1/ @McKinsey estimated the global market value of Internet of Things to reach 5.5 to 12.6 Trillion USD in 2030.
How Blockchain plays a key role on this topic?
A thread about it 🧵👇🏻
The 🧵 will be a summary of our deep-dive analysis on @iotex_io that we just published! 👇🏻
Please consider a follow & RT if you like the content!
medium.com/@daolecticresearch/iotex-and-the-internet-of-things-framework-97e934fb8efd
2/ The Internet of Things industry is one of the most promising technological developments of our time.
Applications include B2C smart home systems and B2B logistics monitoring and energy grid control.
Thus, IoT comprises hardware, software services, & connection.
3/ #Blockchain technology allows for immutable and decentralized data transport which can be a key factor for IoT solutions.
Both IoT and blockchain need security, including non-intentional and systematic risk management.
4/ Blockchain can address several of the IoT cybersecurity needs, including integrity & secure communication.
The tech solution must have minimal tx costs, enhanced growth potential, and scalable identity management, along with a customizable environment for each IoT domain.
5/ @iotex_io project is a full-stack platform designed for IoT applications.
Its ecosystem combines blockchain technology with secure computation and hardware to allow the Internet of Trusted Things (IIoT).
6/ A key IoTeX element is Decentralized Identity (DID) that enables:
➤verified digital identification of people, places & devices.
➤direct interaction of users & devices since their IDs are interoperable and standardized.
@cryptoxfan explanation👇🏻
7/@iotex_io architecture is composed of a public permissionless root chain and subchains.
Subchains can either be permissioned or permissionless blockchains supporting smart contracts with EVM compatibility.
8/ The consensus mechanism is called Roll-DPoS (randomised delegated proof of stake).
The Roll-DPoS allows for random selection of the block producer, auto-scaling the set of candidates.
This is in line with the necessity of managing several blockchain designs.
9/The IIoT allows people & robots to engage with assured trust and privacy thanks to a mix of trusted data, devices & apps.
The ecosystem operates with hardware-based TEE (Trusted Execution Environment), which protects apps & data against undesired access or alteration.
10/ @iotex_io introduced the “Powered by IoTeX” devices that unleash people to own and manage their data in a trusted & secure environment(i.e. Pebble tracker)
Today's typical smart devices are linked to centralized organizations that hold, mine, and profit from our shared data.
11/ Pebble Tracker is an example of IoTeX's study on the use of Blockchain in IoT applications.
The underlying research aims to solve the data coming from hardware inputs.
These devices' data may be used to build a decentralized ecosystem with a secure token economy.
12/ In the next future, secure hardware-powered equipment may enable a new economy thanks to massive data creation embedded in a decentralized environment.
Blockchain will be the instrument that openly assures consumers and all organizations to profit from these new solutions.
13/ How the final users can monetize with their own data?
IoTeX 2.0: MachineFi
MachineFi has the objective to bring back to users the value created by devices.
As DeFi unleashed a virtual crypto economy, IoTeX fosters a decentralized real-world economy.
14/ To properly manage the multitude of data, IoTeX platform integrates the "Real-World Data" oracle (L2 comparable):
➤ It performs the connection between secure devices and the IoTeX layer 1 blockchain.
➤ It contains all the necessary devices info in a decentralized manner
15/ Web3 developers may work directly with trusted objects in a P2P manner.
The key ingredients that make it happen are excellent security, scalability, data processing, and zero-latency.
IoTeX made a partnership with the Google Cloud solution 👇🏻
twitter.com/iotex_io/status/1501646750699823106
16/ $IOTX is the #IoTeX native utility token that may be used to access network apps and services.
➤token holders may vote and participate in network governance.
➤delegates stake IOTX to share in network consensus and rewards.
➤IOTX is used to power dApps & boost economics.
17/ The total supply is 10 Billion $IOTX.
It will be lowered to 8.8 Billion $IOTX thanks to:
➤Burn 2.65% after the Mainnet GA activation (June 2020)
➤Burn 9% with the "Burn&Drop" tokenomics
Each new device registration burns $IOTX, providing token holders a % as an airdrop
18/ The airdrop will be provided to those who stake for at least 90 days their $IOTX and will be released at 1 Million devices registered.
As the number of dApps, devices, and tokens expands, so will the incentives for token holders to continue utilizing the network.
19/ After the Burn&Drop phase, @Iotex_io introduced the Burn-To-Certify program:
➤Device companies will burn $IOTX to access specific resources for each new device registered.
➤The overall $IOTX supply will be reduced with each new “Powered by IoTeX” item.
20/ In 2019 @CertiKTech audited positively @iotex_io which present a high-security score 👇🏻
certik.com/projects/iotex
21/ During the last WBS in Dubai, @iotex_io announced their $100M fund for the growth and implementation of their ecosystem.
Over 1,000 startups will be backed by the new fund to link over 10 million devices to the MachineFi platform within 3 years.
twitter.com/iotex_io/status/1504547966299750410
22/ @iotex_io founders (@Raullen, @cbetass, @qevanguo, @cryptoxfan) and key members have solid academic credentials and extensive professional experience.
The IoTex team includes scientists, researchers, and engineers from Google, Facebook, Uber, and Bosch.
23/ In the lastest @TresconGlobal conference, we had the pleasure to meet @larrypang where he explained the further development of @iotex_io roadmap.
twitter.com/daolectic/status/1506906410864500745
24/ If you like this🧵, please like and retweet it to help us reach a wider audience!
@IoTeX_Community
@iotexPad
@iotexpunks
@StarCrazyGame
@ClipsDAO
@machinelearnflx
@iopaywallet
25/ Interested in knowing more about @McKinsey report?
Have a read down there👇🏻
twitter.com/McKinsey/status/1514226908568776705