IoTeX CEO and founder, Dr. Roland Chai, spoke with Block West Capital’s Ashton Addison on the Crypto Coin Show about his company’s focus on the intersection of blockchain and the Internet of Things (IoT). IoTeX has built a layer one blockchain from scratch that is Pos-compatible and can handle high throughput. IoTeX has also developed a layer two Web stream that connects machines to the blockchain and enables the self-evolving governance of machines in the long run. IoTeX is also working on location-based services and social/fitness categories in terms of its go-to-market strategy for applications for machine-fi.
IoTeX CEO Dr. Roland Chai Discusses MachineFi and Integration with Blockchain
IoTeX is a blockchain startup that aims to build a bridge between the physical and blockchain world. In an interview with Ashton Addison of Investment Pitch Media and the Crypto Coin Show, IoTeX CEO and founder Dr. Roland Chai discussed his company’s mission, growth, and plans for the future. Let’s explore some of the key points of the interview.
Overview of IoTeX
Chai started the discussion by giving an overview of IoTeX. He explained that IoTeX is an intersection of IoT and blockchain, and the company has been working on building a layer one blockchain from scratch. The blockchain is EVM compatible and features a high QPS PoS blockchain, supported globally by top exchanges. IoTeX has also built a blockchain explorer, wallet, and SDK for developers to build D5, gaming, NFT, and other blockchain applications. Chai also discussed IoTeX’s layer-two solution, the Web3 stream, which connects to machines and interacts with them.
MachineFi: The Intersection of Machine Networks and Blockchain
Chai introduced the concept of MachineFi, IoTeX’s vision of incentivizing the deployment of machines and monetizing the data coming from them. IoTeX seeks to tokenize the utility and data generated from machines and enable self-evolving governance of machines in the long run. According to Chai, MachineFi is a way to program the physical world using tokens, allowing IoTeX to create location-based services, social and fitness solutions, and other exciting applications.
Growth and Development
Chai discussed IoTeX’s growth, from its three co-founders to a team of over 50 people. He mentioned that IoTeX has learned a lot from DeFi and is bringing those lessons to incentivize machine networks. The company’s goal is to jumpstart the machine network by incentivizing the deployment of machines and tokenizing their utility. One of the verticals that IoTeX is exploring is location-based services, where data can be collected from objects, people, or cars and used to create various applications, such as traffic derivatives, insurance, and decentralized ride-sharing. IoTeX is also exploring the social and fitness categories, where tokens are used to incentivize healthy behavior or drive attendance at events.
MachineFi for the Future
Chai believes that MachineFi will play a critical role in bridging the physical and blockchain world. According to him, MachineFi is beyond artificial intelligence, as it addresses the challenge of organizing a large number of machines together.
This interview with CEO Dr. Roland Chai of IoTeX highlights the company’s vision for MachineFi and the integration of machines and the blockchain. IoTeX’s innovations in developing a layer-one blockchain, layer-two solution, and SDK for developers make it a promising project in the world of IoT and blockchain. As IoTeX continues to grow and expand, it will be exciting to see how MachineFi evolves and how it will influence the development of future blockchain applications.