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Artificial Intelligence and Decentralized Physical Infrastructure Networks (DePIN) are not just concepts but realities shaping the technological world. DePIN projects are highly flexible and provide many real-world applications and use cases that leverage the power of blockchain. As we embark into 2024, AI and DePIN field is transforming the way we manage resources and process information. Here, we will explore the best AI & DePIN projects to watch in 2024:
A decentralized physical infrastructure network (DePIN) is the latest development in blockchain and crypto. It combines the digital power of blockchain with physical infrastructure such as data storage, power grids, and telecoms. The goal of DePIN is to disrupt sectors that central authorities have traditionally controlled.
Filecoin is a decentralized storage network that stores the most valuable data and is one of the top 10 AI & DePIN projects to watch in 2024. Users can rent out their free space in exchange for filecoin tokens. The filecoin token (FiIL) is used to pay for data storage and retrieval. The Filecoin network has grown significantly, storing more than 1.7 billion EiB of data with the help of 3,300+ storage provider systems. The community has supported the network’s growth through active involvement. One of the most significant developments was the introduction of the Filecoin Virtual Machine (FVM) on the mainnet. The Filecoin Virtual Machine introduced smart contract capabilities, making the Filecoin tokens more useful for decentralized app creation.
Helium is a decentralised wireless network for IoT devices using a cutting-edge Proof of Coverage (PoC) consensus algorithm and is one of the top 10 AI & DePIN projects to watch in 2024. Helium HNT tokens reward users for providing network coverage and transferring data. Helium stands out due to its use of blockchain to incentivize wireless network creation. The network is based on people hosting hotspots - physical devices that offer network coverage in exchange for remuneration. Helium’s unique consensus mechanism is the the Proof-of-Coverage (PoC) which verifies the authenticity and the quality of network coverage that these hotspots provide. Helium was at the top of LunarCrush's AltRank, showing strong social and market action, and was expected to see significant improvements after its transition to Solana.
Akash Network (AKT) is a decentralized, open-source cloud computing platform. It connects server owners with excess cloud resources with users who need those resources to host applications. The Akash Marketplace uses the Cosmos SDK to run on the network, which is based on the Tendermint blockchain. DPO (delegated proof of stake) is the consensus mechanism of the network, and Validators are responsible for creating blocks and processing transactions. To run a Validator node, users need to stake the network's native token AKT and meet the network hardware requirements.
The NEAR Collective created NEAR Protocol, a community-powered cloud computing platform with lightning-fast performance (up to 100K transactions per second) and is one of the top 10 AI & DePIN projects to watch in 2024. NEAR Protocol makes it easy for developers to get started with easy-to-read addresses and an intuitive user experience. NEAR is the core token powering the platform's economy. Stakeholders stake NEAR to protect the network and receive rewards in return.
Arweave is an indefinite data storage network powered by its native token, AR. It's often referred to as "the collectively owned hard drive" or "the permaweb," a permanent and decentralized network that hosts many community-driven apps and platforms. Unlike traditional blockchain systems, Arweave's blockweave technology builds a permanent, interconnected network of data. Users pay a single AR fee to store data permanently, and AR facilitates token transfers and incentivizes miners to maintain the network.
Theta is a blockchain-based decentralized video streaming network. Users can watch videos and earn tokens by pooling their internet bandwidth and compute resources in a P2P network. The network is backed by Steve Chen, YouTube co-founder, and Twitch co-founder Justin Kan, and has received investment from institutional investors such as Node Capital, DHVC, etc.
Render Network Foundation (the Render Network) is a decentralized GPU-based network that connects node operators with artists and is one of the top 10 AI & DePIN projects to watch in 2024. The network scales 3D rendering work to the cloud and enables artists and developers to create services and applications that drive the digital economy. Through a decentralized peer-to-peer network, the Render Network® achieves high levels of scalability, speed, and economics.
Node AI is a cutting-edge platform that provides access to the latest GPU and AI technologies through its utility token, GPU and is one of the DePIN Projects in 2024. GPU allows users to participate, participate, and benefit in the ever-changing world of AI. The platform creates a safe and transparent environment where users can engage in different roles. The main purpose of $GPU is to provide GPU computing power to users who need it for AI or other data processing purposes. Nodes that offer these resources get $GPU tokens in return, creating a win-win situation.
