Elastos today announced a partnership with IoTeX, to deliver ID verification and validation services across the Decentralized Physical Infrastructure Networks (DePINs) specialists’ portfolio including DePINscan, DePINasset and W3bstream.
DePINs lie at the intersection between crowd-sourced participation, funding and governance models and so-called Real World Assets (RWA) – tangible infrastructure such as buildings, equipment or other capital-intense assets. They offer a mechanism to recruit and reward participants to maintain these assets, through the Blockchain. When the latter is combined with a physical interface such as IoT, the contributions of these so-called physical ‘node managers’ can be tracked and, in turn, rewarded against tokens whose value itself increases with the development and use of the asset.
DePINscan provides a ready-to-use dashboard with essential visualizations for IoT projects and roll outs; while W3bstream is a decentralized protocol that connects data generated in the physical world to the Blockchain world. IoTeX harnesses its innovative Roll-Delegated Proof of Stake (Roll-DPoS) consensus mechanism, designed to optimize speed and scalability for the seamless integration of IoT devices, while ensuring integrity throughout the entire process. Stakeholders cast their votes to elect specific block producers; block producers receive rewards for their contributions, which they subsequently share with the stakeholders who endorsed them.
Jonathan Hargreaves, Elastos’ Global Head of Business Development & ESG, describes the partnership as Web3 ‘next frontier’.
“Extending the benefits of the SmartWeb in terms of disintermediation, transparency and privacy into the physical domain is a logical but nonetheless exciting next step. Our partnership with IoTeX means that entrepreneurs and businesses of any size will now have access to infrastructure that would otherwise be off limits to them, direct and on their terms. This epitomizes Web3’s promise to level the playing field, thanks to its unique ability to ensure irrefutable identity proof which actually requires neither party to relinquish control of the same,” he says.
Raullen Chai, IoTeX’s co-founder and CEO, explains that DePINs permit an entirely new generation of businesses and entrepreneurs to access and monetize global infrastructure – from buildings to cabling, for instance – that otherwise would be prohibitively expensive or inaccessible.
“Our partnership with Elastos represents an important milestone. Extending our offering to the Elastos Smart Chain (ESC) offers some compelling advantages, including direct integration with ‘Layer 2’ Bitcoin, meaning that agreements can be embedded and reconciled direct in the World’s most popular and trusted digital currency. This is an essential capability as DePINs become more mainstream,” he says.
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