DeFi satisfies the speculative and financial needs of the crypto world, while the Internet of Things Open Finance is a DeFi synthetic asset backed by trusted data in the physical world.
Original title: “#DeFIoT: IoTeX launches the world’s first open financial infrastructure for the Internet of Things, releasing a trillion-level Internet of Things data market! 》
Written by: IoTeX Community
IoTeX launched the world’s first Internet of Things open financial infrastructure “DeFIoT”. Starting from September 1, 2020, IoTeX will gradually launch innovative protocols and components, including Edge Oracle, a cross-chain multi-asset super pipeline protocol, Crosschain Multi-asset Bridge, a decentralized transaction protocol DEX, and a token development protocol. A series of infrastructure products and components such as Token Minter have officially opened a new era of open finance driven by the Internet of Things, which is human-centric “DeFIoT”.
Nowadays, the rapidly popularized smart devices are gradually entering our homes, cities and businesses. According to statistics, more than 20 billion connected devices have been installed worldwide, and hundreds of new devices are activated every second. Even household items such as doors, lights and cars are equipped with WiFi and sensors, making them more “smart” . And this is the revolution that the Internet of Things (IoT) brings to people. Whether you are a homeowner who uses networked cameras to protect your family, a farmer who uses drones to increase crop yields, or an athlete who uses wearable devices to monitor your workouts, it is undeniable that the Internet of Things is changing everyone’s lives.
Although the number of IoT devices is staggering, it pales in comparison with the IoT data generated by the devices. By 2025, global IoT devices will generate 80 ZB (1 ZB = 1 trillion GB) of data, valued at trillions of dollars. But how much data does a consumer who is a data producer own? In the IoT environment monopolized by technology giants, the answer is zero.
IoTeX’s vision is to enable users not only to truly own their own data, to analyze and use data in a privacy-protecting environment, but also to certify, monetize, and capitalize data, truly releasing trillions of IoT data and machine finance market. In this article, we will introduce for the first time IoTeX’s vision of building an open finance “DeFIoT” for the Internet of Things.
Data ownership revolution
The IoTeX platform takes privacy and data ownership as the primary principles of architecture design, and has launched the world’s first smart devices that give users data ownership-Ucam and Pebble trackers. In the information society, ownership of data is crucial, but there are still many people who do not value their data. So why do we want to take back data ownership? general speaking:
You cannot control or monetize what is not yours.
Our identities and personal data will become an important part of this increasingly digital world, and getting our data back from the profit-seeking technology giants is only the first step. In the figure below, we introduce three use cases based on data ownership to make people aware of the importance of personal data.
- 100% protection of data privacy: The frequent hacking and data leakage incidents tell us that large companies do not care about consumer privacy and data security. Only by using smart devices “powered by IoTeX” like Ucam can you ensure the privacy of your sensitive data (such as videos taken by home cameras). For more information, please click to view .
- Analyze your data in a privacy-protected environment : We need to ensure privacy during data storage and transmission, but we also need to use and analyze our data in a privacy-protected environment. For example, the current problem still lies in the fact that we have our own health data and cannot analyze the data ourselves. Through private computing, IoTeX realizes the function of analyzing sensitive data in a hardware-based trusted execution environment. For more information, please click to view .
- Tokenization and digital assetization of data: Our data is a valuable digital asset, but it is controlled by large enterprises and companies. As the global IoT data market grows from billions of dollars to trillions of dollars, we must seize the huge business opportunities brought about by data monetization and capitalization, and change people’s views on the value and ownership of data. A people-oriented Internet of Things The new era of open finance “DeFIoT” is coming!
“DeFIoT”-a blue ocean full of opportunities
Since its establishment in 2017, IoTeX has been committed to becoming the decentralized engine of IoT data for the entire blockchain industry. The Internet of Things Open Finance “DeFIoT” is a new starting point for IoTeX to open the journey of IoT data utility and value. Different from decentralized finance “DeFi”, “DeFIoT” is an era of decentralized finance driven by the Internet of Things. It is supported by real-world IoT data collection devices with practical utility and creates value.
If data is the new gold, then our IoT devices are a gold mine.
The long-term goal of IoTeX is not only to provide IoT-enabled products and services on its own platform, but also to serve verifiable IoT data to other blockchain networks, unlocking the potential of the entire industry. Compared with Chainlink providing on-chain financial data to various blockchains and Dapps, IoTeX extends the data source of the oracle to the Internet of Things data and various trusted data in the physical world. The most important thing is that the generation, tokenization and monetization of “DeFIoT” assets will all belong to users, creating a large number of data financial business opportunities for users and enterprises.
