IoTeX embraces MachineFi, a combination of machine and DeFi that unlocks trillion-dollar opportunity

IoTeX is thrilled to announce it has embraced MachineFi, an innovative combination of machine and DeFi to monetize machine-driven data, events, and tasks that unlock 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.

“Today, numerous machines have already started collaborating, producing, and distributing, and they consume information and resources collectively, forming a heterogeneous network of machines,” explains IoTeX CEO and Founder Dr. Raullen Chai.

“Machine networks are communicating with other machine networks accomplishing even more advanced tasks,” Dr. Chai added. “This is essentially a new form of economy, a machine economy or machine finance, which is…