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<p>Only one industry is more fashion-driven than the women’s clothing industry – the evolving crypto space. The ongoing merger between cloud computing and developments within the crypto space is sufficient evidence that “You Ain’t Seen Nothin’ Yet.”</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/928346e19f1c4f6fbbc250417de703bf.gif" /></p><p>Although it’s a relatively new concept, DePIN (Decentralized Physical Infrastructure Networks) is now a central theme within the Web3 space. This guide discusses the importance of DePIN within the crypto universe and lists the best projects to watch in 2024.</p><p>Related: <a href="https://hodl.fm/top-blockchain-projects" rel="noopener noreferrer nofollow">Top Blockchain Projects of 2024</a></p><h2 id="header-0">What is DePIN?</h2><p>DePIN, <a href="https://decrypt.co/resources/what-is-depin-physical-infrastructure-blockchain" rel="noopener noreferrer nofollow">aka decentralized physical infrastructure networks</a>, refers to a peer-to-peer (P2P) network that meets hardware and is designed to provide services via an open and decentralized marketplace. The innovation uses blockchain technology to modernize how ordinary persons can utilize and benefit from the concept of decentralization.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/4fa518ffe1514431b7cc20a95ea4734b.jpeg" />No, not that. Not really...</p><p>Cryptocurrencies are at the heart of the DePIN movement as they use crypto incentives to attract decentralized infrastructure networks. By using token-based incentivization, the concept encourages the development and creation of physical structures like power grids, mobility networks, wireless networks, and cloud services. DePIN aims to restore public trust and enhance the popularity of blockchain technology as the Web3 movement gathers steam.</p><h3 id="how-does-depin-work">How Does DePIN Work?</h3><p>DePIN works by establishing a link between a blockchain network and tangible physical infrastructure. Users with unused computing power, spare storage space etc., contribute their resources to the DePIN network with the blockchain verifying ownership and facilitating transactions.</p><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/7bceb0c590ec4186bca04c6fe21c5ec2.gif" /></p><p>The function requires four essential elements, namely an off-chain network, a blockchain, protocols, and token incentives:</p><ul><li><strong>Off-Chain Network:</strong> A DePIN off-chain network includes a service provider and user. The user needs wireless connectivity, GPU computing power, and data storage, which they can buy from open marketplaces.</li><li><strong>A Blockchain Network:</strong> The blockchain connects the service provider and end users, serving as a public ledger to handle escrow contracts and payments for all transactions. Transactions between service providers and end users are recorded on-chain and time-stamped and can be easily tracked on the blockchain.</li><li><strong>Protocols:</strong> The protocol, which refers to the encoded rules, determines precisely how a particular DePIN functions. The rules are designed to assess service provider eligibility, a DePIN’s security measures, the crypto token in circulation, and service provider-user interaction, among other details.</li><li><strong>Token Incentives:</strong> DePIN networks use cryptocurrency tokens to reward participants. The tokens are a digital way of appreciating participants for their contribution to the decentralized infrastructure networks. The projects employ tokenization, an approach that closely mirrors liquidity incentives as found in the play-to-earn and DeFi sectors to offer faster and more cost-effective infrastructure development.</li></ul><h2 id="header-1">READ MORE ON <a href="https://hodl.fm/top-depin-projects" rel="noopener noreferrer nofollow">HODL.FM</a></h2>

Top DePIN Projects to Watch in 2024

Top DePIN Projects to Watch in 2024

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