Key points to remember
- MachineFi launches a new product, W3bstream
- W3bstream is an infrastructure technology that aims to connect physical devices to blockchains in a simple and efficient way.
- The technology will be rolled out in four different stages; the team expects the network to become fully decentralized by the end of 2023.
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MachineFi Lab is launching a new product, W3bstream, which aims to help the traditional world integrate blockchain technology.
Disrupt the economy of the machine
The traditional world now has a new tool to integrate Web3.
Lead developer of the IoTeX network, MachineFi Lab, today announced the release of W3bstream, a decentralized infrastructure for real-world devices and data.
According to the press release, W3bstream is a blockchain-independent infrastructure tool aimed at disrupting the machine economy. It provides state-of-the-art middleware that halves development time and cost for builders, web2 enterprises and smart device manufacturers, enabling traditional enterprises to efficiently integrate blockchains and accelerate tracking of assets, product tokenization and verifiable transparency processes at the same time.
The tool also aims to provide new business opportunities through its Proof of Anything technology. The team indicated that Proof of Anything could be used with various data elements, such as location, activity and humanity, and could potentially reduce bot fraud, or even help distribute tokens, NFT or universal basic income programs in a safe way. IoTeX CEO Raullen Chai said:
“W3bstream connects the real world to Web3, serving as an open and decentralized off-chain computing infrastructure that sits between blockchain and smart devices. W3bstream enables builders to connect Web3 token incentives to real activity confirmed by user-owned smart devices, expanding the real-world Web3 design space.
According to the team, W3bstream can be used in a variety of X-and-earn scenarios, such as play to win, walk to win, or sleep to win. Networks of community-owned machines, such as smart cities, utilities, and physical infrastructure, can also be built using W3bstream.
The team plans to roll out the technology in four stages, with the final stage – which should theoretically see the network achieve full decentralization – currently scheduled for the end of 2023. MachineFi Lab investors include Samsung Next, Jump Crypto, Draper Dragon , Xoogler Ventures, IOSG, Wemade and Escape Velocity. chai said Crypto Briefing that several of these entities are already considering integrating the technology into their own business models.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.