Yes, you read that right. As a Depin project, IoTeX itself is not a Depin.
➤ Let’s start with Depin
Depin is a relatively new concept. So, what is Depin?
Depin——Decentralized Physical Infrastructure Network, decentralized physical infrastructure network.
The public chain is the most common Depin, which consists of many decentralized nodes (called miners on the POW network and validators on the POS network), thus forming the physical infrastructure of the network.
Decentralized storage is the second common type of Depin, where storage nodes perform storage tasks, thus forming a physical infrastructure network for decentralized storage.
In addition, there are other similar Depin networks that are budding and developing.
The significance of #depin is to aggregate physical devices, such as smartphones, computers, graphics cards and other resources into a distributed network, and on this basis, perform some larger-scale and meaningful functions.
For example, public chains are used for value payment or decentralized applications.
Distributed storage is used to store files.
Some depin networks conduct security checks and reminders on nodes.
Some computing power Depin aggregates idle computing power to perform AI calculations...
Depin is a track with great potential that benefits ordinary users, Web3 and real-world applications.
➤Re-understanding IoTeX
IoTeX is a 6-year-old project. The IoTeX core is participated by 68 developers and has submitted 3,181 codes. The last update was 7 hours ago.
IoTeX's Depin is a new technology and a new product favored by capital. In the context of the Fed's interest rate hikes and balance sheet reduction for nearly two years and tight global liquidity, IoTeX received $50 million in financing in April 2024 (source: Coincarp).
➤IoTeX——Depin Infrastructure
IoTeX is an infrastructure for building Depin. Let me give you a few examples so you can understand:
Cosmos SDK can be used to build public chains.
Substrate can be used to build public chains and participate in Polkadot parachain slot auctions.
OP stack can be used to develop ETH Layer2.
IoTeX can be used to build Depin.
❚IoTex public chain
Based on IoTex, developers can build various Depins, which can issue tokens on the IoTex public chain. The IoTex public chain is the Depin network, which provides a decentralized accounting network for token issuance and transactions.
❚IoTex DePIN stack
OP stack is used to build ETH Layer2, and IoTex DePIN stack is used to build Depin as the name suggests.
The difference is that IoTex DePIN stack is modular and has the advantages of being more flexible and scalable.
IoTex DePIN stack includes infrastructure, modules, device identity management, payment, data tools, hardware, and cross-chain modules. Developers can use IoTex DePIN stack to build a fully functional DePIN network.
❚DepinScan
As Depin infrastructure, information collection and display are also important links.
DepinScan is a browser for the Depin industry, which allows you to view the real-time data and dynamic changes of the total market value, transaction volume and physical equipment of the Depin industry, the hottest and latest Depin projects, as well as news information, etc.
DepinScan includes 200+ Depin projects. You can even view the global distribution map of the physical equipment of these projects.
DepinScan can be regarded as the coinmarketcap of the Depin industry, and it also provides special intelligence on the characteristics of the Depin industry.
➤IoTeX Ecosystem
❚Eco-incentives
IoTeX provides ecological incentives and developer supplements to encourage more developers and teams to build projects on IoTex.
❚Ecology
Currently, there are 229 projects in the IoTeX ecosystem, including 56 Depin projects.
➤Physical resource network + data resource network
One type of DePIN is based on physical resources, focusing on deploying devices, sensors, and hotspots, etc. IoTeX itself has mastered the Internet of Things technology and supports the connection of robots, drones, wearable devices, sensors, and smart devices.
For example, IoTex's "Pebble" product is a breakthrough blockchain-powered device that captures physical world data, including location, movement, climate and other information.
The digital resource network is a Depin for computing, storage and other functions. Among them, AI function is the most noteworthy Depin sub-track. The training and use of AI requires a lot of computing power. Computing power Depin can form computing power Depin with idle computing power resources around the world to provide computing power for AI training and application. IoTex can realize AI Depin network and contribute to the development of AI.
➤W3bstream
Although IoTeX is not the Depin network, the official website has built Depin network products based on the Iotex infrastructure. One of them is w3bstream.
W3bstream uses a decentralized node network. Various smart devices are nodes that connect the data generated in the physical world to the blockchain, generate ZK proofs of the real world, and then provide them to DAPPs on the chain.
➤IOTX price forecast
It is difficult to predict short-term prices, but we can estimate the price at the top of the bull market based on the amount of financing, because the amount of financing affects what a project can do in terms of development, operation and market value management.
First of all, because IOTX has raised funds in the past, we estimate the increase in coin price based on the most recent amount of new financing, which is 50 million US dollars.
Secondly, let’s look at the magnification of financing amount to market value of other projects.
According to crunchbase,
Polkadot raised a total of $340 million, and DOT's market value reached a peak of $53 billion at the peak of the bull market in 2021, a 155-fold increase. Solana raised $319 million, and SOL's market value reached a peak of $75 billion at the peak of the bull market in 2021, a 235-fold increase. Cosmos raised $6 million, and ATOM's market value reached a peak of $11.2 billion at the peak of the bull market in 2021, a 1,865-fold increase.
Of course, there is a big release of funds in 2021. And the above three projects have indeed achieved extremely strong publicity.
To be a little more conservative, we can assume that the IOTX financing amount will be magnified 50-120 times, depending on the explosiveness of the Depin track.
Next, let's look at the release of IOTX. IOTX has been released by 94.41%. At the peak of this round of bull market, we can be more conservative and directly calculate it based on the full release.
50,000,000*50/10,000,000,000=0.25
50,000,000*120/10,000,000,000=0.6
In other words, the price of IOTX will increase by 0.25 to 0.6 US dollars due to the influence of this round of financing.
Finally, although the financing was announced in April, it may have occurred earlier. We use the price in February as $0.05.
Then, at the peak of the bull market, the price of IOTX may be between 0.3 and 0.65 US dollars, depending on the extent of the explosion of the Depin track.
➤Written at the end
IoTeX has many technologies and ecological products, which are difficult to summarize in one article. This article mainly analyzes and interprets them from the perspective of Depin.
From the perspective of actual scenarios, Depin is a track with practical significance. Depin combines idle physical resources into a large-scale decentralized network, thereby providing effective services (public chain, storage, security detection, etc.) for the web3 ecosystem and real-world applications.
From the perspective of hype, Depin is a new track with more room for hype.
IoTeX is not a decentralized physical infrastructure network, nor is it a Depin. But it is a Depin infrastructure, and more different and similar Depins can be built based on IoTeX, including different physical facilities and Depin networks for different purposes.
So, guys, do you understand the difference between IoTeX and the regular Depin network? :)
