The devices and machine generated data is increasing exponentially with every passing day and more and more devices getting connected to the network. With growth of Machine Learning and Artificial Intelligence, Cisco estimates that there will be more than 50 billion devices connected worldwide by year 2020. Wifi networks have already reached tipping point and cannot continue supporting this data growth without undergoing major technological update. Currently only enterprises or corporations are able to monetize data to some extent and individuals cannot participate in this exercise. Moreover, the current implementations of data network is too much expensive, has limited range and thus, provides limited usability.
MXC has come up with blockchain based MXProtocol, a unique solution to cope up with this data growth. It ensures that all the devices are hooked up with the network through Low Power Wide Area Network technology I.e. LPWAN gateway. It is almost similar to radio technology, wherein network is able to send data from multiple connected devices but uses very less power. MXC is based on Data Trade Network and leverages the sharing economy to form an efficient network. MXProtocol places a keen focus on reducing collision between networks, constructing an inter-chain data market, developing a market for network coverage and introducing an independent Quality of Services (QoS) framework for both data providers and receivers.
Image Source: MXC Economic Whitepaper
MXC will be used in real world scenarios and will bring data monetization services to the forefront.
Typical business application scenarios include:
-> MXC Assisted Garbage Collection
-> MXC Assisted Car Sharing
-> Insurance Industry - Reducing cases of fraud and risk
-> Smart Cities - Collecting and Exchanging data from IoT devices
The underlying concept behind MXCProtocol is Smart Bidding, wherein IoT users can place maximum bid on priority of their data.The bidding process earmarks, which particular data needs to be delivered more quickly by placing maximum reliability. The unused bandwidth of existing operators can be used through bidding in exchange for minor payment. This process effectively makes the resource use more efficient and builds a promising case for shared economy. MXC protocol can run on any permissionless Blockchain such as EOS, Stellar, IOTA, NEO, Ethereum.
Image Source: MXC Economic Whitepaper
MXC clearly holds potential to disrupt IoT-Data space through use of Automated Smart Contracts. It can be a real game changer as it is promoting the use of Next Generation technology, which can be at the heart of fourth industrial revolution. MXC powers lightning fast, end2end encrypted data transmissions over extremely long distances using the latest in LPWAN technology. It is aiming to deliver a fully decentralized consensus based mechanism to improve usability of LPWANs. Recently in first week of July-2018, VeChain Fundation has also announced strategic investment in MXC, giving more credibility to this project. VeChain is already providing Blockchian-as-a-Service to various enterprises through its recently launched VeChain Thor platform.
The company falls under the jurisdiction of Germany, which has strong compliance rules and norms to be followed by every start up. It is registered as a non-profit Foundation and has contact address of Berlin. It has the prime laid down objective of promoting the use and global adoption of LPWAN technology and is trying to bridge gap between different infrastructures through this revolutionary concept by partnering with various LPWAN companies. MXC is also supported by the German based global legal firm DWF, who specializes in German Financial, Crypto-Law and lobbying the German Ministry of Finance. The first release of the Anti-Collision Coordinator is planned for Q4-2018 and Smart Bidding module release in 2019. The Inter-Chain data market will be available for release in 2020.
MXC token (ERC-20 compliant) will be used for all transactions in MXC ecosystem. The total supply of MXC is fixed at 2.664 billion and with a hard cap of 24 million USD. Different vesting periods have been set for the different category of investors in the project, which is beneficial for long term holding.
Image Source: MXC Whitepaper
Further details on this promising project can be checked at the following links:
Official Website: https://mxc.news/2Im7eKC
Whitepaper: https://www.mxc.org/hubfs/WP/MXC_technical_whitepaper.pdf?t=1538254520935
Project Telegram: https://mxc.news/2Qci2O3
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Disclaimer: This article was created in exchange for a potential token reward by MXC Foundation, which may be granted on acceptance of this article.
** This should not be treated as explicit financial, trading or otherwise investment advice. Please do your own detailed research and due diligence before final investing.**