Web3 is poised to disrupt the internet. It already has in many ways. Itβs paving the way to a multi-trillion-dollar decentralized machine economy at the forefront of which IoTeX stands. This, according to highly-regarded engineers and technologists leaders from Amazon, Samsung, Microsoft, Consumer Technology Association (CTA), and the International Internet Consortium (IIC).
βIoTeX is, interestingly, kind of in a sweet spot right now,β said Amazon Global Blockchain Leader Anoop Nannra in a recent Web3 panel. βIf I look at the way you [β¦] are approaching what you do, and how you do it, I think IoTeX is very unique. I think there are a lot of opportunities there, and I think the ecosystem will reward itself and the broader community that is around that ecosystem.β
The highly-regarded blockchain expert also said he sees a significant βupsideβ to IoTeXβs goal to decentralize the machine economy via Web3. That is where users will own their data, smart devices, and the value they generate instead of being dominated and monetized only by Big Tech.
βI think the (IoTeX) ecosystem will reward itself and the broader community because ecosystems are not in isolation,β Nannra added. βThereβs a lot of upside not just from a monetary perspective but even just from advancing state of the art.β

The βWeb-olutionβ
βThereβs a lot of opportunity in βWeb3 and MachineFiβ not just from a monetary perspective but also in advancing state of the art, so I am really excited about that,β Nannra added.
The blockchain expert explained the three phases of the world wide web, invented in 1989 by British computer scientist Tim Berner-Lee, while working at CERN, the European Organization for Nuclear Research. He conceived and developed it for information sharing and messaging for scientists and universities worldwide. On April 30, 1993, Berners-Lee released the source code for the first global web browser and editor or Web1.
βWe went from Web1 with no real notion of strong identity or security,β Nannra said. βWe then went to Web2 where we started thinking about identity and interacted with the broader creator and producer community, documents, videos, and what have you. And now to Web3, where weβre actually, truly encapsulating value and generating entirely new business models that werenβt possible in Web2.β
NPRβs take is that Web1 was a disorganized but democratized way to access information worldwide. Web2, which started in the mid-2000s, is when Google, Amazon, Facebook, and Twitter brought order making it easy to connect and transact, but ultimately amassed too much power. βWeb3 is about grabbing some of the power back.β
Nannra participated in the βUnlocking the Trillion-Dollar Potential of IoT and Blockchainβ panel on December 15 alongside Mitch Tseng, IIC Chair of the Testbed Council and Edge Computing Task Group, and IoTeX Co-Founder Jing Sun.Β
Mitchell Kominsky, CTA Director of Government Affairs for Self-Driving Vehicles, Transportation, and Smart Cities, participated in the panel as well. Heβs also been with the US Department of Transportation and Stanford University. Also present was Robert Parker, Bright.ai Co-Founder, and former AI, IoT, and Engineering lead executive at Microsoft, Samsung, and Amazon.

A βMatterβ of issues
He brought up an interesting point. How Google, Samsung, Apple, and Amazon are trying to solve smart device interoperability with Matter, which Big Tech describes as the solution to creating more connections between more objects, simplifying the development of smart devices for manufacturers, and increasing compatibility for consumers. This problem has significantly slowed down smart home adoption.
βMatter addresses all these different smart devices, but it doesnβt really solve the problem,β Parker stated. The problem is the high cost of intelligent device data management and device interoperability and how that conflicts with a business model that makes sense. βWith Matter, vendors are starting to be able to interoperate between devices, but that wonβt be the solution.β
βYou will need things like the IoTeX platform to create something where you can operate in a scalable multi-vendor environment,β he said.
Parker also said IoTeX would play a significant role in solving the issue of scalability and interoperability. IoTeX is creating a completely separate network from Big Tech. βIt will become the most relevantβ and solve the problems Big Tech canβt, not even with Matter.

A year of epic proportions
βI think 2021 was pretty monumental in terms of how communities form and I believe next year,β 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, said Michael Kominsky of CTA, a trade association that represents United Statesβ $422-billion consumer technology industry, which supports more than 18 million US jobs.
βSo, I think weβre really just starting to scratch the surface,β he said. βIβm excited to see how communities will change and invest in various areas (of Web3),β Kominsky stated.
Jing Sun said that the transition into Web3 has already started. βFinance has transitioned into DeFi (decentralized finance), which grew to $200 billion within two years. Weβve also seen transitions in the gaming, collectibles, and social media industries. They grew by $100 billion this year,β she added.

New Year resolutions
β2022 will be a critical year for the entire IoT machine industry because it will be the first year that we will see the first batch of MachineFi use cases,β Sun said. βThe transition will expand to more industries next year.
Next year will be significantly important in the machine economy sector as IoTeX connects the physical world into Web3. βThis will unlock huge possibilities that were still not possible this year even with Web3. We are now seeing developers building use cases, decentralized applications, and other new models that will unlock extraordinary value.β
Dr. Tseng said that in 2022, the IIC βa global non-profit partnership of industry, governments, and academiaβ has plans to start looking into IoTeXβs MachineFi vision because he believes βit can support us (the Industry IoT Consortium) and help solve problems.β
He spoke of the issues his organization sees in the IoT community. βWe have a lot of people contributing in the virtual world and also in the software and physical domains, which means we are now talking about using the digital twin to connect these entities,β he added.
βBut when we use a digital twin, we face a lot of issues, such as data integrity. How do we trust the information being passed along? This can be a show-stopper for us,β Tseng said. βSo, what we are looking for is a secure environment where we can trust all the data and transactions.β
After conversations with IoTeX team members, Tseng said he is βconvinced that MachineFiβ is the solution the IIC needs, and it is something the consortium will look into in 2022.
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