IoTeX – a Silicon Valley-headquartered internet of things (IoT) project – and Google Cloud have announced a partnership that will "evolve in exciting new directions”, according to Dr Raullen Chai, CEO and co-founder of the IoT company.
IoTeX is revolutionizing the machine economy by making IoT devices more interconnected than ever and by giving companies and individuals better control and ownership over their machines.
The company’s newly inked partnership with Google Cloud will enable IoTeX to accelerate its global expansion strategy and help it work towards its objective of having billions of devices connected to its network.
“IoTeX is growing 20 percent month-on-month,” Dr Chai, formerly of Uber and Google, said.
“That means continuous expansion of Google Cloud deployment for servers, products and services. One exciting project is using machine learning to verify data from IoT devices. Google Cloud's Machine Learning solutions can play a big role, as we write the next chapters of the decentralized IoT journey.
“Thanks to Google Cloud, IoTeX has achieved the ultimate platform reliability and real-time data processing it needs to power a global decentralized IoT network,” Dr Chai added.
He went on to note that, since the project’s launch in 2019, IoTeX has processed over 35 million transactions, without a single system failure and at a 99.9 percent reliability rate while running on Google Cloud.
IoTeX leverages Google Cloud to deliver the four vital computing factors required for its successful global expansion, namely: best-in-class security, seamless scalability, advanced data processing, and a zero-latency environment.
Larry Pang, Head of Ecosystem at IoTeX, stressed that Google’s offering will allow the IoT project to continue to grow at an impressive rate and “absorb” surges without any disruption.
"We regularly experience massive scaling surges. In the future, the IoTeX platform will secure billions of connected devices that are feeding their data snapshots to the blockchain. With Google Kubernetes Engine and Cloud Load Balancing, we can easily absorb any load no matter how much or how fast we grow," Pang said.
Dr Chai, for his part, emphasized the importance of data and the machine economy in the new digital era.
"If data is the new gold, then IoT-linked machines will be the gold mines. We believe that devices will be the biggest users of blockchain in the future. Our mission isD to give people control over these assets," Dr. Chai added.
IoTeX recently launched a $100 million sustainable ecosystem fund that will aid the development of the decentralized machine economy.
This fund will provide in excess of 1,000 decentralized machine economy startups with funding and will connect more than 10 million smart devices to IoTeX’s MachineFi portal within the next three years.
Jing Sun, Head of Investment and Ecosystem at IoTeX, said developers of decentralized apps (dApps) will “receive all the support they need to be successful” as part of this new fund.
