In an in-depth report, Messari, the leading crypto market intelligence provider, highlighted IoTeX's Web3 efforts are unparalleled and highlighted that its core developer, MachineFi Lab, aims to bridge the Web3 gap by establishing a single version of the truth for real-world activity.
"IoTeX enables devices to capture and ingest what happens in the physical world to communicate these events to Web3 dApps," Messari adds. "There are currently no other blockchain IoT projects as encompassing as IoTeX."
Messari says IoTeX has three competitors: Helium, VeChain, and IOTA, but says IoTeX "operates at a broader scale — it connects a wider range of IoT-enabled machines in the real world."
The report adds: "Although similar in service offerings, IOTA employs the Directed Acyclic Graph (DAG) to secure the safe control and exchange of data. While IOTA initially seemed to thrive in 2017, it fell behind due to the lack of real-world adoption."
"IoTeX is poised for increased adoption as it plans to onboard new and legacy IoT devices without building them," the crypto market intelligence firm says. "This could spur the development of dapps with real-world use cases while rewarding users who generate these proofs via their IoT devices."
It also states that "the forthcoming release of a cross-chain data bridge (W3bstream) may further strengthen the position of IoTeX as the universal hub for machine intelligence in Web3."
IoTeX CTO and Co-Founder Qevan Guo said, "W3bstream, the most technologically-advanced open source data oracle, is scheduled for release in the coming weeks and will enable developers to build Web3 MachineFi applications on IoTeX as well as Ethereum."
How IoTeX works
Messari writes: "Thanks to the Internet of Things (IoT), devices in the real world are getting smarter — be it wearables, home appliances, or connected cars. The economic value created by these devices may reach $13 trillion by 2030 — that's more than half of the U.S. GDP in 2021 ($23 trillion)."
The research firm explains that the problem presently is that IoT devices are somewhat siloed, hindering their full potential. For instance, Messari says, "think of an Alexa not speaking with an Apple Watch. Or a Tesla not communicating with local Arduino weather stations. There's an inherent design limitation preventing IoT devices from communicating with each other. IoTeX aims to bridge this gap by enabling secure communication between various IoT devices."
IoTeX collects raw data from tamper-proof IoT devices via a network of decentralized nodes (W3bstream) to prove activity in the real world, the report notes. IoTeX's W3bStream enables two-way communications between IoT devices in the real-world and Web3 decentralized applications (dapps).
"In this sense, IoTeX technology serves as a platform for developers to build dapps. At the same time, with MachineFi, IoTeX provides an incentive layer for IoT device owners," the report indicates. "That is, device owners are rewarded for sharing the real-world activity with dapps. This enables a new generation of dapps powered by real-world data."
Also for Gulf News, IoTeX CEO and Founder Raullen Chai said MachineFi unleashes a unique web3 reward economy and empowers people to regain control of their data, their smart devices, and machines, and more significantly, the value they generate.
"For decades, corporations have profited from user data, but with our MachineFi technology, we democratize the trillion-dollar machine economy, creating a web3 reward economy unparalleled in the blockchain space and web2," Chai said.
More about IoTeX
"IoTeX is a smart contract platform for bootstrapping large-scale machine networks in the real world. IoTeX enables dapps that leverage these machine networks for everyday usage. The IoTeX tech stack consists of the IoTeX blockchain, a middle layer, and a suite of tools," Messari's report adds. "As of August 11, 2022, there are over 168 dapps on IoTeX. Use cases include MachineFi, DeFi, GameFi, and NFTs."
Messari mentioned some of IoTeX's ecosystem's "notable dapp examples."
"Mimo is a decentralized exchange on IoTeX that accounts for roughly 40% of IoTeX's TVL and sees almost 500 daily active users as of August 2022," Messari explains. "Filda is a decentralized money market on IoTeX with more than $15 million worth of TVL as of August 2022."
The report continues," StarCrazy is an NFT gaming project with nearly 600 daily active users and a TVL of almost $900,000 as of August 2022. IoTube is a cross-chain bridge that connects the IoTeX network to notable EVM-compatible chains, including Ethereum, BNB Chain, and Polygon, with plans to support more networks. IoTube supports 39 assets and has bridged over $100 million worth of assets as of August 2022."
And "ioPay is a multi-chain support crypto wallet available across multi-platforms, including desktop, mobile, and web. ioPay enables users to manage their assets across Ethereum, BNB Chain, Polygon, Avalanche, Fantom, Arbitrum, and Cronos."
Messari also mentions "HealthBlocks, a live-to-earn dapp that enables earning rewards by sharing fitness device data with healthcare providers." Lastly, it talks about CityDao, "the first official DAO to own a 40-acre land in Wyoming that uses IoTeX's Pebble to track sensor data on its land."
IoTeX's tech roadmap
"The IoTeX Foundation launched the Halo Grants Program in October 2021 to accelerate dapp development across DeFi, NFTs, infrastructure, developer tools, and gaming," Messari writes. "It also launched an additional $100 million sustainable ecosystem fund in March 2022 to support Web3 and MachineFi-driven projects. And more recently, made a developer portal available publicly."
IoTeX launched MachineFi Lab in June 2022, aiming to develop the MachineFi economy. Following its launch, MachineFi Lab raised $10 million in a round led by Samsung Next, Draper Dragon Fund, and Jump Crypto. Since MachineFi Portal's beta launch in January 2022, seven dapps have been deployed to its beta.
IoTeX, it concludes, "is poised for exponential growth and increased adoption." And with the upcoming launch to W3bstream, the number of ecosystem partners and more dapps with real-world use cases that reward users are on the horizon.