What Is MXC Coin: Building Disaster-Free Smart Cities
Key Questions Answered
MXC Coin is all about data ownership and privacy. Today, it’s understood that data is “gold.” Companies have entire teams devoted to harvesting your data, which they then sell to third parties or use themselves to tailor their brand, message, and marketing strategy to pull you in as a consumer. This selling of your data is the reason everyone receives so much spam—be that through your email, telephone, or post box.
The MXC Foundation cannot stop data collection by other companies, but it does aim to put the control of data back into users’ hands. It combines automated hardware communication with the security of blockchain technology and its native coin, Machine Exchange Coin (MXC), to offer fast, encrypted data transmission on a global scale.
The ERC20-based MXC coin price is currently valued at $0.11, with a circulating supply of 2.64 billion MXC for a market cap of $286.94 million.
What Is MXC Coin?
Launched in December 2018, MXC is a German company that works with business and individuals to guarantee the secure and fast transmission of data. It also enables users to sell their own data and thus retake ownership of it and monetize it, as they should.
Through the MXC Foundation, a user can:
- Send data securely: If an individual or team of people is collecting data around the city, all that data can be sent to the MXC’s LPWAN gateway, the M2 Pro Miner, which is encrypted end-to-end. The team will pay a small fee, and that data will be sent to its destination without relying on open or insecure networks. If it’s a continuous flow of data, that data can be sent continuously and without interruption, allowing for live analysis.
- Profit from that data: If another individual requires the data that the above-mentioned team has collected, they can use the MXC Data Market to offer them an amount of MXC Coin in exchange for that data. If the team accepts, then the data will be relayed securely through the M2 Pro Miner. In this way, the research team earns an income from their data, the owner of the M2 Pro Miner earns a passive income by facilitating the transmission of data, and the individual gains access to quality data.
Data is always vulnerable to attack, and with data sent through open networks or through networks that have lots of data moving through them, that data becomes more vulnerable. The MXC Foundation utilizes machine-to-machine (M2M) communication to ensure greater reliability and security.
How Is MXC Helping To Build Smart Cities?
MXC is using data transmission in many ways, from helping secure ownership of data to combating fire risks in Australia. This is most clearly shown by MXC’s partnership with Match X, the creators of MXC’s M2 Pro Miner, cameras, and sensors.
As well as using sensors to gather data on valuable metrics such as mall footfall, available parking spaces and more, the MXC sensors and cameras can use M2M communication to automatically verify threats. For example, MXC’s cameras are being used to identify how serious a fire is by comparing footage from different angles, or whether a fire is about to break-out by detecting smoke, flames in forested areas and others.
Likewise, these cameras and sensors can be used to detect accidents on the road, relay this information to a smart contract to trigger a change in the traffic flow and so avoid congestion on the roads. This type of smart verification through automated cameras and sensors aims to be the next step in the building of smart cities.
How Does The MXC Foundation Work?
The MXC Foundation works through a combination of hardware and software to offer a fully automated, M2M transferral of data. It does this through:
LPWAN Gateways, or M2 Pro Miner: Released in November 2020, this piece of hardware is currently installed across over 70 countries. It’s a low-power, multi-token miner that’s fully automated and generates miner rewards (in the form of MXC Coin) through participation in the MXC Protocol, ensuring fast, secure, and reliable data transmission.
The miner will also soon be participating in Polkadot (DOT) and Bitcoin (BTC) mining, creating opportunities for greater wealth accumulation and thereby encouraging greater adoption. The miner receives sensor data through M2M communication from within a radius of 30 km and then sends end-to-end encrypted data to the receiving machine.
MXC Protocol: The MXC protocol is a worldwide blockchain network that runs parallel to the Polkadot scalability solution and blockchain to ensure the security of its data transmission. It does this by creating a bridge between the various LPWAN networks that partner with the MXC Foundation to transmit data. The protocol works alongside its miners (the M2 Pro Miner) and its native coin, the MXC Coin, to ensure uninterrupted, fast, and secure data transmission on a global scale.
MXC Data Market: This market runs on the MXC Protocol and gives clients a view of all the existing MXC gateways and data types in their radius, as well as their costs. This allows data holders to send their data quickly and securely, as well as sell it.
Smart Bidding System: The buying and selling of data, as well as the transactions between those wishing to send data and those with an MXC gateway is all done automatically through the Smart Bidding System and Data Market. MXC Gateway holders will set their price upon set-up, and this will appear in the Data Market. Through M2M communication, users will be paired with those gateways that match their requirements (speeds, cost, radius, etc.), and then the Smart Bidding System will automatically process the transaction between the machines.
The MXC’s M2 Pro Miner incorporates other token rewards such as DOT and BTC to incentivize adoption. (Source: tutti.ch)
MXC Foundation: The Concerns
Despite the world clearly moving in the direction of smart cities and MXC looking to be at the forefront of that movement, there are some issues that remain unanswered by its technology.
