When it comes to Web3 the main story has been digital goods and services. However, a company called MachineFi has now released W3bstream, a “decentralized infrastructure for real-world devices and data.”
MachineFi Lab, the core developer of the IoTeX Network, has released W3bstream, the world’s first .
So what does this mean? Essentially it allows for easy and inexpensive interfaces between builders, Web2 businesses, and smart devices. In other words, you can connect a series of sensors to a decentralized network of servers and “workers” that can process data in real time without requiring a massive roll-out of private hardware.
From the release:
W3bstream enables smart device and data applications in all industries and sectors of society, including smart cities, supply chains, sensor data gathering, healthcare, environmental monitoring, and social impact, among endless more.
Over the past year, W3bstream has been tested and iterated with Web2 and Web3 organizations across the automotive, healthcare, weather, digital advertising, and other industries that utilize intelligent devices.
“W3bstream is the result of over a year of scientific and technological research and development. It will be the backbone of the entire decentralized machine economy,” said IoTeX CEO and Founder Raullen Chai.
MachineFi raised cash from funders including Samsung Next, Jump Crypto, Draper Dragon, Xoogler Ventures, IOSG, Wemade, and Escape Velocity. They raised $10 million in July.
Obviously, this is a hard sell if you’re not a Web3 adherent but the idea that you could feasibly harness a network of disparate hardware to, say, send messages to a fleet of trucks is pretty cool. Each node on the network simply has to use the MachineFi protocol to pay participants and the like.
“The W3bstream release enables exceptional X-and-earn use cases, including sleep and earn, drive and earn, and exercise and earn,” said Raullen. “A prime example is HealthBlocks, which has revolutionized how users interact and benefit from intelligent wearable devices and machines by motivating users to lead healthy lifestyles.”
“It also creates opportunities with Proof of Anything, such as in location, activity, and humanity, which has drawn massive interest because of its potential to reduce bot fraud and distribute tokens, NFTs, and, more importantly, Universal Basic Income.”
It’s a bold claim and the space is still in its infancy but it’s a cool idea whose time might have come.