The IoTeX platform, which specializes in the Internet of Things, has launched a fund to support projects in its ecosystem.
The blockchain platform is set to support more than 1,000 decentralized economy startups with a $100 million fund. Startups must develop new options for connecting more than 10 million smart devices to the MachineFi platform over the next three years.
The decentralized machine economy is a rapidly developing area in which the driving force of economic growth is not people, but machines. Blockchain and artificial intelligence are involved as the main technologies in this area. MachineFi is a Web3-based project that seeks to monetize machine resources and secure ownership for individual developers to reduce the influence of large corporations in the market.
IoTeX head of investment Jing Song said the fund is designed as a permanent pillar that will be able to support more than 10,000 MachineFi-focused businesses. The company’s plans for the next ten to twenty years will connect tens of millions of devices to IoTeX MachineFi.
The company promises to scrutinize developers to ensure they meet the goals of IoTeX and, if successful, will guarantee their support.
Earlier it became known that IoTeX joined the IEEE initiative to create standards for the Internet of things on the blockchain.
Source: Bits
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