- Trust: The MXC Foundation claims that no data remains on their LPWAN gateways, however, if much of the data is being collected through their own sensors and cameras, who owns that data? If the MXC Foundation is looking to set up sensors across the globe to help in the building of smart cities, then that data will be distributed among those searching for the data (academics, research institutions, etc.) and the company itself (through its own sensors and cameras). MXC claims to want to put data control back into the hands of owners, but in this case the owner may often be MXC.
- Faults in automation: There have already been many attempts to create automated responses to events, such as a sensor detecting fire and alerting the fire services, or a camera locating an accident and redirecting traffic. However, not all of these have been successful. Smart highways were introduced in the United Kingdom only to be paused following an increase in deaths due to issues arising from traffic redirection.
- Coverage: The MXC M2 Pro Miners each have a coverage of 30km, which although a big distance, would require a huge uptake in order to make a real difference to the way data is transmitted on a global scale. MXC claims that they have covered 99% of The Netherlands, a statement that seems great until realizing that it’s a country measuring only 41,800 km2.
MXC Coin Price History (Updated 2022)
In 2021, the MXC Coin price saw its first real growth since launch. This was when the MXC Foundation diversified not only to offer a secure transmission of data through its LPWAN gateways, but also to collect usable data through its Edge AI cameras and more.
It was also the year it established four global distribution centers for its hardware, thereby increasing its range and the utility of its MXC protocol. Despite this growth, the MXC Coin price saw a turbulent year due to the 2021 crypto crash. The MXC Coin price saw highs of between $0.05 and $0.06 in April, August, and October 2021, and lows of between $0.01 and $0.02 in January, May, July, and September 2021. It peaked at $0.07 at the end of December 2021 before coming back down to $0.05 on the last day of the year.
MXC price chart December 2018 to Sep 2022. (Source: Coinmarketcap)
Interestingly, as the overall crypto market trended downward in 2022, the MXC coin 2022 has instead bucked the trend, hovering between $0.06 and $0.12. This can be attributed to the fact that many of the changes implemented in 2021 have become solidified; for example, the M2 Pro Miner has been extended to mine BTC following 3 successful tests.
MXC Coin Price Prediction 2030
When looking at the future and the MXC coin price prediction that should come with it, we must look at its overall utility and adaptability, as real-world utility creates value, which in turn affects price performance.
- Increased revenue for miners: The MXC Foundation’s hardware is expanding to incorporate mining for BTC and Polkadot’s DOT token. This will mean more incentives for users to invest in the miner, meaning increased MXC Protocol adoption and increased coverage for secure data transmission.
- Partnerships: By partnering with Polkadot, the MXC Protocol will be able to communicate with other blockchains, thereby creating a much broader reach for its data and opening doors to new projects in the future. The MXC Foundation is already planning new projects for 2022 that may well utilize Ethereum, Bitcoin, and Polkadot—some of the most popular blockchains in the world.
- Real-world usage: The use of hardware, such as sensors and cameras, to gather, analyze, and automate data and data processes mean that the MXC Foundation could secure itself a position in many fields, from marketing, data analytics, disaster prevention, traffic control, and more. If the Foundation is successful in this, there’s no end to its possibilities. However, legalities may hinder its progress due to conflicts of interest or friction between governments and decentralized technologies, such as the MXC Protocol.
- New projects: The MXC Foundation claims that in 2022 it will enter the Metaverse, create a non-fungible token (NFT) marketplace on the Kusama Network, develop meta tags that it will curate for tangible goods, such as gin bottle designs, and much more. With so many projects on the horizon, it will be interesting to see which will take off, and what their success or failure will do for the protocol and the MXC coin price.
Due to the speed with which technology, and especially blockchain technology and decentralized finance (DeFi), is developing, it’s impossible to say where the MXC Coin price will be in 2030. However, it’s clear that the MXC Foundation is not shying away from partnerships with other networks or from delving into a whole range of industries. This adaptability and drive are qualities that could mean a positive MXC Coin price prediction not only this year, but in the future.
The MXC Foundation offers one of the most hardware-based approaches to cryptocurrency and blockchain. In many ways it has the usual blockchain features, such as a decentralized network (MXC Protocol) and a native coin (MXC Coin) to ensure security and pay fees and rewards, but in others it represents a traditional company with distribution centers, cameras, sensors, and hardware to transmit data. It is perhaps a hybrid that fits well into a society leaning into Web 3.0 but not completely ready to let go of a tangible reality—something that may make more traditional businesses and governments likely to trust it.
Having said that, the MXC Foundation is far from traditional and aims to be at the forefront of smart city creation. It offers automated solutions to very real problems and transfers the necessary data in a fast and secure manner for a fraction of the price of many traditional data transmission companies.
Additionally, MXC’s adaptability and drive to partner with other networks and companies to create more real-world usage will certainly help it on its way. There are of course factors to consider, such as trust, coverage, and faults in automation, but if the MXC Foundation continues with its very driven approach, bridge the virtual and physical worlds, it will establish itself strongly in the new era of blockchain.