A MachineFi application can be split into three main components:
Whether it's a Web3-oriented smart device newly designed with dApps in mind, or one that has already existed in the market, a MachineFi application relies on data generated by a smart device.
From rewarding sleeping patterns and workout progress, over selling industrial machines as a service, to incentivizing weather data contribution and predict the global climate change, any MachineFi application always requires some IoT data processing and storage. On top of this data, trusted "proofs of real-world facts" have to be generated for the Blockchain Logic of any MachineFi application.
Basic blockchain components of a MachineFi application typically include a set of Authorization-related smart contracts, as well as an incentivizing token economy. More complex applications could include decentralized data marketplaces or complex DeFi functionalities.
As anticipated in W3bstream Node architecture, the W3bstream framework aims to disrupt the status quo in conventional Web2-based IoT businesses and facilitate organizations and community developers to build innovative Web3-based IoT applications that enable device owners to monetize their device utilities and provide fair distribution of the value chain revenue among all the stakeholders.
In this section, we introduce the basic concepts of how W3bstream works.