Over the past year, one technological frontier that has gained an immense amount of mainstream traction is Decentralized Physical Infrastructure Networks (DePINs). These platforms leverage the power of the blockchain to create distributed networks of physical infrastructures — be it AI computing power, data storage, or even WiFi services.
With a total market capitalization exceeding $22.5 billion, DePINs are rapidly becoming a force to be reckoned with. As a result, investment management firm VanEck recently included the sector as one of the most promising spaces to look out for in the near future. Lastly, fundraising volumes have also increased by 296% year-over-year (YoY) in regard to various DePIN projects.
In this article, we will list out the top six DePIN offerings that every crypto enthusiast needs to know about. So, without any further ado, let’s jump straight into the heart of the matter.
1. Network3
From the outside looking in, Network3 has pioneered a novel approach to token mining that democratizes the process and makes it accessible to everyday users. Unlike traditional methods that require specialized hardware and consume vast amounts of energy, Network3 allows users to mine tokens using their smartphones, computers, and IoT devices.
This incentivizes participation by rewarding users for sharing their bandwidth, computational power, and data. By doing so, Network3 not only creates a more equitable digital economy but also enhances the privacy and security of data used in AI training.
That said, token mining is just the first step in reshaping the AI industry. Network3 is paving the way for democratized AI by building a decentralized, efficient, and user-empowered digital landscape.
In this network, a fair and secure protocol will enable the large-scale tokenization of IoT devices, turning them into assets that generate continuous value. This will ease the current monopolistic structure of the AI industry, allowing everyone to participate in edge AI training and receive their fair share, thus promoting decentralized AI development.
2. Pundi X
Pundi X is a cryptocurrency payments service that uses its very own propriety decentralized point-of-sale (PoS) solution. Running atop the Android OS, XPOS enables merchants to accept crypto payments and sell crypto across a number of physical locations worldwide.
The system supports QR code data capture and NFC applications, integrating popular blockchain networks — like Ethereum, BNB Smart Chain, TRON, and Bitcoin Lightning — into its digital framework.
However, what truly sets Pundi XPOS apart from the rest of the fray is its dedicated payment-focused blockchain designed for high-throughput transactions with low latency and fees.
3. The Internet Computer (ICP)
ICP stands out as a comprehensive alternative to traditional IT infrastructures, providing users the ability to host software, services, and digital assets on what they refer to as a “reinvented version of the internet.”
The project’s innovative ‘Threshold Relay’ consensus mechanism — in conjunction with its ‘Network Nervous System’ (NNS) — provides users with a scalable and secure environment for deploying decentralized applications (dApps).
With significant advancements permeating the ecosystem in recent months (such as the implementation of Websockets), ICP is positioning itself as a formidable player in the DePIN space, offering a robust platform for complex dApps across various programming languages.
4. Render Network (RNDR)
The Render Network is creating a decentralized marketplace that connects users needing rendering services with owners of high-performance GPU power. This Ethereum-based platform allows artists, individuals, and businesses to scale their rendering work more affordably and quickly than traditional centralized GPU cloud systems.
Furthermore, the Render Network’s multi-tier pricing protocol, based on a reputation system, democratizes GPU cloud computing for creators, particularly in the Web3 space. As a result, the project has gained significant traction, reaching an all-time high in March 2024 and attracting interest from tech giants like Apple.
$RENDER token price over the past 12 months (source: Coingecko)
5. Filecoin (FIL)
One of the first DePIN projects to hit the market a few years back, Filecoin is transforming cloud storage into an open market through its decentralized storage network. Built on the same technology as the InterPlanetary File System (IPFS), Filecoin builds on the latter’s capabilities by adding an incentive layer that ensures data is reliably stored and easily accessible.
Additionally, the network functions as a peer-to-peer (P2P) marketplace, allowing anyone to join as a storage provider or user. Filecoin’s economic incentives promote honesty and reliability among storage providers, ensuring secure data maintenance over time.
Lastly, the platform’s decentralized design makes it resistant to censorship — as no single entity controls the storage network — and facilitates a variety of innovative use cases, including storing NFT assets as well as large-scale data for Web3 applications.
6. Theta Network (THETA)
Theta is a decentralized video delivery network that leverages its users’ spare bandwidth and computing resources to create a more efficient video streaming paradigm. Most recently, the project partnered with industry giants like Sony, Samsung, and Google.
Moreover, with significant enhancements to its API, including the launch of the Theta Explorer API and improvements in network capacity and transaction speed, the platform is well-positioned to revolutionize the video streaming industry.
Image by StockSnap from Pixabay
