IoTeX, a blockchain platform for the Internet of Things (IoT), has released details for Pébble GO, the company’s latest product set to open for public testing by June 2021.
Pébble GO is a dApp running on the IoTeX blockchain, designed as a space for trading and exchanging non-fungible tokens (NFTs) through “proof of presence” by utilizing trusted wearables and trackers to verify claims of location. In simple terms, Pébble GO will help connect physical and virtual worlds through blockchain-based verification of actual presence with the use of trusted devices, a brand new way of connecting different spheres of life.
“The next step for NFTs is not to prove you have [a] reputation that’s transitive from someone else but if you have reputation that says ‘I have a collection of NFTs that were only mintable under verifiable conditions’ [through a location-based ‘proof of presence’]” shared IoTeX Business Development Head Larry Pang, weighing in on the innovative solution’s importance and difference to other protocols, as the attention to NFTs have recently boomed.
The non-fungible tokens available on the dApp are classified as XRC1155, while other fungible tokens moving in the dApp’s issuance, circulation, and trading cycles are classified as XRC20. All actions and transactions on the Pébble GO dApp are sustained with open-sourced and audited smart contracts to ensure fairness and reliability. The dApp will open with the Pébble GO Marketplace where users may collect NFTs tied to specific geo-locations, trade their NFTs on an on-chain marketplace, as well as stake their NFTs to generate the $PBG governance token.
With Pébble GO’s token $PBG, users can participate in governance and add new geo-locations and corresponding NFTs to the global, communal Pébble GO map. $PBG is mined by staking NFTs on the platform, and it can be openly traded using IoTeX DeFi infrastructure such as mimo DEX, ioTube, and ioPay.
This allows the dApp to operate based on a uniquely fused implementation of decentralized finance and the Internet of Things, which IoTeX calls “DeFIoT”. Through these components, IoTeX’s Pébble GO enables users to do trading, staking, and peer-to-peer interaction with the community, all while using open-source contracts and transparent tokenomics for security and reliability. As they receive $PBG through obtaining and staking Pébble GO NFTs, holders can also burn the $PBG token to add new geo-fenced locations to the map, thereby reducing the total supply of $PBG and introducing a deflationary model to the protocol.
IoTeX’s Pebble Tracker will be the first device supported by Pébble GO given its features built precisely for verifiability, mobility, and decentralization. The Pebble Tracker is a multi-sensor IoT data oracle that uses a tamper-proof secure element (TEE) to convert real world phenomena into verifiable, blockchain-ready data.
CryptoDaily has previously covered the launch of this product. Pebble Tracker is currently available on presale at CrowdSupply.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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