The web3 stack is the new internet and with it, a $12.6-trillion machine economy has been unlocked. The Web3 developer center will be your guide for navigating this new world order of decentralized applications, blockchain software development, data encryption and much more.
The “web 3 trends 2022” is a term that refers to the future of the internet. It is an open-source, decentralized platform that allows for peer-to-peer transactions and data exchange without any third party interference. This makes Web3 a powerful tool in the machine economy.
The internet will soon be changed by Web3. In several respects, it already has. It is laying the foundation for a multi-trillion dollar decentralized machine economy, where IoTeX is in the vanguard. Leading engineers and technicians from organizations like Amazon, Samsung, Microsoft, the Consumer Technology Association (CTA), and the International Internet Consortium have said this (IIC).
Anoop Nannra, the global blockchain leader for Amazon, said on a recent Web3 panel that “IoTeX is, curiously, sort of at a nice place right now.” “If I consider how you approach what you do and how you go about doing it, IoTeX is quite distinctive, in my opinion. There are a lot of potential there, and I believe the ecosystem will benefit both the larger community around it and itself.
The well-known blockchain specialist said that he sees a sizable “upside” to IoTeX’s objective of using Web3 to decentralize the machine economy. In such scenario, consumers will own their data, smart gadgets, and the value they produce rather than having Big Tech dominate and profit from them exclusively.
Because ecosystems can not exist in isolation, Nannra said, “I believe the (IoTeX) ecosystem will benefit both itself and the larger community.” There are many benefits, not only from a financial standpoint but also from improving the state of the art.
IoTeX hosted a comprehensive discussion on Web3, decentralization, and the future of MachineFi with the participation of several crypto and blockchain executives from prestigious companies and startups. View it here.
A web-based solution
“I am extremely thrilled about it,” Nannra said. “There is a lot of potential in —Web3 and MachineFi— not only from a financial viewpoint but also in improving state of the art.
Tim Berner-Lee, a British computer scientist who worked at CERN, the European Organization for Nuclear Research, established the three stages of the internet in 1989. The blockchain expert described these phases. He came up with the idea and created it so that scientists and universities throughout the globe could communicate and share knowledge. Berners-Lee published the source code for Web1, the first universal web browser and editor, on April 30, 1993.
We left Web1 with no meaningful understanding of robust identification or security, according to Nannra. “We then traveled to Web2, where we began to consider our identities and engaged with a larger creative and producer community, as well as documents, movies, and other materials. Finally, we get to Web3, where we’re genuinely, truly capturing value and creating whole new business models that weren’t feasible in Web2.
According to NPR, Web1 was an unorganized yet democratic means to obtain information all across the globe. The Web2 era, which began in the middle of the 2000s, was when Google, Amazon, Facebook, and Twitter organized the internet and made it simple to communicate and do business, but they eventually became too powerful. “Grabbing some of the power back is what Web3 is about.”
On December 15, Nannra took part in a panel discussion titled “Unlocking the Trillion-Dollar Potential of IoT and Blockchain” with Mitch Tseng, IIC Chair of the Testbed Council and Edge Computing Task Group, and Jing Sun, Co-Founder of IoTeX.
The discussion also included Mitchell Kominsky, Director of Government Affairs for Self-Driving Vehicles, Transportation, and Smart Cities at the CTA. Additionally, he has worked with Stanford University and the US Department of Transportation. Robert Parker, a co-founder of Bright.ai and a former senior executive for AI, IoT, and engineering at Microsoft, Samsung, and Amazon, was also there.
The Web’s Development (source: Fabric Ventures)
A “Matter” of problems
He raised a fascinating issue. How Matter, which Big Tech describes as the solution to expanding connections between more objects, streamlining the development of smart devices for manufacturers, and enhancing compatibility for consumers, is being used by Google, Samsung, Apple, and Amazon to address the issue of smart device interoperability. The adoption of smart homes has been substantially held down by this issue.
Parker said that although Matter “addresses all these various smart gadgets,” the issue is not actually resolved. The issue is how expensive intelligent device data management and device interoperability are and how that interferes with a sensible business strategy. With Matter, vendors are beginning to be able to communicate with one another’s products, but it won’t be the answer.
To build something that can function in a large multi-vendor system, he noted, “you will need something like the IoTeX platform.”
Parker said that IoTeX will be crucial in addressing the scalability and interoperability problems. IoTeX is building a network that is entirely apart from Big Tech. It will become “the most relevant” and find solutions to issues that Big Tech, not even with Matter, can.
on Rami Al-zayat: (Source: Unsplash)
An extraordinary year
According to Michael Kominsky of CTA, a trade association that represents the $422 billion consumer technology industry in the US, which provides more than 18 million jobs, “I think 2021 was pretty monumental in terms of how communities form and I believe next year,” particularly pertaining to the work of IoTeX is going to be by extension more creative in how Web3 can build, invest, and create different applications.
So, he added, “I believe we’re really only scratching the surface.” According to Kominsky, “I’m interested to watch how communities will adapt and invest in different areas (of Web3).”
According to Jing Sun, the shift to Web3 has already begun. “Decentralized finance, or DeFi, has replaced traditional finance and grown to $200 billion in only two years. The gaming, collectibles, and social networking sectors have all seen changes. This year, they increased by $100 billion, she said.
Figure 1: Overview of IoTeX 2.0 (Source IoTeX)
goals for the new year
Because it will be the first year we witness the first batch of MachineFi use cases, 2022 will be a crucial year for the whole IoT machine business, according to Sun. Next year, additional industries will be included in the transformation.
The machine economy industry will see tremendous growth in the next year as IoTeX integrates the physical world with Web3. “This will open up a ton of opportunities that were previously closed off, even with Web3. Decentralized apps, use cases, and other novel models are now being developed by developers, and they will unleash exceptional value.
Dr. Tseng said that the Industry IoT Consortium (IIC), a worldwide non-profit alliance of business, government, and academia, has plans to begin investigating the MachineFi vision of IoTeX in 2022 because he thinks “it can assist us (the Industry IoT Consortium) and help address issues.”
He discussed the problems his company has in the IoT world. We now discuss leveraging the digital twin to link these things since many individuals are contributing to the virtual realm as well as the software and physical domains, he said.
But there are several problems with using a digital twin, including problems with data integrity. How can we be sure that the information is accurate? This may put us in jeopardy,” Tseng warned. Therefore, a safe environment where we can trust all the data and transactions is what we’re searching for.
Tseng said that after discussions with IoTeX project members, he is “convinced that MachineFi” is the answer the IIC requires and that the consortium will investigate it in 2022.
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