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MachineFi Lab is releasing a new product, W3bstream, which aims to help the traditional world integrate blockchain technology.
Disrupting the Machine Economy
The traditional world now has a new tool to integrate Web3.
IoTeX Network core developer MachineFi Lab announced today that it is releasing W3bstream, a decentralized infrastructure for real-world devices and data.
According to the press release, W3bstream is a blockchain-agnostic infrastructure tool aiming to disrupt the machine economy. It provides cutting-edge middleware that reduces development timelines and costs by half for builders, Web2 businesses, and smart device makers, allowing traditional businesses to integrate blockchains efficiently and spin up asset tracking, 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 Proof of Anything could be used with various pieces of data, such as in location, activity, and humanity, and could potentially reduce bot fraud—or even help distribute tokens, NFTs, or Universal Basic Income schemes in a safe way. IoTeX CEO Raullen Chai stated:
“W3bstream connects the real world to Web3, serving as an open, decentralized off-chain computing infra that sits between the blockchain and smart devices. W3bstream allows builders to connect Web3 token incentives with real-world activity confirmed by user-owned smart devices, expanding the Web3 design space into the real world.”
According to the team, W3bstream can be used in a variety of X-and-earn scenarios—like play to earn, walk to earn, or sleep to earn. Community-owned machine networks, such as smart cities, public utilities, and physical infrastructure, may 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 reach complete 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 told Crypto Briefing that several of these entities already plan on integrating the technology into their own business models.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.