Here’s a guide to some of the top DePIN crypto projects you should know about in 2024.
Decentralized Physical Infrastructure Network (DePIN) is a blend of blockchain and real-world infrastructure services. It’s gaining traction in 2024, offering enhanced security, scalability, and efficiency.
The DePIN market is heating up, with a total market cap exceeding $25 billion. This growth has caught the attention of investment management firm VanEck, which predicts a rise in DePIN adoption.
So, what exactly is DePIN? It’s a revolutionary concept that merges blockchain technology with physical infrastructure like data storage and energy grids. This integration aims to decentralize sectors traditionally controlled by central authorities.
In the DePIN sector, hardware decentralization is key. It means spreading out physical network parts among many operators, making the system more robust and democratic.
How do DePIN projects function? They combine blockchain and physical infrastructure, ensuring security and scalability. For example, in the energy sector, DePIN enables homes with solar panels to securely sell excess electricity to neighbors or back to the grid using blockchain.
Key features of DePIN include blockchain architecture, tokenization, and interoperability. These features not only make services more accessible but also promote sustainable resource management.
DePIN projects offer various advantages, including enhanced security, scalability, lower costs, democratization of access, and innovation.
Now, let’s dive into some of the top DePIN crypto projects to watch in 2024.
1. Filecoin (FIL)
Filecoin is all about storing important stuff safely. You can rent out some extra storage space you have and earn FIL tokens in return. These tokens are used to pay for storing and retrieving data.
The Filecoin network has grown a lot, storing over 1.7 EiB of data with support from more than 3,300 storage provider systems. One big update was the launch of the Filecoin Virtual Machine on its mainnet, which allows for smart contracts. This makes FIL tokens even more useful for creating decentralized apps.
Filecoin’s FIL token has been doing well lately, going up by over 11% in the past year. Filecoin Plus is a new option that makes it easier to get data onto the network, focusing on deal distribution and making sure data can be retrieved easily.
2. Helium (HNT)
Helium is a wireless network for Internet of Things (IoT) devices. It uses something called Proof of Coverage to make sure the network is working well. HNT tokens are used to encourage people to provide network coverage and transfer data.
Helium stands out because it uses blockchain to reward people who help build its wireless network. The network relies on people hosting hotspots, which are devices that provide network coverage and earn rewards. Helium’s Proof-of-Coverage system checks if these hotspots are doing a good job.
The value of HNT tokens has gone up a lot, from $1 to $6.8. Helium has been getting a lot of attention and activity, and it’s expected to get even better with upgrades coming soon.
3. Streamr (DATA)
Streamr lets people exchange data in real time using blockchain, which makes it safer and more transparent. It’s useful for things like IoT devices, social media, and online apps. The platform lets data producers sell their data securely and easily.
The native token of Streamr is called DATA, and it’s used for transactions in the network. It also encourages people to join and use the network. Streamr has been working hard on its network, getting ready for its big launch. It’s also been partnering with other companies to make its network even better.
4. Bittensor (TAO)
Bittensor is a network that combines blockchain with artificial intelligence (AI) to make a decentralized neural network. It’s unique in the AI world. The TAO token is important because it rewards people who provide resources for AI computations and gives them a say in how the network works.
Bittensor has been growing a lot lately, especially since it got listed on KuCoin. It’s been working on new technology to make its network even better, like Proof of Intelligence and a Decentralized Mixture of Experts models. These help people exchange AI services in a peer-to-peer network.
5. Storj (STORJ)
Storj operates as a decentralized cloud storage system, ensuring enhanced safety and privacy. It distributes data across a network of nodes, eliminating centralized storage points. Users utilize the STORJ token to pay for storage services and incentivize individuals who share their surplus storage capacity.
Storj has come out with a big update called “Storj Next” which makes it even better. It focuses on making storage more secure and efficient, using something called sharding to spread data out even more. This makes sure data is still safe and accessible even if part of the network goes down.
Disclaimer
FAQ
DePIN stands for Decentralized Physical Infrastructure Network, merging blockchain technology with physical infrastructure services like energy grids and data storage to enhance security and efficiency.
DePIN projects decentralize critical infrastructure, distributing control and improving system resilience against attacks or failures, thus enhancing blockchain ecosystem's security and scalability.
Due to their ability to decentralize and secure essential services, DePIN projects are increasingly favored for their potential to reduce costs, improve accessibility, and enhance service reliability.
