential wireless connectivity services for the delivery of primary medical care to marginalized communities.
“We have been working with JSV Innovation across rural communities in India, making basic healthcare services potentially accessible to millions of people,” said Baek. “Other countries in Africa and Central Asia have also shown great interest in this project, and we hope to see it working soon in more countries worldwide.”
Real-world viable solutions
“Our vision is to provide viable real-world decentralized solutions for several market verticals, including the mobility, e-commerce, health, advertising, and entertainment sectors,” the Nesten CEO added. “We are also developing decentralized infrastructure for communications, storage, and computing.”
Baek said Nesten has worked with PNI Sensor to build a complete, end-to-end platform of LoRaWAN-based smart parking systems enabled with real-time monitoring capabilities.
Returning user data ownership to people
The Nesten team says IoTeX shares their IoT democratization vision, as well as their mission to give data ownership back to users, build an unparalleled Web3 ecosystem, and ensure people benefit from their IoT devices and the value they generate.
IoTeX and Nesten first partnered in 2019 to collaborate on developing trusted blockchains and address the security and privacy of communications-focused IoT infrastructure and ecosystems.
IoTeX CEO and Co-Founder Raullen Chai explained that Nesten brings Long Range (LoRa) and cellular connectivity to MachineFi projects. “This means that anybody building on IoTeX can use Nesten to connect their IoT devices to the blockchain,” Chai added.
Nesten’s ultimate goal
Dr. Baek announced that Nesten is planning the launch of a pilot project in Orange County, Southern California, that will serve as a proof of concept for its decentralized 5G wireless networks.
“Today, even corporations struggle to secure financial resources required to deploy 5G networks, particularly in areas where legacy telecommunications technology already exists,” Dr. Baek said. “We have collaborated with a leading telecom equipment manufacturer for wireless coverage and performance of the potential sites in Orange County, and the pilot would be instrumental in validating the commercial viability of our hybrid strategy that includes both enterprise infrastructure and community-driven networks.”