The MXC Foundation is creating a new way of fashioning physical goods into digital assets within the blockchain. These assets are not only tradable but also trackable, traceable and can verify the origins of these products.
The M2 Pro Miner enables LPWAN NFC tags to onboard as blockchain-based NFTs through its 40,000 network areas.
Adding LPWAN NFC tags on items such as artworks and luxury goods allows individuals to build their own IoT NFT, free from third party firms and cellular networks with extra costs. IoT NFTs are also blockchain non-fungible items that can’t be duplicated or eliminated.
The benefits of doing this for an artist is to allow them to issue their real-world artwork NFT without the need to understand blockchain technology. Using LPWAN significantly reduces cost, especially when compared to the cost of issuing IoT NFTs using a SIM card. The world of art should not be limited only to 3D models or JPEGs. MXC is able to unleash this potential by utilizing more art forms such as paintings, sculptures, musical instruments, porcelain and glass products.
In addition to artworks; luxury products and expensive machines can also be verified as NFTs via LPWAN and NFC. Benefits include increased security, traceability, and authenticity for users, all at a very low cost compared to current methods. This is possible via the M2 Pro's unique Proof-of-Location networks that use blockchain to determine the location of the object which is very difficult to tamper with.
By providing such key services, MXC encourages transparency, which greatly enhances the customer’s experience. MXC’s mission is to intensify the sharing of data while forging a union between blockchain, data service needs and those without finance but who have access to network integration and distribution, thus eliminating borders, intermediaries and prejudices.
Our MXProtocol connects “things”, utilizing a market-based economy which adds a plethora of new transmission points. This allows more data to be shared, traded, sold, and analyzed for data mining. Utilizing the MXProtocol, real-world assets can be brought to the DataHighway blockchain. This allows everyone to verify, trust and track objects that can increase to trillions in just a few years. The robust Layer-2 solution, MXProtocol , has been well tested in the last 4 years to cope with the upcoming surge of real-world blockchain connections.
Within the decentralized economy of MXC, everyone can validate from the sharing of data and end-to-end encryption grants the authorization of the use of NFT data. In addition, entire communities can benefit from transmitting their locations, acting as a network facility to transport gathered data, bridging the real-world with the blockchain economy.
MXProtocol integrates the use of encrypted NFCs to extend the benefit of blockchain technology into daily, real-world use cases.
NFC, or Near Field Communication, is an intelligent technology that allows two-way communication between an NFC tag and a smart device within a 10cm radius. The MXC Foundation believes that NFC technology provides an ecosystem where users can explore new services, new opportunities and the integration & intersection of multiple industries to create the use of our global data republic network. Combining NFC technology with 40km LPWAN further enables the possibility of tracking and verifying the NFT from miles away.
MXC NFCs are designed using NFC with the novel LPWAN technology, which allows them to easily and efficiently communicate over the data republic network. In addition, they will be offered as self-adhesive NFC labels with a tamper-resistant loop, which will effectively protect against product counterfeiting or illegal imitation of physical goods.
If the product packaging is opened without direct authorization, counterfeiters have already opened the physical product, or if any external influences have tried to tamper with the tag; the loop consisting of the antenna will become unusable. If the seal is then scanned by smart devices, it will respond with an error message or will show an unidentifiable asset.
In the same way the OpenSea platform is designed, there is no guarantee of copyright transfer when purchasing a JPEG NFT in Ethereum. Neither will the MXC IoT NFT marketplace be designed as a physical product shipping platform such as ebay or Amazon. The goal of the IoT NFT is to facilitate the circulation of assets globally and the data transaction between different sensors and objects.
Once NFC tags are placed on physical goods, they can be traded as digital assets in the form of NFTs, or non-fungible tokens. Therefore, these MXC NFT-NFC tags are showcased as a tradable digital asset in the universe of NFT platforms. With the NFC tag, you can see details on a particular product ranging from origin, rare ingredients, all previous owners, traders, and total individual items in circulation. Additionally, you will be able to determine its trading market price based on the item’s rarity. Based on the DataHighway blockchain, it is possible to bring other blockchain NFTs like Solana and Ethereum NFTs to the marketplace, in-turn bringing DataHighway NFTs to Solana and Ethereum.
Once the minted NFTs are burned, you will be entitled to receive the physical goods containing these NFC tags. The NFC tag, upon scanning, will be able to verify the authenticity of the physical goods on the blockchain. Thanks to these smart NFC tags, the buyer will be able to see all the details and determine if any physical damage or forging was done or attempted to the physical item.
We should all realize that NFTs aren’t apps or data, they are purely JPEGs with barely any added value to them. MXC hopes to bring something valuable, tangible and meaningful to our industry.
For instance, an NFT marketplace like OpenSea can help to store, track and authentic JPEG data, help to transfer JPEG data from the JPEG creator to the buyer. However, in the MXC NFT market, we will help to store, track, transfer and authentic Datahighway NFTs, which are Sensor Data. They are collected from the IoT data producer and transferred to the data consumer.
Blockchains support NFTs in order to assist with exchanging external data. The reason for this comes from the fact that blockchain applications such as OpenSea and RMRK exchange external data like pictures or music files between each other. As a result, they require location, real-world asset data feeds, financial applications, and weather-related information for peer-to-peer insurance, all written with NFTs. Here we define the goals of the MXProtocol data market with respect to designing data as NFTs:
- Facilitate data usage between different blockchains
- Establish a trusted resource for the external oracles
- Enable the purchase of a live, real-world data stream
- Provide APIs for non-blockchain applications to access the data
The MXProtocol inter-chain data market is built on both Ethereum and the Data- Highway blockchain and provides an effective method to feed the other applications with LPWAN data NFTs captured by sensors and/or end devices.
The figure above shows the example of the transaction between MXProtocol Data and blockchains like Ethereum and DataHighway. MXProtocol feeds data to Ethereum/DataHighway as NFTs, and gets ETH/DHX payments as compensation. It only requires a simple protocol to trust that the data fetched from the MXProtocol data source is genuine and has not been tampered with. In addition to this, the rich data stream can also be used by external non-blockchain applications via Web APIs after the NFT is purchased by the Web 2.0 companies.
Major blockchains like Ethereum and Polkadot are short in data for dApps, and the data that is provided by external Oracles aren’t necessarily trustworthy. With the MXProtocol Inter-Chain Data Market, the generation and flow of the data can be tracked and verified publicly on the chain. Hence, the security issue for NFT real-world data is solved internally with MXProtocol.
With this new release, the MXC Foundation has revolutionized the blockchain space with groundbreaking innovations, tapping into multi-billion dollar sectors and bringing them towards smart developments. Whether low-power Bitcoin mining or Functional NFTs, the MXC Foundation has always been keen to deliver innovative state-of-the-art releases.