New blockchain framework connects physical devices to the metaverse

After the promotion inspired by Meta (formerly Facebook) Pivot Over the past year, the metaverse has been entering more organizations and continues to grow upwards. With the rise in COVID-19 digital transformation, enterprises are now eager to adopt new technologies, even a nascent one like the metaverse. Having developed from Neil Stephenson’s initial idea (from his 1992 novel . snow accident), Web3 and the Metaverse offer many immersive opportunities that brands are entering today.

According to gartner“Enterprises will experiment with the metaverse, connecting, connecting and encouraging human and machine customers to create new value exchanges, revenue streams and markets.” The market value of the Metaverse is likely to be massive over the next seven years, with McKinsey It is estimated that by 2030 it will reach $5 trillion.

But what are the underlying technologies that will power this new promise of a giant multi-trillion dollar virtual world? Experts say it will be powered by Convergence of 5G, AR, VR, AI and Blockchain — and many companies are looking to build in that tech stack.

one such company is MachineFi the laboratory – Key developer of IoTeX, a decentralized blockchain platform that enables interaction between humans and machines. Today, MachineFi Lab announced that it has released W3bstream, “a blockchain-agnostic infra with the power to disrupt” machine economy Where innovation has remained stagnant so far,” according to the company’s press release.

Having built the first IoTeX, “MachineFi Lab is uniquely positioned to help connect the metaverse with real-life devices,” says Dr. Rowlan Chai, Founder and CEO of MachineFi Lab. Chai said that “W3bstream connects the real world to Web3, which acts as an open, decentralized off-chain computing infra that sits between the blockchain and smart devices.”

He added that W3bstream allows builders to combine Web3 token incentives with user-owned real-world activity. smart deviceExpanding the Web3 design space into the real world.

built on blockchain

MachineFi Lab is harnessing the power of blockchain with an end-to-end solution to distribute, organize and monetize a large number of IoT devices as part of an integrated machine network. The MachineFi platform is designed to enable developers to connect billions of machines with the Web3 infrastructure. By connecting to the machine economy, people can monetize their devices and related digital assets globally.

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

W3bstream provides state-of-the-art tools and middleware that reduce development timelines and costs by at least 50% for builders, Web2 businesses and smart device makers, Chai explained. They claim that W3bstream unlocks a $12.6 trillion reward economy for millions of people worldwide as they perform everyday activities – such as exercising, driving safe, sleeping well, being eco-friendly, visiting sites and participate in programs.

“This real-world data protocol enables reward systems for data ownership, everyday activities, and data sharing, and allows developers to build MachineFi applications very quickly and inexpensively,” Chai said. He added that W3bstream “offers x-and-earn use cases including sleep and earn, drive and earn, and exercise and earn.”

Chai quoted healthblockAs a prime example, Web3 is a health app that has changed the way users interact with and benefit from intelligent wearable devices and machines by inspiring them to live healthier lifestyles.

More use cases for w3bstream include “proof of anything, fast and easy migration to the blockchain, product tokenization, and verifiable transparency processes.”

Internet-connected smart devices and machines will significantly impact our lives in the future. Experts predict that by 2030 people, businesses and organizations around the world will own approximately 125 billion DeviceTo produce $12.6 trillion machine Economy, machines can change 30% Human Number of Employees in eight years – and information, driven by AIcould generate $13 trillion in global economic value by the start of the next decade.

Already known as the technology twin, IoT and the metaverse have specific responsibilities. For example, IoT will enable the metaverse to analyze and interact with the physical world. For its part, the Metaverse will act as a 3D user interface for IoT devices.

including competition hyperledger, Blue blockchain workspace And this ibm blockchain platformChai claims that W3bstream differs from its framework which “connects users to their smart devices, and will rely on a decentralized protocol to reach a consensus about what has happened in the physical world and what happens in the physical world.” [to] Present evidence that triggers token reward distribution to users in Web3 according to rules defined in smart contracts.

He also clarified that W3bstream is constantly improving.

“The w3bstream rollout is planned in four phases, beginning with the release of V1.0, when all development tools become available, including software development kits (SDKs) and open-source software for developers of all skill levels. Source repositories are included. This is also when developers and businesses can configure and deploy W3bstream nodes to build MachineFi dApps using the Web Assembly (WASM) language,” he explained.

Amidst the competition, Chai said MachineFi is the first to develop a product that uses the IoT pathway to connect the metaverse to physical gadgets.

The Lab has received support from investors, including samsung nextJump Crypto, Draper Dragon, Zoogler Ventures, iOSG, Wemade and Escape Velocity all participated in the latest MachineFi funding round.