Best DePIN Projects to Watch In 2024

DePIN, short for Decentralized Physical Infrastructure Networks, is a game-changer in the evolving world of Web3. It's also known as Proof of Physical Work (PoPw), Token Incentivized Physical Networks (TIPIN), or EdgeFi. Unlike Proof-of-Work (PoW), DePIN focuses on real-world assets that power the crypto sphere.

Using tokens as incentives, DePIN encourages the development of physical infrastructure like wireless networks, cloud services, and power grids. This innovation has the potential to rebuild trust in blockchain and boost its popularity worldwide. With the Web3 space gearing up for a bullish period in 2024, DePIN projects stand out as symbols of decentralization, user ownership, and data control across various industries. Check out our list of top DePIN projects to watch during this bullish season.

At the time of writing the blog, as per CoinGecko’s report, the DePIN sector’s market capitalization stands at over $14.7 billion, with a 24-hour trading volume of over $971,905,848.

Top DePIN Projects Gaining Momentum

1. Akash Network

Akash is a decentralized and open-source cloud computing platform. The network provides a marketplace, Akash Marketplace, that connects server owners with excess cloud computing resources with users in need of these resources for hosting applications.

Akash Marketplace runs on Akash Network, a Tendermint-based blockchain built using the Cosmos SDK. Akash Network relies on a Delegated Proof of Stake (DPoS) for its consensus. The network is secured by a group of Validators responsible for producing blocks and processing transactions and state changes. To run Validator nodes, users must stake the network’s native token, AKT in addition to meeting the node hardware requirements.

2. Helium

Helium (HNT) is a decentralized blockchain-powered network for Internet of Things (IoT) devices.

Launched in July 2019, the Helium mainnet allows low-powered wireless devices to communicate with each other and send data across its network of nodes.

Nodes come in the form of so-called Hotspots, which are a combination of a wireless gateway and a blockchain mining device. Users who operate nodes thus mine and earn rewards in Helium’s native cryptocurrency token, HNT.

Helium’s goal is to prepare IoT communication for the future, identifying inadequacies in the current infrastructure since its birth in 2013.

3. Filecoin

Filecoin is a decentralized storage network based on the Interplanetary File Storage (IPFS) protocol. It is designed to utilize unused storage globally into an efficient storage market for users to pay for low-cost storage. The objective is to ensure file storage is permanent and distributed across the web. Contrast this with centralized cloud storage solutions such as Amazon Web Services, Google Cloud, or Dropbox, where data are stored in servers owned by these private corporations.

Filecoin (FIL or ⨎) is also the currency of the decentralized storage network. Customers wanting to access storage will have to pay for storage in Filecoin. Nodes that provide storage to the network will in turn be paid in Filecoin for their service.

4. Spheron Network

Spheron Network is a web3 infrastructure platform that provides tools and services to decentralize cloud storage and computing, allowing audited data centers to join the Spheron marketplace. The decentralized and governed nature of the infrastructure, overseen by Spheron, ensures permissionless access and heightened security for all users. Spheron Compute offers a feature-rich alternative to traditional cloud services at only one-third of the cost.

Spheron offers a Compute Marketplace, which allows users to set up useful tools quickly and easily, whether they want to deploy databases, nodes, tools, or AI. With Spheron, you don't have to worry about the technical stuff, and you can focus on deploying your Node with ease. Spheron Network has also partnered with organizations like Shardeum, Avail, Elixir, Filecoin, Arbitrum, etc., to redefine access to it and promote a more decentralized, inclusive, and community-centric ecosystem.

Spheron provides features such as Private images, Auto-scale instances, Scale on demand, Real-time instance metrics, Faster GPUs, Free Bandwidths, Terraform Providers and SDKs, Instance health checks, activity, shell access, and more. Spheron provides add-on storage solutions for long-term data storage and edge bandwidth acceleration through its global CDN. With Spheron, you can easily set up your nodes in just a few minutes and enjoy low maintenance and operations costs and a great developer experience.

