DePIN, short for Decentralized Physical Infrastructure Networks, is a game-changer in the evolving world of Web3. It's also known as Proof of Physical Work (PoPw), Token Incentivized Physical Networks (TIPIN), or EdgeFi. Unlike Proof-of-Work (PoW), DePIN focuses on real-world assets that power the crypto sphere.
Using tokens as incentives, DePIN encourages the development of physical infrastructure like wireless networks, cloud services, and power grids. This innovation has the potential to rebuild trust in blockchain and boost its popularity worldwide. With the Web3 space gearing up for a bullish period in 2024, DePIN projects stand out as symbols of decentralization, user ownership, and data control across various industries. Check out our list of top DePIN projects to watch during this bullish season.
At the time of writing the blog, as per CoinGeckos report, the DePIN sectors market capitalization stands at over $14.7 billion, with a 24-hour trading volume of over $971,905,848.
Top DePIN Projects Gaining Momentum
1. Akash Network
Akash is a decentralized and open-source cloud computing platform. The network provides a marketplace, Akash Marketplace, that connects server owners with excess cloud computing resources with users in need of these resources for hosting applications.
Akash Marketplace runs on Akash Network, a Tendermint-based blockchain built using the Cosmos SDK. Akash Network relies on a Delegated Proof of Stake (DPoS) for its consensus. The network is secured by a group of Validators responsible for producing blocks and processing transactions and state changes. To run Validator nodes, users must stake the networks native token, AKT in addition to meeting the node hardware requirements.
2. Helium
Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices.
Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes.
Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Heliums native cryptocurrency token, HNT.
Heliums goal is to prepare IoT communication for the future, identifying inadequacies in the current infrastructure since its birth in 2013.
3. Filecoin
Filecoin is a decentralized storage network based on the Interplanetary File Storage (IPFS) protocol. It is designed to utilize unused storage globally into an efficient storage market for users to pay for low-cost storage. The objective is to ensure file storage is permanent and distributed across the web. Contrast this with centralized cloud storage solutions such as Amazon Web Services, Google Cloud, or Dropbox, where data are stored in servers owned by these private corporations.
Filecoin (FIL or ) is also the currency of the decentralized storage network. Customers wanting to access storage will have to pay for storage in Filecoin. Nodes that provide storage to the network will in turn be paid in Filecoin for their service.
4. Arweave
Arweave is a decentralized storage network that seeks to offer a platform for the indefinite storage of data. Describing itself as "a collectively owned hard drive that never forgets," the network primarily hosts "the permaweb" a permanent, decentralized web with a number of community-driven applications and platforms.
5. Theta Network
Theta network is a decentralized video streaming network that is powered by blockchain technology. Theta allows users to watch video content and get rewarded with tokens as they share their internet bandwidth and computing resources on a peer-to-peer (P2P) basis. Besides a line-up of institutional investors like Node Capital and DHVC, Theta Network is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
6. IOTA
IOTA is a distributed ledger technology (DLT) that features unique architecture and an open-source product suite for individuals, businesses, and institutions to use in Web3. It is built on a directed acyclic graph (DAG) called the Tangle, which can be pictured as a multi-dimensional blockchain. It enables the exchange of data and value on a decentralized platform through direct and secure transfers, executed on and immutably recorded on the network.
7. WiFi Map
WiFi Map is a super app with the core asset of a community-driven decentralized wireless network that incorporates a database of 4.5 billion WiFi hotspots. They have achieved great success in Web2 space, reaching 150,000,000 million users, MAU 3,000,000 million and DAU 300,000 users, and are now ready to revolutionize the Web3 space with the vision of becoming a global virtual network operator.
$WIFI and in-app wallet. An ERC-20 token on the Polygon network and the currency underpinning the entire WiFi Map ecosystem. $WIFI will be stored on the proprietary in-app wallet as well as third-party wallets. There will be a 20%-40% discount available for redeeming services via the token inside the app, in addition to lockup and staking rewards. Furthermore, the tokenization of the platform will bring redeemable rewards for those who rise up through the ranks of the leaderboard and create further incentives for community members to contribute to the platform by adding hotspots, verifying credentials, and running speed tests.
8. Render Network
Render Network Foundation (The Render Network) is the leading provider of decentralized GPU-based rendering solutions, revolutionizing the digital creation process. The network connects node operators looking to monetize their idle GPU compute power with artists looking to scale intensive 3D rendering work and applications to the cloud.
Through a decentralized peer-to-peer network, the Render Network achieves unprecedented levels of scale, speed, and economic efficiency. On top of a decentralized GPU computing network, Render provides a platform for artists and developers to build services and applications for the emerging digital economy, including next-generation digital rights management (DRM), artificial intelligence (AI), and virtual assets (NFTs).
9. Nuco.cloud
Nuco.cloud is a cloud computing platform that aims to redefine how computing power is accessed and utilized. It merges the distribution technology from BOINC (Berkeley Open Infrastructure for Network Computing) with the computational capabilities of professional data centers to form the world's first decentralized mesh hyperscaler. This approach allows for the aggregation of unused computing resources, creating a robust, scalable, and secure computing environment.
10. Krest
krest is the home for socio-economic, technical, community, and governance innovation and experimentation in the peaq ecosystem. This is the place where the peaq community can launch dApps and tools to assess their impact in a production environment without running the risk of causing real-world harm.
Simulation, the use of computers to digitally model a specific process or event without having to conduct it in the real world, has become a crucial part of many of todays industries. In manufacturing, it enables companies to experiment with production line setups and other variables without having to invest money and time in costly real-world modifications; startups similarly rely on simulations to tailor their products to the market faster. While simulations usually run on a purely digital basis, krest brings this up a notch, giving projects building on peaq an environment for live tests leveraging real Internet of Things (IoT) hardware and connections.
Conclusion
DePIN projects connect the worlds of cryptocurrency and the environment. It builds networks of physical infrastructure owned by decentralized communities. This new idea makes things cheaper, more dependable, and easier to expand.
Even though DePINs are just starting out, they're already making a big impact in the industry. This means the future seems bright for them.
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