How MXCProtocol will Revolutionize IoT
By: Beejae Prospers
Tags: Cryptocurrency, Oracle Cloud, Internet of Things, Smart Contracts, Blockchain

How MXCProtocol will Revolutionize IoT

Fig: 1 MXC Logo

What is IoT?

IoT is an arrangement which brings together web-enabled smart devices (such as phones, laptops, sensors, TVs and other household electronic devices e.t.c) to and allows them to communicate (i.e share, process and transmit data) with each other in a remote way and for specific purposes. Also, smart devices used in IoT ecosystems need to have sensors to collect data from the environment. These sensors are essential components of smart objects and are mostly small in size, have low cost, and consume less power.

We’re living in a world where virtually every aspect of the human existence thrives on the generation and exchange of data. This is not about to change anytime soon, as a matter of fact, demand for data and data relay systems are only going to be on the increase. Why? Because humans are always on the lookout for systems that are going to make life easier to live and this can only be achieved through formidable Data Intelligence.

Current IoT Infrastructure

Today, smart devices communicate over the network using different types of protocols and standards. The most common communication technologies for short range low power communication protocols are RFID (Radio Frequency Identification) and NFC (Near Field Communication). Bluetooth and WiFi are meant for medium range communication but they consume more power and require frequent charging of batteries being used to power them. The problems with the current IoT infrastructure are;

i. they cost quite a lot of money to set up — the cost of building, operating and maintain satellites and antennas are by no means small.

ii. they consume lots of power, and

iii. they are incapable of meeting the demands of the growing numbers of IoT devices that make use of it for communication. They aren’t just able to scale and this impedes the ability of data to be transmitted in real time.

The effect of these shortfalls is that the goal of having created an IoT ecosystem — which is to make life easier for the end user — is frustrated.

The MXC Innovation

The MXC foundation is working to bring blockchain-integrated Low Power Wide Area Network (LPWAN) into the world of IoT. This is going to ensure that smart devices are able to communicate effectively without having to worry about density and how far apart the devices on the network are. Also, because LPWAN uses low power, a single charging of an LPWAN sensor can last up to a decade.

The MXProtocol Stack

The Stack comprises of the sensors or end devices, a gateway and Cloud. Each component has a unique role to play for the stack to be operational. Sensors gather data from their immediate environment and relay them to the cloud through a gateway. Also, the sensors (aka end devices) communicate with Gateways (using LPWAN technology for uplink and downlink communication) which uses a smart bidding mechanism to allocate downlinks to the highest bidder.

For the Smart Bidding system to work, each sensor and gateway has unique wallet addresses carefully integrated into the system which serve mainly for sending and receiving payment for the exchange of data and resources within the Stack.

The MXC Inter-chain Data Market

This is an arrangement which works by feeding LPWAN data collected by sensors and end devices into smart contracts of other blockchains. Such data feed can also be made use of by non-blockchain applications. Meanwhile, the authenticity of the data feed can be verified on-chain within the Inter-chain data market. Entities can bid for data needed for research and creation of all kinds of solutions.

Fig: 3 MXCProtocol Inter-Chain Data Market

MXC is partnering with series of companies and have started rolling out devices that will bring forth the full potentials of IoT and change the experiences of end users forever. One of these devices is the LPWAN gateway which serves as access points between sensors/ end devices and the cloud. The availability of LPWAN Gateways on the market creates a decentralized and permissionless approach to the shared economy as individuals can setup their own gateways to support the MXCProtocol and get rewarded in MXC for the service provided.

In conclusion, the MXC Foundation has established partnerships with several companies (e.g Advanced Semi-Conductor Engineering, ASE, EnLink, MatchX, Citiesence e.t.c) and governments (e.g Shanghai China, South Korea e.t.c) working tirelessly to unleash the full potential of IoT for the world to enjoy.

For more information about MXC, feel free to use the links below

https://www.mxc.org

https://www.twitter.com/@mxcfoundation

Disclaimer: All images used in this article are property of the MXC Foundation and her brand. Thank you