The MXC Foundation is a German non-profit organisation with the mission of connecting Low-Power Wide-Area Network (LPWAN) technology with the blockchain. This is done using the Machine eXchange Protocol (MXProtocol), a protocol that they are still in the process of developing. In order to make these device networks both useful and mutually profitable, MXC has introduced a cryptocurrency called the Machine eXchange Coin (MXC). This coin is not intended for speculative investment so much as to allow for a new type of data flow Monetization.
Purpose of the MXProtocol
MXC's focus is better utilisation and implementation of IoT networks, finding better ways to connect “things” to the Internet as well as making the data they produce easier to use. Current IoT networks face significant bottlenecks, primarily in terms of their low range and high power consumption. A standard Wi-Fi can rarely reach more than 100 meters, and a 3G or 4G network consumes impractical amounts of power, especially for the 35+ billion connected devices expected by 2020. By comparison, LPWANs are very low power systems which can stretch across dozens of square miles. As demand for practical LPWAN is expected to increase substantially, the need for longer range, lower cost data networks like these is clear. However, massive expansion of an LPWAN is only possible with an anti-collision coordinator such as the one MXC has developed. Otherwise, the amount of data loss would be crippling.
Uses of the MXProtocol
MXProtocol offers an innovative approach to reduce collision between LPWAN networks and has constructed an inter-chain data market with an independent Quality of Services (QoS) framework for both data providers and receivers. The ultimate goal is to produce a decentralized, ubiquitous and secure LPWAN. MXProtocol's trading network builds upon and seeks to expand the sharing economy. It is exclusively owned by users, who can be both enterprises and individuals. These users have two primary paths of monetisation:
- By setting up a LPWAN Gateway, such as a MatchBox LPWAN Gateway, Cisco LPWAN Gateway, and trading access for MXC
- By selling access to data collected using LPWAN sensors, either after it was collected, or live from the sensor