As a #SocialMining member of @EnsarEsen , I will be talking about DePIN projects today. We have been hearing about #DePINs frequently in the #cryptocurrency and #blockchaintechnolo field recently. It has almost never left the market agenda since the beginning of this year.
Any protocol with decentralized physical #networks infrastructures can be called DePin. DePin, which is frequently used in the cryptocurrency sector, means that blockchain networks are connected to a physical infrastructure.
DePin initiatives in the field are generally concentrated in business lines such as telecom infrastructure, power plants, cloud solutions, data storage areas. Recently, initiatives for electric vehicles and charging stations have also been seen. These areas are sectors where large companies have a say because they require large infrastructure investments.
The cryptocurrency sector has turned to meet its high capital needs with tokenization. Tokenization increases the competitiveness of strong communities by spreading the need to the base. The capital requirement required by DePin initiatives is also tried to be solved by spreading the service offered to the base in a similar way.
Since DePin protocols work with physical devices, they work with token incentives for participants to purchase these devices. Participants who contribute to the network by purchasing the device aim to earn income by regularly earning tokens. The protocol has a more decentralized and powerful infrastructure as it has more participants from different locations.
DePin protocols that can provide decentralization have the opportunity to compete with other companies by having a lower and distributed risk structure compared to large companies.
If we touch on the leading DePin projects, these are;
Helium (HNT): Helium offers a global wireless network consisting of decentralized nodes called hotspots. This network is used to connect internet access and internet of things (IoT) devices.
Filecoin (FIL): It offers decentralized file storage and sharing service. Many different files can be stored on the blockchain in Filecoin.
Render (RNDR): It offers the render service in a decentralized way. Participants offer GPU power that they can rent to designers and are rewarded with RNDR in return.
Hivemapper (HONEY): It offers a decentralized mapping service. Participants provide real-time data such as GPS location and street view, allowing a world map to be created on the blockchain.
I would like to talk about IoTeX (IOTX), a remarkable depin project of recent times.
It is dedicated to developing the Internet of Things (IoT) sector by developing decentralized hardware that increases security and privacy. IoTeX focuses on providing DePIN infrastructure solutions. In addition to various developer tools and go-to-market support, they encourage the growth of decentralized network initiatives by providing centralized services such as W3bstream.
Using IoTeX's decentralized devices significantly increases user security and privacy. Moreover, users have the opportunity to earn IOTX tokens by interacting with the platform.
DePIN projects have already entered our daily lives and are promising for the future in the sector with new developments. It is obvious that we will hear their names more in 2025
