New blockchain framework connects physical devices to the metaverse

Following the hype fueled by the Meta pivot (formerly Facebook) last year, the metaverse has been entering more organizations and steadily moving on an upward trajectory. With COVID-19 accelerating digital transformation, businesses are now more willing to embrace new technologies, even a nascent one like the metaverse. Having evolved from Neal Stephenson’s initial idea (from his 1992 novel snow crash), Web3, and the metaverse today offer several immersive opportunities that brands are taking advantage of.

According to Gartner, “enterprises will experiment with the metaverse, connecting, engaging and incentivizing human and machine customers to create new value exchanges, revenue streams and markets.” The market value of the metaverse over the next seven years is likely to be enormous, with McKinsey estimating it will reach $5 trillion by 2030.

But what are the underlying technologies that will drive this new promise of a multi-billion dollar immersive virtual world? Experts say it will be powered by a convergence of 5G, AR, VR, AI, and blockchain, and many companies are looking to incorporate that technology stack.

One such company is MachineFi Lab, the core developer of IoTeX, a decentralized blockchain platform that enables human-machine interactions. Today, MachineFi Lab announced that it launched W3bstream, “a blockchain-agnostic infrastructure with the power to disrupt the machine economy where innovation has so far remained stagnant,” according to the company’s press release.

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

He added that W3bstream allows builders to connect Web3 token incentives with real-world activity confirmed by user-owned smart devices, expanding Web3’s design space into the real world.

Built on blockchain

MachineFi Lab is harnessing the power of blockchain with a comprehensive solution to distribute, orchestrate, and monetize vast numbers of IoT devices as part of a unified network of machines. The MachineFi platform is designed to enable developers to connect billions of machines with the Web3 infrastructure. By joining the machine economy, people can monetize their devices and associated digital assets globally.

“Today, numerous machines have already begun to collaborate, produce and distribute, and consume information and resources collectively, forming a heterogeneous network of machines,” said Chai.

W3bstream provides state-of-the-art tools and middleware that reduce development time and costs by at least 50% for builders, Web2 companies and smart device manufacturers, Chai explained. She claims that W3bstream unlocks the $12.6 trillion reward economy for millions of people around the world as they engage in everyday activities such as exercising, driving safely, sleeping well, being green, visiting sites, and attending events.

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

Chai cited HealthBlocks, as a prime example, as a Web3 health app that has changed the way users interact with and benefit from smart wearable devices and machines by encouraging them to lead healthy lifestyles.

More W3bstream use cases include “proof of anything, quick and easy migration to blockchain, product tokenization, and verifiable transparency processes.”

Smart devices and Internet-connected machines will have a significant impact on our lives in the future. Experts estimate that by 2030 people, businesses, and organizations around the world will have some 125 billion devices, generating a $12.6 trillion machine economy. Machines could replace more than 30% of the human workforce in eight years, and data, powered by AI, could generate $13 trillion in global economic value by the start of the next decade.

Already touted as technology twins, IoT and the metaverse have specific responsibilities. For example, IoT will allow 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.

With competition including Hyperledger, Azure Blockchain Workbench, and the IBM Blockchain platform, Chai says that W3bstream is differentiated by its framework that “links users to their smart devices and will rely on a decentralized protocol to reach a consensus on what It happened in the physical world. Y [to] produce tests that trigger the distribution of token rewards to users on Web3, according to rules defined in smart contracts.”

He also clarified that W3bstream is in continuous improvement.

“The release of W3bstream is planned in four stages, beginning with the release of V1.0, when all development tools are available, including software development kits (SDKs) and open source repositories for developers of all sizes. levels. It is also when developers and enterprises can configure and deploy W3bstream nodes to build MachineFi dApps using the Web Assembly Language (WASM),” he explained.

Among the competition, Chai said that MachineFi is the first to develop a product that connects the metaverse with physical devices using the IoT pathway.

The lab has received support from investors including Samsung NEXT, Jump Crypto, Draper Dragon, Xoogler Ventures, IOSG, Wemade, and Escape Velocity, all of whom participated in MachineFi’s latest funding round.

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