The concept of DEPIN has been quite popular recently. What is DePIN?
DePIN stands for Decentralised Physical Infrastructure Networks.
DePIN is built on the basis of the Internet of Things. The core concept is to use virtual assets to incentivize users to deploy hardware equipment and perform maintenance and operation.
Individuals or organizations contribute resources by maintaining and improving infrastructure in exchange for virtual assets, namely various project tokens, which can be used to access facilities or conduct transactions.
IoTeX is one of the popular projects in the DePIN track and is a modular infrastructure platform.
What is IoTeX?
IoTeX is an EVM-compatible Layer 1 blockchain founded in 2017, aiming to become a trusted computing and application platform for collaboration and value exchange between smart things, developers and people;
IoTeX is committed to combining blockchain, trusted hardware and edge computing to achieve trusted interconnection of all things and connect the world with blockchain.
By creating a trusted IoT platform, IoTeX supports dapps (Cyclone, Mimo), smart devices (UCam, Pebble), services (ioay, ioTube) and digital assets, covering various tracks such as DeFi, NFT, DAO, Metaverse and MachineFi.
How to participate in IoTeX interaction?
IOTX is a DePIN modular Web3 infrastructure platform that connects smart devices and real-world data to the blockchain. It can be fully deployed or modules can be integrated into existing frameworks.
Users and developers can participate in the IoTeX project through Built, Participate, and Discover.
Developers can build projects on the IOTX blockchain, obtain technical and traffic support, and develop together with the ecosystem. Currently, the ecosystem has more than 200 project products, which continue to create new narratives for Depin;
Ordinary players can stake on IoTeX, not only to earn 4-6% APY, but also to participate in project voting and governance; they can also build their own nodes and participate deeply.
How to stake IOTX?
Use the metamask wallet to log in to the IoTeX project, and the wallet address of the IoTeX network will be automatically generated. After recharging IOTX, staking will be enabled.
There are currently hundreds of nodes on IoTeX, with APY returns ranging from 4-6. After staking, you can obtain passive income and on-chain voting rights.
The minimum staking requirement is 100 IOTX, and the lock-up period can be selected from 0 to 1050 days. The longer the lock-up period, the more reward votes/rewards you will receive.
Chuxiao Chain has pledged 1,090 IOTX, which have been locked for 90 days. It is expected to obtain 1,359 after expiration, and currently has 1,359 voting rights.
The pledge will be automatically released upon expiration, or you can choose to continue staking automatically upon expiration. After the pledge period expires, you will need an additional 3 days to cancel the pledge before you can withdraw your funds to your wallet.
Risks and opportunities of IoTeX
Any project has risks and opportunities. If the Depin project can develop in the future, there will undoubtedly be more opportunities to participate in various Depin projects now and enjoy the benefits of project growth and token appreciation.
The current IOTX price is $0.076. It once rose to $0.26 during the bull market in 2021. It is now a relatively low price and also an opportunity.
But risks are also involved. If the Depin project is just a passing fad and does not go viral, or the project application is just empty talk and cannot be implemented, the cost and energy invested in purchasing IOTX will be wasted or even reduced to zero.
Some people say that DePIN can be a "old wine in new bottles" track, or it can be an imaginative track that breaks through industry boundaries.
After all, the Internet of Things, the interconnection of all things, and the seamless connection between web2 and web3 are full of tension and opportunities. It would be pretty cool if we could really achieve global co-chain sharing of a decentralized physical infrastructure network.
Depin brings together different services, manufacturers and the entire device ecosystem on a "neutral" platform, where everyone with excess networks and devices can invest and receive token rewards;
Everyone can also get services and support from the Depin network and enjoy the changes and revolutionary experience brought by blockchain.
Of course, all of this takes time, so stay tuned.
The above is just my personal opinion, not investment advice. I am Chuxiaolian, and I am paying attention to the crypto market and web3.
