IoTeX Updates Roadmap, to Build A Special Oracle for the Machine Economy in 2021
IoTeX, an Internet-of-Trusted Things platform backed by over 30 top rated scientists and engineers, had an exciting year in 2020. They are now planning to build on last year’s successes in 2021 to expand their global community and upgrade their protocol for better growth, awareness, and adoption, an update on Jan 28 read.
Lessons from 2020
Increasingly, users are more aware, recognizing the importance of facts over subjective promises following harrowing events of 2020.
Last year, for instance, there was intensified government surveillance, acrimonious politicking that threatened the core of democracy, and implementations of politically-driven COVID-19 policies that eroded privacy and freedom.
The platform will continue to build, prioritizing privacy. Ultimately, it aims to be a leading IoT platform by the end of the year.
To achieve this ambitious feat, IoTeX plans to roll out several features.
The Decentralized Autonomous Machines (DAMs) and Initial Machine Offerings (IMOs)
Top of the list is the introduction of decentralized autonomous machines (DAMs). The goal is to expand the liberating power of decentralized finance (DeFi) and Internet-of-Things (IoT) applications within the IoTeX ecosystem through various innovations like fractional ownership. This will be possible through the issuance of synthetic assets backed by machines through Initial Machine Offerings (IMO).
The privacy-focused IoT platform projects that inter-connected machines will underpin the future of data and machine learning. They are now focusing on creating a layer to manage interconnected DAMs for easy leasing, in real-time, of resources such as hash rate and execution of predefined jobs.
Forming the base for this will be the development of last year, especially with the building and launching of several hardware devices, like uCam and Pebble, which ensures the private streaming of blockchain-verified and reliable data useful in the machine-to-machine economy.
Real-World Oracles for the Machine Economy
Aware that external machine data needs to be relayed to blockchains, IoTeX also plans to build a new oracle system specifically for the machine-to-machine economy. Accordingly, their effort will be on Pebble Tracker and TruStream in Q1 2021.
Unlike Chainlink, IoTeX’s oracle will specifically supply real-world data from trusted devices and machines to serve various needs of the diverse blockchain industry. This, according to IoTeX, will open up new variants of DeFi specific to IoT.
As the first, fully focused on machine data and devices, in the future, IoTeX will be supplying reliable, private, and verifiable data to other blockchains like Ethereum. The popularization of IoTeX’s unique oracle architecture will be popularized from Q2 2021.
More Devices and Privacy in 2021
In 2021, the platform plans to also onboard more “powered by IoTeX” devices using their IIC and IEEE-standardized Decentralized Identity (DID) protocol and DID Access Management (DIAM) framework.
IoTeX will also expand its capabilities from verifiable data providers for DApps to verifiable service providers for consumers. As such, users will have full control and ownership of their media content.
The platform activated several services besides hardware, including ioPay and ioTube, and dApps like Mimo and Cyclone.
Combined, IoTeX aims to strike more strategic partners in 2021, build on their network of users, dApps, exchanges, and tokens, to make the IoTeX brand synonymous with quality, trust, and innovation.
Towards this end, the aim in 2021 will be to focus on ioPay, planning to make it the main on-boarding tool and a gateway for the growing IoTeX network.
A New 2021 Roadmap
In their 2021 roadmap, IoTeX will upgrade its EVM, optimize the storage, expand its delegates, and unleash new real-world data oracles.
They will also launch the second version of ioTube for interoperability between Ethereum and Polkadot.
IoTeX plans to introduce idea-thons and hackathons every quarter while funding over 100 projects under their Halo Grants to build their global community and ecosystem.
The IoTeX Halo Program is open, continuously funds software and hardware development, research, and engagement efforts.
Under tokenomics, IoTeX will release a DeFi lending and borrowing protocol with a stablecoin in partnership with the Mimo team.
This will be on top of releasing a Governance DAO spearheaded by its community and the launch of V2 of their Burn-Drop Tokenomics.