MXC Foundation Review – Token for the Future World
Artificial Intelligence, Automation, Robotics, IoT, and Digitalization – we often hear these buzzwords nowadays in every technological society sphere. However, what these words are actually doing is creating the premise for a brand-new world for us to live in—a world driven by technology & data. We are talking about a world of automated commutation, technology-driven houses, and borderless financial transactions – basically, a world where machines do all the work with minimum manual intervention.
With this new change, we will also witness the emergence of new business models and opportunities. It will no longer be enough to adapt to change, but rather to envision projects for the future and start creating solutions that would automatically lead to emerging as the next market leader and game-changer. Today we will be looking at one such organization: MXC (Machine Xchange Coin), which creates disruptions in the IoT domain, to create the world’s biggest distributed data network.
How Does MXC Stand Out
In simple terms, MXC is leveraging blockchain technology to create a global decentralized data sharing economy. As we progress towards a digital world, we expect a surge in the usage of IoT (Internet of Things) devices. The current usage level of about 20 billion IoT devices is expected to grow to approx. 120 billion devices worldwide, in a matter of just 10 years. MXProtocol acts as an interface to connect these devices, interact, and communicate without human intervention. Currently, the biggest challenge in device communications is that the current infrastructure has a low range and consumes high energy. There are chances of data loss due to collision as the usage increases. MXC solves this problem by using LPWAN (Low Power Wide Area Network) on the blockchain. This allows a greater range of up to 40 Kms, compared to a 200m range of Wi-Fi, 0.3% power consumption than 3G, and an enormous battery life of 5 years.
The process adopted here is scalable and easy to execute: Sensor-> Gateway-> Repository-> Mobile Applications/Other services. The execution is done by creating purely decentralized gateway nodes operated by the community. This creates a residual income source for the participants and enables fast, reliable. Accurate data for the end-users to be used for various business and real-time decision-making purposes. MXC offerings can be broadly categorized into 3 categories.
- M2M: Machine to Machine is the core of the overall project. MXProtocol allows machines to interact with each other, bid MXC tokens for the data, and complete the micro-transactions without any manual intervention. This is facilitated by the decentralized public-owned data network, which is secure, scalable, and has inbuilt algorithms to avoid data collision. M2M will be the core technology that will build the future of smart cities.
- Network Allocation (Shared Economy): Any consumer or community member can become a part of the network by plugging and authorizing their devices to collect data from the sensors and transmit them to the data repository. They get incentivized for the activity in the form of MXC tokens. Furthermore, any corporation can also convert their data into monetary units by sharing it within the network. This creates a huge borderless decentralized data network where the community is a part of the overall economy.
- Interchain Data Trade Platform: This shapes up as the world’s biggest marketplace for data share. Data across various chains are available for any potential user to select from. This gives a huge “bouquet” of data to choose from, thus allowing the end-user to find the most relevant data suited for their business, governance, personal usage, and pay nominal charges for it. Once the data requirement and availability match, the machine transaction is automatically executed in seconds, using the smart MXProtocol.
MXC Token Use Cases
What is MCX TOken? Is MCX token a good investment?” data-blog-inner=”image” />
As shared in the introduction, technology is making greater inroads in our day-to-day life, which will fuel the MXC project’s growth. Here are a few examples of real-life use-cases where MXC is creating or will impact days to come.
- Traffic Management: With real-time vehicle movement data traffic, responsible will be able to route traffic and utilize free roads to reduce commute time for passengers. Further driverless automatic cars will communicate with this data to optimize travel routes and pool rides.
- Parking: Real-time data from parking lot sensors connected to the MXC network will enable users to identify the nearest available parking slots.
- Agriculture: Data on soil, weather prediction, humidity, heat, etc., will enable farmers to choose the optimum crop and take preventive measures in advance in case of a natural calamity.
- Food delivery: This business segment can take customer service to the next level by providing food delivery on the go, while a commuter is stuck in traffic by analyzing the traffic load further ahead. Data from weather sensors will help food services offer flash offerings basis the mood of the city. e.g., high humidity or low depression data, which predicts rain probability might help food services send push notifications to users with offers, which people mostly order during rains.
- Logistics: This domain again will undergo huge innovation with facilities like the package tag communicating with the customer’s car and delivering their courier on their way home or office. Shopping carts from any grocery store to any e-store will be able to communicate with any home or vehicle IoT and enable smoother and faster delivery.
- Security and surveillance: This will enable a secure and safe neighborhood, as electronic surveillance devices will be able to communicate with an alarm system, the nearest patrol vehicle or send a trigger to a neighbor who is at home (basis the real-time data that their IoT devices are in use) in case of a break-in or burglary.
- Luxury: Sensor data connected to weather prediction will ensure better-planned luxury trips, be it taking a yacht out to the deep blue sea or planning a ski vacation.
- Energy: Since these devices consume deficient energy levels, enhanced usage will help reduce energy consumption – currently done via traditional devices.
- Pollution: Data related to pollution, waste levels, weather changes will enable governments to take proactive and preventive measures, also facilitating planning city expansion and development in a better way.
- Garbage Management: Real-time sensor data from garbage bins will enable optimized pick-up scheduling of garbage vans, automatically leading to cleaner cities. This will have a further impact on reducing health hazards, which are created due to garbage accumulation.
- Smart City: If we put all the above points together, we will obtain the new world Smart Cities concept. The community that contributes towards building and stabilizing this data network will benefit not only by earning a residual income in the form of MXC tokens but also, more importantly. They contribute to making their city a better place to live in. This is undoubtedly a great model of inclusive development and well being!
Other Strong Points of MXC Foundation
Token Economics: The MXC decentralized data platform is built on a public-owned blockchain, a fast, scalable, private network with high-security features. The token MXC is the native token of the MXProtocol, and the key growth driver here would be the huge volume of micropayments amongst the devices without manual intervention.
The token’s total supply is 2.66 billion (which is suitable, considering the micropayments it will be used for) with allocation in the following split: Team 20%, Early Investor 20%, Private Sale 30%, Public ICO 10%, Foundation 20%. The token can be stored and staked in the AXS wallet.
Key Achievements: The key to the success of the MXC project is a community adoption at a global level, and Team MXC is making substantial headway in acquiring global partnerships, which will act as role models for other cities to adopt sooner or later. Furthermore, the team is also working towards backward integration by doing tie-ups with hardware manufacturers to make their devices compliant to communicate on MXProtocol. They have hardware agreements in over 40+ countries, making MXC available globally from day one. MXC has grabbed data network implementation projects from 2 of the most popular and busiest cities across the globe regarding smart cities.
- Shanghai: MXProtocol’s Decentralized LPWAN delivered to a population of 26 million Shanghai and connecting the current smart projects to benefit the corporations, government, and the end-users.
- New York: The complete garbage management system of the city, which produces 14 million tons of trash per year, is getting automated thanks to the MXProtocol implementation.
MXC conceptually is a revolutionary project, which has the potential to create a positive impact on human life by making it easier and simpler. Up to this moment, they have already started making strategic inroads. As we talk about MXC usability in multiple aspects of our day-to-day life, the potential is huge. Also, the concept correlates with Mr. Satoshi Nakamoto’s vision of a truly decentralized economy. If you are an investor with a long-term vision and you believe in the future of technology, then this is certainly a project you wouldn’t want to miss DYOR!