DeFIoT VS DeFi
The difference between DeFIoT and DeFi
- DeFIoT- is a DeFi synthetic asset backed by credible data in the physical world, using IoT oracles as a bridge to digitize and securitize physical world assets;
- DeFi-Currently, it is only virtual assets in the closed-loop world of virtual currency, without credible data or physical asset support, and can only meet the speculative and financial needs of the virtual world
Why is IoTeX?
- Established in Silicon Valley in 2017, adhering to the original intention of building a trusted Internet of Things, it has grown into the industry’s leading IoT blockchain leader. From the underlying public chain, middleware, development tools, hardware integration, open financial infrastructure, industry standard formulation to consumer market layout, the most complete IoT public chain infrastructure and ecology have been established;
- One of the most powerful public chains, extremely low transaction costs (0.01 IOTX/txs), extremely fast on-chain speed (5 seconds final confirmation), extremely strong interactivity (supports cross-chain multi-asset), complete oracle And smart contract support to solve the biggest pain point of the current open financial infrastructure;
Next, we will introduce in detail the three main business opportunities brought by “DeFIoT”.
Trusted data market
The devices we use every day bring massive amounts of data to users and enterprises every day. As a user, smartphones monitor our trajectory, wearable devices measure our health, and smart home devices monitor us 24 hours a day. For enterprises, smart devices can use large amounts of data to optimize freight routes, power supply chains, count and replenish inventory. These real-time data are extremely valuable to users and enterprises. Have you ever wondered why technology giants have to rack their brains to circumvent privacy regulations to obtain our data? It is because of the value of data. By tokenizing our data into data assets (that is, non-fungible tokens or NFTs), we will be able to publicly sell these data assets in a decentralized manner and obtain revenue.
For example: For urban planners, autonomous driving companies, and food delivery platform practitioners, data related to daily traffic is very valuable
Partial ownership of the machine
At this stage, an automated, machine-driven world is emerging, and smart devices with pre-programmed programs will automatically generate cash flow. Whether it is an automated taxi that provides travel services for paying customers, a windmill that relies on wind power and is sold, or a vending machine that smartly replenishes goods, a new generation of automated equipment will become part of the global sharing economy. By tokenizing the machine, investors can purchase partial ownership of the equipment and its future cash flow, providing businesses with new financing opportunities. For example, the Initial Device Offering (IDO) can provide upfront financing for new machines, and investors will receive part of the future cash flow.
For example: a Bitcoin mining platform can be jointly held by many shareholders and share mining revenue
Data as a service
Smart contracts deployed on IoTeX and other chains rely on “data triggers” to determine the next actions and processes. IoT devices can be used as automation-driven triggers (such as DAOs) to convert the real world into data, and provide strong evidence for market disputes (such as market forecasts). The Pebble data tracker “powered by IoTeX” is a good use case, which can provide a credible all-round view of the real-time environment of device assets (such as location, climate, movement, light, etc.). Verifiable IoT data generated by such smart devices can trigger IoTeX and smart contracts on other chains through cross-chain communication. In this case, the owner of the device will receive benefits based on the preset “data as a service”.
For example: the weather data collected by the monitor on the smart device at home can trigger the “if-then” system program to sell these data to natural gas traders who need weather data
Future planning and outlook
IoTeX will gradually expand the financial infrastructure in the next few months from September 1st, and will gradually launch unprecedented innovative protocols and components, including Edge Oracle, a cross-chain multi-asset super pipeline protocol, Crosschain Multi-asset Bridge. , A series of infrastructure products and components such as the decentralized transaction protocol DEX and the token development protocol Token Minter, gradually realizing the vision of the Internet of Things open finance “DeFIoT”. In order to cooperate with the release of financial infrastructure, we have prepared a series of exciting activities for community members, developers and traders. In the future, the IoTeX team will continue to promote the tokenization and monetization of IoT and device resources, such as network connection resources, storage resources, and private computing resources.
Currently, Ucam is about to be launched on Amazon on a large scale, Pebble tracker has also made breakthrough progress, IoTeX Halo development community incentive plan is about to incubate more smart devices “powered by IoTeX”, IoTeX is being implemented step by step A vision for the future of trusted IoT! In the near future, IoTeX’s hardware integration, token economy and financial infrastructure will create tremendous value for IoTeX network and IOTX. We welcome like-minded friends from all over the world to join us and jointly create a trusted future of the Internet of Things!
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