If you don’t already have a Spheron account, then sign up here!

5. Arweave

Arweave is a decentralized storage network that seeks to offer a platform for the indefinite storage of data. Describing itself as "a collectively owned hard drive that never forgets," the network primarily hosts "the permaweb" — a permanent, decentralized web with a number of community-driven applications and platforms.

6. Theta Network

Theta network is a decentralized video streaming network that is powered by blockchain technology. Theta allows users to watch video content and get rewarded with tokens as they share their internet bandwidth and computing resources on a peer-to-peer (P2P) basis. Besides a line-up of institutional investors like Node Capital and DHVC, Theta Network is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.

7. IOTA

IOTA is a distributed ledger technology (DLT) that features unique architecture and an open-source product suite for individuals, businesses, and institutions to use in Web3. It is built on a directed acyclic graph (DAG) called the Tangle, which can be pictured as a multi-dimensional blockchain. It enables the exchange of data and value on a decentralized platform through direct and secure transfers, executed on and immutably recorded on the network.

8. WiFi Map

WiFi Map is a super app with the core asset of a community-driven decentralized wireless network that incorporates a database of 4.5 billion WiFi hotspots. They have achieved great success in Web2 space, reaching 150,000,000 million users, MAU 3,000,000 million and DAU 300,000 users, and are now ready to revolutionize the Web3 space with the vision of becoming a global virtual network operator.

$WIFI and in-app wallet. An ERC-20 token on the Polygon network and the currency underpinning the entire WiFi Map ecosystem. $WIFI will be stored on the proprietary in-app wallet as well as third-party wallets. There will be a 20%-40% discount available for redeeming services via the token inside the app, in addition to lockup and staking rewards. Furthermore, the tokenization of the platform will bring redeemable rewards for those who rise up through the ranks of the leaderboard and create further incentives for community members to contribute to the platform by adding hotspots, verifying credentials, and running speed tests.

9. Render Network

Render Network Foundation (The Render Network®) is the leading provider of decentralized GPU-based rendering solutions, revolutionizing the digital creation process. The network connects node operators looking to monetize their idle GPU compute power with artists looking to scale intensive 3D rendering work and applications to the cloud.

Through a decentralized peer-to-peer network, the Render Network achieves unprecedented levels of scale, speed, and economic efficiency. On top of a decentralized GPU computing network, Render provides a platform for artists and developers to build services and applications for the emerging digital economy, including next-generation digital rights management (DRM), artificial intelligence (AI), and virtual assets (NFTs).

10. Nuco.cloud

Nuco.cloud is a cloud computing platform that aims to redefine how computing power is accessed and utilized. It merges the distribution technology from BOINC (Berkeley Open Infrastructure for Network Computing) with the computational capabilities of professional data centers to form the world's first decentralized mesh hyperscaler. This approach allows for the aggregation of unused computing resources, creating a robust, scalable, and secure computing environment.

11. Krest

krest is the home for socio-economic, technical, community, and governance innovation and experimentation in the peaq ecosystem. This is the place where the peaq community can launch dApps and tools to assess their impact in a production environment without running the risk of causing real-world harm.

Simulation, the use of computers to digitally model a specific process or event without having to conduct it in the real world, has become a crucial part of many of today’s industries. In manufacturing, it enables companies to experiment with production line setups and other variables without investing money and time in costly real-world modifications; startups similarly rely on simulations to tailor their products to the market faster. While simulations usually run on a purely digital basis, krest brings this up a notch, giving projects building on peaq an environment for live tests leveraging real Internet of Things (IoT) hardware and connections.

Conclusion

DePIN projects connect the worlds of cryptocurrency and the environment. It builds networks of physical infrastructure owned by decentralized communities. This new idea makes things cheaper, more dependable, and easier to expand.

Even though DePINs are just starting out, they're already making a big impact in the industry. This means the future seems bright for them.