The world of blockchain technology is undergoing a transformation with the advent of the Decentralized Physical Infrastructure Network (DePIN). In 2024, the DePIN project will gain traction and revolutionize the way we interact with physical infrastructure.
These blockchain-based systems combine traditional infrastructure services with cutting-edge digital solutions, providing enhanced security, scalability, and efficiency. With a market capitalization of over $25 billion, DePIN sets a new standard for managing and utilizing essential services.
What is DePIN and how does it change infrastructure?
The Decentralized Physical Infrastructure Network (DePIN) combines blockchain technology with physical infrastructure to create a more resilient and efficient system. Unlike traditional centralized networks, DePIN decentralizes control by distributing infrastructure among many operators. This setup enhances security and scalability while reducing costs. Essentially, DePIN combines the digital capabilities of blockchain with tangible assets such as data storage and energy grids, transforming areas traditionally managed by central institutions.
For example, in the energy sector, the DePIN project enables households with solar panels to sell excess electricity directly to neighbors or feed it back to the grid through blockchain technology. This decentralization optimizes resource utilization and promotes a more democratic and fair system, with participants being rewarded with digital tokens.
Leading DePIN Crypto Project
In 2024, multiple DePIN cryptocurrency projects are making waves, each bringing unique innovations. Here are some of the most noteworthy DePIN cryptocurrencies:
IN
Current price: $3.802
Market value: $2.345 billion
24-hour volume: $155 million
Filecoin is transforming digital storage by creating a decentralized network that turns unused global storage into a competitive market. Built on the InterPlanetary File Storage (IPFS) protocol, Filecoin provides a cost-effective solution for data storage.
Filecoin enables developers to create cloud storage services similar to Dropbox or iCloud using proof of replication and proof of spacetime. As of press time, Filecoin is ranked 34th on the . Despite recent fluctuations in its value, Filecoin remains an important player in the DePIN space, reflecting its continued influence and potential in the market.
WITH
Current price: 24.230
Market value: $1.575 billion
24-hour trading volume: $77,662,300
Arweave is a decentralized blockchain protocol for long-term permanent storage of data.
Arweave uses a unique “blockweave” structure instead of traditional blockchains, allowing the protocol to return data immutability and global replication through a consensus mechanism called Succinct Proof of Random Access (SPoRA). This mechanism requires miners to prove access to randomly stored data, thereby ensuring data persistence and accessibility.
The Arweave network operates as a global, permissionless hard drive that allows users to store a wide range of files, from simple text documents to complex web applications and archival databases. This makes it suitable for preserving important historical, cultural, and personal information indefinitely.
Arweave has thousands of independent nodes around the world that store and replicate data, which enhances security and resilience. Likewise, the stored data can be accessed through the permaweb, a decentralized network built on Arweave for hosting and accessing stored information.
Unlike other decentralized storage solutions, Arweave allows users to pay a one-time fee to store data forever. There are no ongoing payments or hidden fees.
PERSON
Current price: $261.82
Market value: $1.875 billion
24-hour trading volume: $58.9972 million
BitTensor is an open-source infrastructure built around a blockchain called Subtensor that uses a unique consensus mechanism called Proof of Intelligence (PoI). This mechanism is similar to Proof of Work (PoW) and rewards miners for their valuable contributions to various technologies and research areas within the BitTensor network.
Bittensor can achieve:
A novel, optimized strategy for the development and distribution of AI technologies that leverages the possibilities of distributed ledgers. Specifically, it promotes open access/ownership, decentralized governance, and the ability to leverage globally distributed computing power and innovation resources within an incentive framework.
An open source repository of machine intelligence accessible to anyone, anywhere, enabling open and permissionless innovation across the global internet.
Rewards and network ownership are distributed to users in proportion to the value they add.
Overall, BitTensor aims to democratize and commoditize AI and emerging technologies through blockchain technology.
EGLD
Current price: $28,100
Market value: $768 million
24-hour trading volume: $26,061,200
MultiversX (formerly Elrond) is a high-throughput blockchain designed to power the frontier of the metaverse. MultiversX set out to create a blockchain with up to 1,000x the throughput of most existing blockchains and uses eGold (EGLD) as its native token. Interestingly, EGLD has been in a long consolidation phase since the 2022 bear market and has not yet recovered.
ICP
Current price: $8.275
Market value: $3.864 billion
24-hour trading volume: $95,207,900
The potential of ICP coin is first reflected in the technology behind it. The Dfinity Foundation is committed to building a decentralized Internet computing platform. As the core token of its ecosystem, ICP coin has the function of value exchange and incentives on this platform. The technical architecture of ICP coin adopts a layered design with high scalability and security, which lays a solid foundation for its future development.
At the same time, the team and partners of ICP Coin also reflect its potential. The Dfinity Foundation was founded by a team of academic and industrial elites who have rich technical experience and industry resources. In addition, ICP Coin's partners are spread all over the world, covering multiple fields such as technology, finance, and media, providing strong support for the promotion and development of ICP Coin.
The potential of ICP coin also lies in its performance in the cryptocurrency market. Since the launch of ICP coin, its trading volume and market value have maintained a steady growth trend. The price of ICP coin fluctuates greatly, but it shows an overall upward trend, which shows that the market is optimistic about the potential of ICP coin. At the same time, the community of ICP coin is also growing, and the number of users and attention are gradually increasing, which injects vitality into the future development of ICP coin.
THETA
Current price: $1.2338
Market value: $1.235 billion
24-hour trading volume: $26,486,200
Theta Network is a decentralized video streaming platform based on blockchain technology. Its core goal is to encourage users to share bandwidth and computing resources through incentive mechanisms, thereby improving the efficiency and quality of video streaming. Theta Network consists of two parts: Theta main chain and Theta Fuel. Theta Fuel (TFUEL) is one of the two tokens of Theta Network (the other is Theta Token), which is mainly used for fuel functions in the network, including paying transaction fees, rewarding nodes, and participating in network governance.
The circulation of TFUEL is 1 billion. Its main role is to support the daily operation of Theta Network and ensure the smoothness and security of the network. As the "fuel" of Theta Network, TFUEL ensures the efficient operation of video streaming distribution and content delivery, while providing practical incentives for participants.
HNT
Current price: $4.536
Market value: $728 million
24-hour trading volume: $12,905,400
DePIN project Helium (HNT), which leverages a decentralized global network of wireless hotspot providers that double as miners, has held up despite the market’s troubles, trading essentially flat over the past 24 hours.
HNT is up 2% so far today and is trading near $4.86, according to CoinMarketCap.
HNT’s market cap was recently around $726 million. For those who believe in the long-term vision of the project, this is still a cheap valuation.
Bulls hope that HNT can soon break above its 20DMA and return to yearly highs around $11.
