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The Path To Sustainable IoT Supply & Demand
For those of you who don’t know me, I’m Aaron, MXC Co-Founder, a company I’ve lived, breathed and sometimes, but rarely, got some sleep during the last five years.
Over the past three months I’ve laid witness to some intense discussions surrounding MXC, I’d now like to take this opportunity to lead the discussion, a discussion that has often been incorrect, ill-informed and in some cases intentionally mischievous. I’ve seen, read, and been bemused by much of it, however today, I’d like to slice through the sensationalism, speculation and unbridled gossip to deliver complete transparency, unveiling the bold plan that we, as a movement, have been intensely focusing on for the past two years.
Our long-term data objective was a bold plan, which I admit, we should have involved more supporters along the way, but it’s also one in which I was unsure we could fully achieve, until now.
We have successfully reached a point where we will be releasing this plan in the coming few months. I am filled with both relief and confidence that we will achieve what we have all worked so hard to deliver, and we have now come to a point that we can reveal a path for success of our data network, where other IoT networks failed we took pause for thought, ensuring we could deliver full functionality, continued growth, and sustainability.
Often within the world of crypto we are expected to make the right decisions, while also making them fast and profitable at the same time. We attempt to do these in a world where the path has never been defined, and as a result, the path we develop requires careful thought, planning, and yes, time; something the world of crypto offers inventors far too little.
To give a complete understanding, I’d like to talk to you about some key principles that drive any economy, plus one key principle that drives the world of Crypto.
Supply, Demand, and Scarcity
Supply and Demand are two key areas to any successful business, now add Crypto to the equation and there’s a new element, Scarcity, a key area that drives and powers many Crypto economies. Basic economics tells us that supply and demand need to co-exist in order to run a global economy. Basic crypto economics tells us, the more scarce a token is to come by, the more success it will have.
Supply
This is something we’ve been working on via our global data network. Our mining community offers a vast supply of this “data network”, allowing anyone to connect, and soon “pay to use” in order to transmit data. At this point of our network journey, I believe that we are starting to reach the minimum coverage threshold to support the very first steps in our global ambitions. Of course, we need to continue to grow this network further, but it is beginning to reach a breadth that can fulfill the initial requirements for basic usage.
Demand
This, I’ll be honest, has been quite a head scratcher for us at MXC! We’ve seen other IoT networks fail dismally. We watched both their rise and fall because they simply had no demand. This is something we’ve been watching and at the same time been desperate to avoid. But how? How could we grow a global network that was both sustainable and economically viable when others had failed? We needed demand for IoT, for sensors, and for the offering our miners were delivering, but after witnessing the collapse of another IoT network, we had to rethink everything.
To truly grow and power network demand, we focused on the inner workings of what I believe to be a brilliant model, and one of my personal favorite tokens: Ethereum (ETH). ETH is a token that commands demand, even if you don’t wish to invest in the token. You need Ethereum in order to facilitate basic usage of a variety of tokens and/or other transmissions within the Ethereum ecosystem, and this genius token is where my focus began to awaken and take shape.
The goal: To build MXC into the “Ethereum of IoT Tokens”, creating a network that would be self-sustainable, create massive demand for our ever-growing network - and it would do all of this whilst simultaneously creating continued scarcity of the MXC token.
This is where, in mid 2021, the plan of Initial Sensor Offerings “ISOs” was born. Now, before the critics jump onboard, NO, this is not a new “buzz word”. This is something that we’ve been focusing on for almost two years, bringing everything together: our miners data network (supply), sensors using the miners network (demand), the metaverse, ISO launchpad, NFT’s and having MXC as the centrepoint to ensure all these transmissions and trades can happen via MXC Gas Fees upon the new ISO multi-token usage (scarcity). Yes, this “ISO” is the combining factor, bringing everything we’ve been working on, together.
How?
Allow me to share with you the grand plan.
The Internet of Things (IoT) is a rapidly growing phenomenon, but I’m also the first to admit it has been one which has yet to hit its peak. In many ways it’s been hyped, hoped and deserted. Mainly because there was never a sustainable plan on why or how anyone could connect real world hardware sensors with the Blockchain.
Until Now. . .
ISOs (Initial Sensor Offering)
ISOs is a cryptographically secured process, offered exclusively on the MXC Data Dash network. The ISO platform enables the purchase of real-world sensors from companies listed on the DataDash platform. Companies that list their token and sensors on DataDash seek launchpad funding. This funding is driven solely and exclusively by 3rd party ISO tokens via the MXC launchpad. These 3rd party tokens raise funds in part or in full in MXC, with liquidity locks within DataDash playing a major role to the stability of the project and MXC token. This adds further functionality to the MXC token, whilst allowing MXC supporters, Miners, token holders or anyone who wishes to support these new tokens, to buy or use MXC to invest in these new token ventures. As part of the ISO via MXC, new tokens must lock a portion of the MXC raised within DataDash to ensure they have ongoing liquidity, security and continued viability (similar to the current Polkadot listing Model), thus creating further scarcity of MXC. We expect a significant increase in DataDash App usage via these 3rd parties who will encourage their supporters to download and interact with DataDash.
