IoTeX Has Updated Its Roadmap For Building Special Oracle For The Machine Economy

The Internet of Trusted things, IoTeX, had an amazing and exhilarating year in 2020, as everything worked according to their plans. However, over 25 famous engineers and scientists have backed them for success. The success of 2020 has put them on their toes in 2021 as they are making plans to sustain success.

2020 held great challenges for many start-ups as various events demanded meticulous navigation. For example, there was great rancorous politics that seemed to be threatening the foundation of democracy, an escalated scrutiny, and even the Coronavirus policies that are driven by political prejudice, which doesn’t respect freedom and privacy.

Despite these challenges, IoTeX has continued to give priority to privacy and aims to be the best internet of Things (IoT) platform before the year runs out. It is to fulfill this ambition that they released their plans for the year.

IMOs and DAMs – Initial Machine Offerings and Decentralized Autonomous Machines

The plan topping the list is the introduction of DAMs – decentralized autonomous machines, and the aim is to boost the extricating power of the IoT applications and decentralized finance (DeFi) in the jurisdiction of the IoTeX through diverse inventions like fractional ownership. The success of this depends on the development and acceptance of the issuance of faux assets supported by machines through the IMOs – Initial Machine offerings.

These projects by this IoT platform will further reinforce the hereafter of machine learning and data science. For easy leasing of resources such as the execution of default jobs and hash rate in real-time, their focus now is to create a layer to successfully manage the decentralized autonomous machines, DAMs.

More Privacy Oriented devices in 2021

The plan of IoTeX is to create more “Powered by IoTeX devices” using the IEEE-DID (Decentralized Identity) protocol, their IIC, and DIAM (DID access management).

They also aim to increase their capabilities to help users have full ownership and control over their media content. This led to the activation of different services like ioTube and ioPay, and dApps like Cyclone and Mimo.

Oracles in Real World for the Machine Economy

Based on the need to relay external data from machine to blockchain, IoTeX is also planning to design a new oracle that will distinctively handle the machine-to-machine transactions. This was incorporated into Q1 2021 of its roadmap, as revealed on TruStream and Pebble Tracker.

IoTeX hopes to rise to the point of supplying Verifiable and private data to more blockchains like the Ethereum Blockchain. However, IoTeX aims to make the new architecture grow popular in its Q2 2021 section of the road map.