Blockchain and IoT for the future smart cities
MXC or Machine Exchange Coin is developing fast, efficient, decentralised data exchanges using LPWAN-Blockchain technology. According to their LinkedIn profile, MXC automates machine to machine (M2M) transactions that allow big data to be decentralized, which in return enables devices data-based economy. Early adopters of LPWAN technologies can use MXC to trade LPWAN Gateway access or sensor data for MXC coin. This exchange function can be executed automatically using smart contracts that run on the Machine Exchange Protocol (MXProtocol).
The company is headquartered in Berlin. It acts as a non-profit foundation that promotes the global adoption of LPWAN technology. The team said that they believe that MXC paired with LPWAN technology is the next step in the fourth industrial revolution, which focuses on smart cities and public access to big data. It also claims that the MXC protocol will be the backbone of the future IoT.
MXC Foundation has raised around $35M in funding over 2 rounds. Their latest funding round was on May 3, 2018. One of its notable investors is IOSG Ventures and Huobi Capital, which is why Huobi is one of the first exchanges to list MXC after the funding round was finished. The company is competing with other IoT-based blockchain companies such as IOTA, which also plains to integrate blockchain technology into the world of internet of things devices. MXC claimed that its early-stage product is already used by multiple cities, which will help them with future integrations.