Blockchain-focused Internet of Things (IoT) network IoTeX has announced the launch of a $100 million sustainable ecosystem fund focused towards the decentralized machine economy.
The fund will support over 1,000 decentralized machine economy startups that focus on developing use cases that will connect more than 10 million smart devices to the MachineFi portal within the next three years.
Head of Investment and Ecosystem Jing Sun explained that the fund is designed to serve as a sustainable vehicle that can support over 10,000 MachineFi-focused businesses in the next 2 decades. This will result in tens of billions of devices connecting the IoTeX MachineFi portal.
According to IoTeX, the decentralized machine economy is a developing landscape in which people are not the driving force behind economic growth. Instead, machines will be responsible for policies that influence the growth of the economy.
At the core of this new type of economy lies artificial intelligence and blockchain technology, enabling the creation of a more secure, sustainable, and efficient way of doing things.
This fund aims to make an impact in the new Web3-based paradigm: MachineFi. The fundamental premise of MachineFi is that machine resources and intelligence is monetized to provide value and ownership to individuals instead of centralized corporations. In a nutshell, MachineFi is the financialization of machines and internet-connected gadgets.
Sun explained that the IoTex Foundation will thoroughly examine all DApp developers in order to ensure that they effectively enable machine financialization. If successful, the developers “will receive all the support they need to be successful.”
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