MXC, DHX & DOT: Providing a Data Journey

Introduction

Since its inception, MXC has always been a proponent of parachains over individual main nets, as the need for an “Internet of Blockchains” was stark, although unrecognised by many at that time. Over the years, various product offerings have entered the blockchain space, establishing unforeseen trends that broke into mainstream adoption. As most new trends and products do, this has resulted in shortcomings and the need for viable solutions. Working on Polkadot via DataHighway is MXC’s venture into providing much needed innovation that addresses this new generation of challenges.

The Transformation of Collectibles

The introduction of Non-Fungible Tokens (NFTs) around 10 years ago created a new trend of collectible digital assets. Then, Ethereum and IPFS allowed users to store data on these digital, collectible assets, opening the world of NFT art which many know and love today. Although only a few years old, the NFT art market has amassed a considerable amount of total value locked (TVL) and trading volume. This shows that we are going through a new age of transformation, where collectibles are migrating from the physical world to the digital world.

Bridging On-Chain Assets and Off-Chain Assets through Data

Even though the collection of digital assets is growing rapidly, our physical world consists of real, tangible assets. This calls for a solution that bridges the gap between the world of digital, on-chain assets and physical, off-chain assets. Think of limited edition shoes or exclusive bottles of alcohol that can be authenticated on-chain. Now, consider the possibility of inventing a digital picture frame that displays only authenticated NFT art. Both of these can be done by supporting the flow of data.

Polkadot, DHX, and MXC are the composition of this data bridge. Think of it this way:

• DOT is the bridge underneath that holds up the entire infrastructure
• DHX is the road on top of the bridge
• MXC is the truck that carries the data

While MXC empowers data sourced from off-chain assets to be transferred on-chain, DHX allows specific on-chain data to be always tied to related off-chain assets and to be transferred. Combined, MXC and DHX offer an innovative solution in which both on-chain and off-chain data can be bridged, transferred, and bonded to each other.

Authentication of Data Assets on Kusama and Polkadot

As more digital collectibles enter the market, the ability of blockchain to validate the authenticity of assets has been noticed by almost all industries. It only makes sense that the best way to combat any physical alteration of an asset (i.e. an attempt to falsify its authenticity) is to create a digital twin of the physical asset, and store it on an immutable blockchain.

While Ethereum and IPFS have paved the way for NFT-based digital art, both Ethereum and IPFS’s rigidity prevents various data assets from being hosted on-chain. Some of these data assets include crucial IoT data, being sourced from tangible assets such as consumer goods, and from monitoring assets such as sensors. Unlike Ethereum and IPFS, Kusama and Polkadot offer enough flexibility within its framework to allow hosting of IoT data on-chain. This is why MXC has chosen to work on Kusama and Polkadot.

Even though Kusama and Polkadot allow IoT data assets to enter the blockchain, there is still a need for these IoT data assets to be stored securely on-chain in order to be authenticated and verified when the call is made. Just like Ethereum is the enabling network and IPFS is the storage place, a parallel can be made that MXC is the enabling network, and DHX is the storage place of on-chain IoT data assets. Combined with the nature of Kusama and Polkadot, the tri-factor of MXC, DHX, and Polkadot allow for IoT data assets to be collected, transferred, stored, verified, and be given valuation on-chain.

Conclusion

The multi-trillion dollar IoT industry, combined with the multi-billion dollar NFT industry, are sure to be highly innovative and hugely successful in the current and upcoming new wave of digitalisation.

The strong partnership between MXC and DHX represents the combination of IoT and NFT in bridging the physical and the digital in data sourcing, indexing, profiling, transferring, authentication, and storage. Running on top of Kusama and Polkadot, the complete solution deck that MXC and DHX offer can be utilized by current and future projects to further enrich the world of Web3-driven Internet of Things.

MXC, DHX & DOT: Providing a Data Journey was originally published in MXC Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.