Additionally, these tokens, via the ISO launchpad, are being enabled to develop better sensor technology solutions for the IoT market, this grows more demand for sensors and the overall IoT technology.
These tokenized sensor offerings represent a major breakthrough for the MXC Data Network, as it allows for the creation of a two-sided marketplace. On one side, there is the supply of our MXC Data Network, which will be driven by our ever-growing mining community and the soon to be released, low-cost NEO Miner. Then there’s demand, driven by companies (tokens) looking to leverage the power of their sensors and the Internet of Things (IoT). This supply of sensors, represented by the ISOs available on MXC, will drive exponential growth in sensor ownership (demand), miner network utilization, (supply) and MXC usage and locks (scarcity).
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The scarcity of MXC can be summarized via:
This basic law of economics means the demand for sensors will be bolstered by ISOs, creating an effective and efficient way for 3rd party tokens, sensor manufacturers and IoT companies to acquire, manage and monetize their sensor data.
This isn’t just a pipe dream. This is something we have been working on for years, basing our model on a combination of both the Ethereum and Polkadot networks and their ability to sustain and increase growth. We believe that this is the missing piece of the puzzle the entire IoT community has been waiting for.
The proof of the success of our scarcity model can be visualized via tokens such as Polkadot or Ethereum, where people are encouraged to hold Polkadot (DOT) to list their tokens on the Polkadot Network (similar to what we do with new ISO tokens listing on DataDash) and, via Ethereum (ETH) where it is either raised as funding or used as gas for new hopeful launchpad start-ups.
Now, as the Mining network or in this instance, let’s call it the “supply” side, and Sensor “demand” grows, so does the need for more efficient data management. This is where intirnalized DataDash Gas fees will play a key role in continued need and usability of MXC within the Data network, ensuring sustainability and continued requirement for traders to engage in MXC holdings.
The MXC Miner Network is a key component of our IoT ecosystem, designed to help manage the ever-increasing amounts of data being gathered by connected devices. However, this is only part of the equation; in order for the MXC Miner Network to succeed, it must also offer an efficient way to acquire and manage the sensors that drive IoT, and this is where everything we’ve been working on comes full circle.
Why we introduced Multi-Token Mining
We onboarded multi-token mining via our DataDash App, and as I stated in previous MXChats, we did this to test out our network and its ability to sustain multiple tokens and variable mining models, which we do via BTC and DHX Tokens. I understand that we have been criticized heavily for this, but this has purely been a test over the past 2 years to ensure we can adequately allow literally any token to be mined on our DataDash network, whilst using a variety of mining protocol methods. To those who thought it was a scam, a rug-pull, or a ponzi; no, I'm sorry, it was simply a test of these network capabilities. And yes, our miners did benefit from it and continue to benefit from this experiment greatly.
Why we Focus on the Metaverse
Again, a much misunderstood element of MXC, we are focusing on the metaverse, and not as a buzzword. It's something we are building in the belief that this is a platform where X2Earn (eg: Stepn style) tokens can perform. The X2EARN industry has a lot of growth and we already have a significant amount of tokens from the X2EARN industry who have approached us to list on DataDash. X2EARN is at the forefront of the Metaverse, where people use their movement in this virtual world. By adding sensors to X2EARN, we are taking another step into the metaverse, and the cross-over between real world hardware (sensors) and the virtual world of the metaverse, which we believe is the future of IoT.
Why we Introduced Meta-XP
Meta-XP was developed to decrease dependency on MXC, reducing the focus and expectation as part of mining. I understand Meta-XP hasn’t been a largely popular decision, but we aren't here to focus purely on popularity, our goal has always been to roll out what is necessary for the sustainability of the network, in the end adoption is the key, the key for miners, the key for the network and the key for growth. We do everything for long term sustainability and the global adoption of MXC within the world of IoT.
Revolutions rarely happen without some push-back, and this is the push-back we now face, but it’s one we are prepared for and one in which we believe we must win to be successful. To those who have chosen to demonize us, I hope with this article today, or potentially later in the future, you’ll be able to reflect on the why’s and how’s of what we put in place. Time is often the best remedy for a lot of highly-energized FUD. Nevertheless, we wish everyone well and we hope to welcome you and a massive number of new miners, tokens, sensor owners and MXC investors to our network. This is our dream, our life's work, and our vision for a connected world; one device, one miner, and one supporter at a time.