$100M fund aims to support the growth of decentralized machine economy

IoTeX, an Internet of Things (IoT)-focused blockchain platform, has announced the launch of a $100 million sustainable ecosystem fund.

The new fund will support more than 1,000 decentralized machine economy startups developing use cases to connect more than 10 million smart devices to the MachineFi portal over the next three years.

The decentralized mechanical economy is a developing economy in which machines, rather than people, are the driving force of economic growth. This new economy is powered by blockchain technology and artificial intelligence (AI), and has the potential to create a more efficient, secure, and sustainable way of doing business.

MachineFi refers to a new Web3-based paradigm that underpins the new machine economy. Machine resources and intelligence can be monetized to provide value and ownership to individuals rather than centralized corporations. In a nutshell, MachineFi can be described as the financialization of machines or, more precisely, devices connected to the Internet.

MachineFi's goal is to take the profits generated by financing big tech devices and distribute them to real users, which is precisely what web 3.0 is all about: disrupting the financial model of the internet (and now devices). from platform advertising to user ownership.

IoTex Director of Investments and Ecosystems Jing Sun explained that the fund is designed as an evergreen vehicle that can support more than 10,000 MachineFi-focused companies over the next ten to 20 years, connecting tens of billions of devices to the IoTeX MachineFi portal.

The IoTeX Foundation will thoroughly vet all DApp developers to make sure they allow the machine to be funded effectively, and if they are successful, "they will receive all the support they need to be successful," Sun explained.

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In November 2021, IoTeX renowned focus on "The Rise of MachineFi" to integrate machines, the Metaverse, and the traditional workforce. MachineFi aims to address the confluence of smart devices, machinery, and finance by using blockchain technology and follows the era of DeFi and GameFi.