What does DePIN mean? 5 DePIN projects worth paying attention to

Let blockchain come into life! What is the next popular app DePIN?

Have you followed Web3’s most popular recent application “DePIN”?

The full English name of DePIN is "Decentralized physical infrastructure networks", which can be translated into Chinese as "decentralized physical infrastructure networks".

The concept of DePIN is to use token rewards as incentives to encourage people to participate in building real-world physical infrastructure. For example, if you install an Internet hotspot at home, you can get token rewards. The more people invest, the stronger the Internet signal in the area will be, thereby creating a positive cycle.

DePIN integrates blockchain and real-world applications to provide new solutions for the distribution and construction of resources such as the Internet of Things, cloud computing, and green energy. Many experts believe that DePIN has a higher chance of entering people's lives and is a good channel to "break the circle".

#The concept of DePIN is to use token rewards as incentives to encourage people to participate in building real-world physical infrastructure.

Although the DePIN track is still in its infancy, many new projects and some established projects have emerged earlier. Let’s take a look at the DePIN projects worth paying attention to in 2024!

Five DePIN projects worthy of attention

Project 1: Filecoin

Filecoin already existed before the word "DePIN" was proposed.

Filecoin was born in 2014 and is currently the DePIN project with the largest market value, reaching US$4.2 billion. According to the CoinMarketCap ranking, Filecoin token market capitalization occupies the 22nd place among all cryptocurrencies.

Filecoin Network is a decentralized peer-to-peer file storage infrastructure that allows contributors to provide unused storage space on their computers. People who need it can store files in these spaces and pay $FIL to the space provider.

Experts predict that Filecoin may explode in 2024, because the emerging AI companies will require a large amount of data storage space and will begin to use cost-effective decentralized storage networks.

In addition, as more and more enterprises such as education and medical care adopt decentralized storage solutions, Filecoin will have the opportunity to become the market leader in the DePIN field.

Project 2: Render

Render is a decentralized cloud rendering network. Contributors can provide unused GPU computing power and rent it to users to complete tasks such as animation rendering and visual effects. , and contributors can receive $RNDR token rewards.

Cloud rendering is a technology that uses cloud computing resources to render images or videos. It solves the traditional rendering process, which usually requires a lot of computing resources and time, and relies on high-performance computers and expensive hardware equipment to complete. Pain points.

$ The current market value of RNDR tokens has reached US$2.8 billion, ranking 42nd in the overall cryptocurrency rankings.

Project 3: Helium Network

The main purpose of Helium Network is to establish a decentralized global WiFi hotspot network, and currently has more than 980,000 hotspot providers.

Helium Network allows anyone to join as a hotspot provider and receive $HNT tokens as compensation. The more people use your hotspot, the more tokens you earn.

$HNT’s price has increased by 230% in the past year, and Helium Network’s current market value exceeds $1.4 billion.

In addition, the project has also attracted the interest of traditional telecommunications company Telefónica, which is expected to integrate Helium mobile hotspots to expand the coverage of wireless networks in Mexico, especially in remote and underserved areas.

Project 4: Theta Network

Theta Network, which started as an audio-visual platform, is a blockchain infrastructure project for audio-visual and entertainment.

Users of Theta Network can share their excess computing power and bandwidth to form a content delivery network (CDN) for video streaming and entertainment. Those who provide idle bandwidth and excess computing power can be rewarded with $THETA tokens.

CDN is a computer network system connected to each other through the Internet. It uses the server closest to each user to deliver music, video and other files to users faster.

Despite this, the coverage of CDN is still limited, resulting in many users being unable to enjoy smooth and high-quality videos. Theta Network's solution allows many users to become a node in the network.

$THETA currently has a market capitalization of US$2.1 billion, ranking among the top 50 in the overall crypto market capitalization ranking.

Project 5: Hivemapper

Hivemapper is a decentralized map project that encourages everyone to capture all street images in the world with 4K image specifications.

As an image provider, you can install the official driving recorder to shoot videos, share real-time images, draw maps, and get $HONEY token rewards as long as you drive more miles. The more you earn.

Currently, a total of 140 million kilometers of maps have been drawn. Enterprises or individual users who have needs can connect to Hivemapper's maps through the API system.

$HONEY has increased by more than 150% in the past year, and its current market value reaches US$153 million. Techopedia, a technology knowledge platform, believes that Hivemapper still has a lot of room for development and is a DePIN project worthy of attention in 2024.

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