IoTeX(IOTX) New partnership with Google Cloud

Partner's Name

Google Cloud

Counterparty Website

https://cloud.google.com/

Counterparty Details

Google Cloud consists of a set of physical assets, such as computers and hard disk drives, and virtual resources, such as virtual machines (VMs), that are contained in Google's data centers around the globe.

Does this partnership generate any kind of revenue?

NO

Applicable Date(s)

2022-03-09

Partnership Details

Takeaway

• IoTeX needs four critical cloud computing factors : rock-solid security, seamless scalability, world-class data crunching, and a zero-latency environment
• The use of Google’s BigQuery and Google Kubernetes Engine (GKE) on IoTeX’s data solution TruStream enriches the performance on the verification and availability of data.
• IoTeX running on Google Cloud since 2019 has been successful proven by real-time data processing on millions of transactions without a single system failure for a 99.9% reliability rate.
• IoTeX handles more than 1 million API calls for data to its blockchain every day, thanks to the seamless autoscaling of GKE and Cloud Load Balancing.
• As the need for the extra layer of security for its platform backend increased, IoTeX runs its own virtual machines (VMs) on Compute Engine to index IoT data on its blockchain.

On March 10, 2022. IoTeX announced the partnership with Google Cloud to develop an IoT-related project. Calling its vision MachineFi, IoTeX pulls data from potentially billions of IoT devices around the world onto the blockchain, building verifiable factors for the assets as the foundation of trust.

It means Web3 developers can engage at a P2P (Peer-to-Peer) level with end users of devices, building incentive-based value creation, without the need for intermediaries. It will enable a future decentralized real-world economy, in the same way decentralized finance (DeFi) enables a virtual crypto economy.

To succeed, IoTeX needs four critical cloud computing factors: rock-solid security, seamless scalability, world-class data crunching, and a zero-latency environment. IoTeX found tools to help achieve these on Google Cloud.

Google Cloud supports IoTeX by enabling two critical conditions for the solution's performance: verification of data and availability of data.

IoTeX has its own decentralized solution for both verification and availability, called TruStream. This decentralized protocol programmably pulls verifiable, real-time data from open devices into the IoTeX network. Here, the availability of data becomes crucial to the real-time, zero-latency automated interaction at the core of the platform. At any given time, IoTeX must be able to handle a virtually unlimited number of API calls to the IoTeX blockchain, where the data is stored.

The use of BigQuery on top of TruStream and cross-referencing with OpenStreetMap, enriches the machine or IoT data. Data is also easily visualized with Google Data Studio and easier for developers to use.

The backbone of this turbocharged datastream is GKE. The containerized infrastructure solution provides seamless autoscaling to handle any spike in demand from the global IoTeX device ecosystem. Meanwhile, Cloud Load Balancing enables the zero-latency connections critical for real-time IoT transactions, by linking machines to the data center closest to the origin of data.

The use of Google Cloud products enabled IoTeX to succeed in the ultimate platform reliability and real-time data processing it needs to power a global, decentralized IoT network. (Since launching in 2019, IoTeX has handled more than 35 million transactions, without a single system failure, for a 99.9% reliability rate, running on Google Cloud. Every day, IoTeX handles more than 1 million API calls for data to its blockchain, thanks to the seamless autoscaling of GKE and Cloud Load Balancing.)

Yet for IoTeX, it also became important to create an extra layer of security for its platform back end, where it keeps its motherlode of IoT data. While IoTeX's user-facing infrastructure runs on GKE for granular and seamless autoscaling, IoTeX runs its own virtual machines (VMs) on Compute Engine to index IoT data on its blockchain.

To derive value from the data without compromising the privacy of users and devices, IoTeX is experimenting with a new Google Cloud solution called Confidential Computing.

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