A guide to the MXC project, its background, the Internet of Things (IoT) problem, the platform’s advantages, it’s exchange and economy, the utility token, as well as the partnership with Polkadot.
Not long ago, the only users of the interconnected web were overwhelmingly humans. The machines barely communicated with each other autonomously, without human intervention. There was virtually no need to anyway.
As the times have changed, the world has witnessed the birth of smart sensors, systems, and devices. To function effectively, they need to connect and share data with each other. Hence, the field of the Internet of Things (IoT) was born. Enter the blockchain-based MXC project.
Run by a German non-profit organization and based in Berlin, the project was called MXC and it was started in January 2018. The project has a revolutionary design for Internet of Things (IoT) systems based on Low Power Wide Area Network (LPWAN) and is intended to bridge the gap between different architectures.
The team is multicultural, consisting of senior professionals in the blockchain industry and specialists from all over the world. The project places a strong emphasis on community involvement and ownership. MXC is backed by investment funds such as FBG Capital, Genesis Group, and Block Capital.
The MXC Project
The MXC project is an attempt to build the Internet of Things (IoT) network on the blockchain. But it isn’t just another IoT project, aiming to facilitate the transfer of information and build an economy between non-human Internet users. It is actually redesigning it.
Machine eXchange Protocol (MXProtocol) and its Para-Chain network utilize Low Power Wide Area Network (LPWAN) network to transmit and manage data. They use an economy by the MXC token, to incentivize parties running the communication network. They also allow the connected systems to pay for data obtained from each other.
Internet of Things (IoT)
The Internet of Things (IoT) is a giant network of interconnected systems, sensors and devices which talk with each other. IoT functions just like the regular internet, except the communication and usage occurs between machine-to-machine.
Humans aren’t directly involved. IoT-enabled devices can include security systems, thermostats, cars, electronic appliances, smart home devices, etc.
Internet of Things (IoT) Problem
Currently, IoT networks utilize Bluetooth and WiFi only to ensure connectivity. Such an approach doesn’t allow for efficient and long-range communication since those networks aren’t designed to keep low-power and even lower range IoT devices in mind.
MXC introduces the Low Power Wide Area Network (LPWAN) based system to rectify that. On the other hand, LPWAN offers 10 year sensor battery life, 20 km coverage on a single gateway and mass connection points. It is optimized for low cost, high coverage and extremely low power consumption.
Advantages of MXC Platform
The MXProtocol powering the MXC project focuses on reducing collision between networks, Quality of Services (QoS) framework, building an inter-chain data market and network coverage. It aims to form the backbone of smart cities, future corporations and enterprises.
Since it is built on the premise of a “sharing economy”, therefore anyone can contribute to the network and profit in MXC tokens. The monetization benefits the networks by increasing coverage and building an Internet of Things (IoT) economy.
The project runs its own exchange for trading digital assets and especially the native MXC token. MXC exchange features a FIAT-on ramp with transfers enabled from bank account, mobile services and credit/debit cards. It allows for spot and leveraged trading upto 10x.
MXC exchange has a minimalist and easy-to-use interface, which displays only the most useful information. Like most exchanges, MXC doesn’t charge deposit fees, however, withdrawals are charged. The platform has a 0.2% trading fee. It offers trading around 242 coins and has 374 trading pairs.
The MXC economy is powered by the Machine eXchange Coin (MXC) token. It has a 2.6 billion supply and is used for all activities on the network. The users receive MXC tokens for participating in running the network through supernodes and communication systems. And so do the machines and systems trading data with each other, as payment.
It is based on the Ethereum ERC-20 standard and is traded across major exchanges. MXC was launched through ICO style funding, with team/private sale tokens vested.
The backbone of the entire project is the MXC economy, the thing which binds the whole ecosystem together. They include the sensor owners, collecting data and communicating them for beneficial purposes. They are managed by the Supernodes, to whom MXC holders can delegate their tokens to.
The entire “data trade network” offers a unique and thoughtfully designed system for the Internet of Things (IoT). It allows for the mass sharing of sensor data in a private and controlled manner. The data is intended to be distributed amongst owners, receivers, and hosts.
MXC Project Partnership with Polkadot
The Polkadot project is a widely known initiative in the blockchain arena with immense potential. It is a heterogeneous multi-chain framework for the Web 3.0. The project serve as a bridge to connect various blockchains, which allows them to operate together, maintain communication, and transfer data across.
Since the MXC project is concerned with the “data sharing” economy, it made sense for the project to enter into a strategic partnership with Polkadot. It will result in a cross-chain combination of multiple IoT chains and allow for seamless machine-to-machine communication.
Its importance can be gauged by the fact that multiple IoT chains, conflicting technologies, and otherwise incompatible devices can now connect with each other using their own chain. This also ensures the composability and compatibility of multiple IoT tokens, allowing MXC to be used on a larger scale.
Overall, the MXC project arguably holds significant promise to be a class-leading IoT chain. It is focused on mitigating the shortcomings found in similar projects like a closed ecosystem, no mechanism for determining the quality or the authenticity of the data, as well as the absence of a proper data marketplace.
The MXC project is remarkable in the sense that it allows scaling of the existing solutions to accommodate the massively growing IoT data and its usage. It is a much-needed upgrade to the traditional communication system, which is fast approaching its limit.