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According to McKinsey, by 2025, the Internet of Things will have an economic impact of between $4 and $11 trillion. The smart devices owned by people will generate almost 80 trillion gigabytes of data. There is a serious risk that all this data and the associated value will be owned by large corporations.
We are proud to announce that Hacken has partnered with the project that is going to prevent the monopoly of tech giants over this data – it’s IoTeX, a top-120 project according to CoinGecko, with a market capitalization of $717M. To put this in perspective, it is almost as much as the GDP of Seychelles.
IoTeX is building the first decentralized ecosystem where humans and machines can interact with guaranteed trust, free will, and privacy. IoTeX will allow users to be the only true owners of their smart devices and the data from those devices.
IoTeX will work closely with Hacken to ensure the security of data circulating in its ecosystem. IoTeX’s leadership recognizes the leading role of Hacken in promoting Web 3.0 cybersecurity.
IoTeX also runs the bug bounty program on the HackenProof platform. You can find more about this program at: https://wp.hacken.io/hacken-news/new-bug-bounty-program-on-hackenproof/
For Hacken, this partnership will have strategic importance for sustaining our long-term competitiveness in the most technological segments of the Web 3.0 market. Also, it is an opportunity for us to reach almost 150 technological products united in the rapidly growing IoTeX ecosystem.
The power of blockchain is unlimited. Together with IoTeX we will bring the benefits of this power to millions of users of smart devices.
By connecting the real world to Web3, IoTeX will ensure people own and control their devices and benefit financially from the data and value they generate. IoTeX combines innovation in blockchain, open hardware, decentralized identity, and oracles to enable all types of machines to deliver verifiable facts from the real world to dApps. From GPS trackers to health wearables to smart vehicles to renewable energy, IoTeX connects devices worldwide to be self-sovereign actors in the Web3 universe.
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