IoTeX announces the  launch of MachineFi, an innovative combination of machine and DeFi to monetize machine-driven data, events, and tasks that unlocks a trillion-dollar opportunity in the Metaverse and Web3.

MachineFi’s main objective is to transition traditional IoT and machine verticals into MachineFi decentralized applications (Dapps) that will enable millions of users to participate in the machine economy with billions of smart devices.

The world has witnessed the boom of smart devices and automated machines, including smart home devices and smart cars. However, few have noticed inter-machine communication is significantly increasing. IoTeX CEO and Founder Dr. Raullen Chai, explains:

“Today, numerous machines have already started collaborating, producing, and distributing, and they consume information and resources collectively, forming a heterogeneous network of machines.” 

According to a McKinsey report, the Internet of Things (IoT) could unlock a global economic value of up to $12.6 trillion by 2030. Techjury estimates that over 125 billion devices will be connected to the Internet by the start of the next decade, powering that machine economy.

Dr. Chai explains that the convergence of artificial intelligence, blockchain, cloud computing, edge computing, the Internet of things, 5G, computer vision, and augmented/virtual reality pushes human society through the next digital revolution wave.