Revealing the future of IoT: the Machine Exchange Coin
With blockchain came a lot of potential. A decentralized currency, an irrefutable ledger, and tons of companies hoping to profit from the trend of releasing the “next greatest coin since Bitcoin.” Each new cryptocurrency promised easy international transactions and a high level of security. Why is the Machine Exchange Coin (MXC) different?
A Coin with a Purpose
We launched the MXC Foundation to improve the IoT industry. MXC is the future of IoT.
There is a relatively new technology that reduces the cost of building and maintaining a smart city (or most IoT related applications). It’s called LPWAN. Normally cool tech like this belongs to large companies like Telekom or Vodafone. Instead this technology was released in the public domain, making it possible for anyone to use it, and profit from it.
LPWAN has the potential to replace the technology used to track vehicles or bikes in car sharing or bike sharing industries. Did you know that most on-demand bikes have SIM cards in them, like your cell phone? Imagine how much that costs! Then think about how often your phone’s battery dies. An LPWAN sensor can last up to ten years on a single battery charge. It’s a massive improvement.
Problem: LPWAN isn’t publicly available or even used in many cities.
Idea: make it possible for you, the people of the world, to earn money by becoming an LPWAN provider.
Next came the problem of data. Have you heard about big data? Probably. This is lots of information about practically everything. What you may not know is that most of this has nothing to do with you. Nope — you are not the center of this universe. Big data includes information about air quality, weather, light, sheep… this list is quite big. With LPWAN, you have the ability to collect this data.
Do you have a thermostat outside telling you today’s temperature? Maybe you even have a barometer, and a little device telling you the wind speed. Well why don’t you sell this information to your favorite weather app?
Problem number two: it takes time, connections and technical knowledge to set things like this up.
Idea: make it possible for devices to automatically sell non-identifiable data.
Our last problem was that the platform didn’t exist. If Joe collects data, how can Alan know that it’s accurate and not random numbers? How does Bill trust Judy’s LPWAN network? How does my European Union Euro device receive payments from a University in Australia? Which currency will it accept? Also — how do I pay .0000001 cent for a tiny bit of information?
Solution: the Machine Exchange Coin and the MXProtocol.
What is the MXProtocol?
Behind every great production is a team of stagehands working to ensure that everything runs smoothly. At MXC this is the MXProtocol (Machine Exchange Protocol). This protocol facilitates the exchange of data and payments between machines.
Imagine a skyscraper with two LPWAN gateways. One gateway is in an apartment on the first floor, and the other is mounted on top of the building. The owner of the gateway on top of the building will likely have better connectivity than the person on the first floor. Because of this, the gateway on top of the building will charge more for network access than the gateway on the first floor.
In a normal network, a device responds to requests in the order that they are received. With the MXProtocol, the LPWAN gateway is able to respond and allow access only to the sensors willing to pay the price programmed in the gateway. This makes it possible for sensors to “bid” for network access, with the highest bid receiving access first. We call this smart bidding.
Though we built a really fast coin for machine to machine payments, we know that SOME people will want to stick with THEIR blockchain solution. The MXProtocol makes this possible. If you want to purchase data using Ether — go for it. We’re not stopping you. This is our Inter-Chain Data Market.
The result: a unique coin with a purpose
All of this makes MXC different from other cryptocurrencies. It is the best cryptocurrency for device data transactions — but we won’t force you to use it. Just keep in mind — MXC enables the development of smart cities. MXC allows individuals like you to earn money by providing LPWAN services.
Originally published at www.mxc.org.