Streamr is a decentralized data exchange platform that facilitates real-time data transactions securely and transparently. Streamr enables data producers, including Internet of Things (IoT) devices, social media, and online apps, to deliver their data streams securely and efficiently. It also provides a way for data producers to make money by selling their data to buyers on the Streamr network. The Streamr network's native token, DATA, is mainly used as an exchange token within the ecosystem. Buyers use DATA to buy data streams from sellers in real-time. Data tokens incentivize network participants such as data providers and consumers to participate and contribute to the ecosystem actively.
Bittensor is an AI-based decentralized neural network that combines blockchain technology with machine learning models, making it unique in the decentralized AI space. The Bittensor native token (TAO) is a key component of the Bittensor ecosystem. It incentivizes nodes to allocate computational resources for AI calculations and potentially grants governance rights to token owners, allowing them to participate in the network’s development and decision-making.
DePIN combines the power of physical infrastructure with the power of blockchain to improve security, scalability, and efficiency. This distribution of control and power increases the infrastructure's resilience and fairness.
DePIN works by connecting physical infrastructure assets with blockchain technology, making infrastructure management more efficient and robust across the entire ecosystem. This integration is built on three layers: physical infrastructure; middleware; and the blockchain. Together, these layers form a single network.
DePINs are physical assets. These can be anything from sensors to network routers to renewable energy sources like solar panels. Most of these assets are owned and operated by private parties, some of whom are the original owners of the assets. In a DePIN project, these parties share their assets with the network, which reflects the computational resources of miners in a PoW blockchain. This sharing of physical assets is the foundation of the DePIN ecosystem.
The middleware acts as a bridge between the physical infrastructure layers and the blockchain. Similar to a decentralized oracle network that sends external information to blockchain platforms, it aggregates and transfers data from the private infrastructure layers to the DePIN network.
The blockchain is the core of DePIN. It acts as the gatekeeper and ledger for all DePIN transactions between the provider and the user. The data collected from the middleware feeds into the blockchain. Based on that information, the blockchain optimizes the demand distribution among the different providers. The blockchain also calculates and distributes rewards to the providers in cryptocurrency based on their activity level. For the user, the blockchain organizes the procurement of resources. It also includes pricing models to manage service charges efficiently.
AI and DePIN projects are expected to see significant growth in 2024. As these technologies continue to transform, they promise a decentralized, more efficient, and safer digital infrastructure. The projects listed above are just a taste of the innovations taking the industry to the next level. These projects are leading the way in integrating AI with decentralized infrastructure and are expected to see substantial growth in the coming year.
The future of DePIN (Decentralized Physical Infrastructure Networks) looks promising as it leverages blockchain technology to decentralize and democratize physical infrastructure ownership and management. By enabling community-driven projects and transparent, tamper-proof records, DePIN can revolutionize sectors like energy, telecommunications, and transportation. This innovation promotes efficiency, cost reduction, and equitable access.
The DePIN market size is estimated to be around $2.2 trillion and is expected to grow to $3.5 trillion by 2028. According to data, as of 2023, the DePIN ecosystem consists of 650 projects with a market cap of $35 billion.
Yes, Theta is a DePIN project. Theta Network is a decentralized video delivery network powered by blockchain technology. It aims to revolutionize the video streaming industry by providing decentralized infrastructure that reduces costs and improves streaming quality. By incentivizing users to share their bandwidth and computing resources, Theta creates a decentralized network for video content distribution.
One of the best DePIN projects to invest in for 2024 is Helium. Helium provides decentralized wireless networks, enabling devices to connect seamlessly through low-cost, long-range networks. With its innovative use of blockchain technology to incentivize network participation, Helium has gained significant traction.
The DePIN (Decentralized Physical Infrastructure Networks) crypto project focuses on leveraging blockchain technology to decentralize and democratize physical infrastructure. It aims to transform how infrastructure is managed by using decentralized networks to enhance transparency, efficiency, and accessibility. By integrating IoT devices and smart contracts, DePIN enables the secure, autonomous operation of infrastructure systems.
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