The world’s first non-profit cryptocurrency organisation with a goal to promote the global device data sharing economy, MXC Foundation, has targeted Australia as a key market with massive potential growth.
Co-founded by Brisbane entrepreneur Aaron Wagener and now based in Berlin, MXC has raised AUD$35 million in early round seed funding and today announced plans to raise a further AUD$6 million through a public initial coin offering (ICO) for its Machine eXchange Coin.
Whilst the majority of its funding has come primarily through overseas investors, MXC is keen to get Australian investors on board as well.
MXC aims to bring monetisation of data services to the forefront by promoting fast, efficient, decentralised data exchanges using LPWAN (Low-Power Wide-Area Network) and blockchain technology.
MXC has developed the Machine eXchange Protocol (MXP) to facilitate the uninterrupted exchange of information between IoT devices, allowing Australians to monetise data by tracking, sharing and selling them through machine-to-machine transactions (M2M).
Wagener highlighted Australia as a key market for MXC’s global expansion given the proliferation of IoT devices in the country, saying;
“Given the lack of solid internet infrastructure as well as the rising costs of internet coverage, many Australians are turning to alternative methods in order to operate their IoT devices. We see LPWAN as a viable alternative network that is more cost effective and energy efficient for the new-age device data network”
A further 10% of MXC tokens will be released to the public on 8 July 2018 with a total market cap of AUD$54 million.
According to Wagener;
“MXC differentiates itself from other IoT/ data tokens by focusing on the use of LPWAN infrastructure, turning it into the world’s largest device data sharing economy. With LPWAN technology, MXC enables fast, end-to-end encrypted data transmissions over long distances. We’re linking hardware to the blockchain, allowing us to provide real-life use cases for this ground-breaking technology.”
MXC recently appointed Jeffrey Wernick, early investor and advisor of Uber and Airbnb, to its Advisory Board. Wernick will play an instrumental role in helping chart a strategic path for the foundation to develop and drive the global data device sharing economy.