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What is DePIN? How to Start Participating in the DePIN Ecosystem Today
Decentralization is the new reality where everyone is adapting to Web3 and blockchain-based ecosystems. That said, the idea of decentralization is also evolving.
DeFi, or decentralized finance, once focused primarily on finance and data ownership. However, it is now expanding into something more tangible in the form of physical infrastructure. Yes, you read that right. DeFi is now in decentralized infrastructure, which is called DePIN, or Decentralized Physical Infrastructure Networks.
So, what is DePIN, and how can you participate in it to earn crypto rewards? Let’s learn in detail.
A decentralized physical infrastructure network, or simply DePIN, is a blockchain-based system designed to establish and operate a decentralized physical infrastructure. This means DePIN incentivizes individuals to deploy and manage real-world infrastructure, such as wireless networks, mapping systems, energy grids, and more, in a decentralized way.
The idea of DePIN is totally different from that of traditional infrastructure, which is often controlled by centralized entities and the government. The Decentralized Physical Infrastructure Network relies on peer-to-peer connectivity. Crypto and other digital asset users contribute hardware mining and earn cryptocurrency rewards to help run the network in this DePIN ecosystem.
In essence, DePIN links IoT sensors and wireless devices to blockchain integration and token rewards to create a collective, open, and censorship-resistant network. It takes over the running and maintenance of critical infrastructure as a public service rather than allowing corporations to hold that power.
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DePIN might seem something technical and difficult to understand at first. However, trust us when we say learning it and being a part of the DePIN ecosystem is very simple. For starters, many projects are designed to be beginner-friendly while offering long-term opportunities for both contribution and reward.
So, if you are curious about this emerging trend or are a crypto enthusiast, here is a step-by-step guide on how you can start your journey with the DePIN community.
If you want to start your DePIN journey, the first step you should take is to research active DePIN projects. Understand and learn about their ideas and purpose. Moreover, having a little knowledge about their technology stack and community can always be a plus point. This kind of research is essential to ensure that the project aligns with your area of interest and technical capacity. Furthermore, it also ensures that your investment goal is met.
Here are a few projects you can consider when starting your first DePIN network project.
Helium: First on the list, we have Helium. Helium set an example of decentralized networks in the wireless world. People set up hotspots to offer LoRaWAN and 5G service and receive rewards in $HNT tokens.
Energy Web: Next, we have Energy Web. It is one of the most prominent energy projects. Energy Web develops technology to allow clean energy to flow through energy networks. Users can participate through token governance and partnerships with activities at a local level.
DIMO: Third on the list, we have DIMO. It is an ideal option for projects related to vehicle data. Yes, vehicle data is becoming more valuable due to all the innovation and changes occurring in the industry. That said, DIMO targets data related to vehicles that interact online. By using a DIMO device, you add your car’s data to the platform and remain in control of your information.
Hivemapper: Last but not least, we have Hivemapper. This project is an online mapping system that relies on contributions from users’ dashcams. Individuals attach Hivemapper cameras to their cars to collect map details as they travel and receive tokens in return.
Pro Tip: Visit each project’s website, read their whitepapers, explore community forums (like Discord or Telegram), and check GitHub pages for technical transparency.
Once you have chosen your ideal option, you will need to understand the requirements for engaging in each project. Different DePIN projects have specific needs, like some level of physical setup. First, there are hardware needs, then software setup, and finally, a certain level of technical skill. So, let’s examine these requirements in more detail.
Hardware is essential in most of the DePIN projects. To make it clearer and easier to understand, let’s check out the hardware requirements for the projects that have already been mentioned. After you know the concept, you can implement hardware in the project of your choice.
Helium: If you are deciding on a project like Helium, ensure the hotspot device you choose works with the Helium Network. Some modems are compatible with LoRa technology, and others come with 5G. Remember, your earnings depend heavily on your location.
DIMO: For projects like DIMMO, you will need a car dongle. To start sending data from your vehicle, use a DIMO-compatible car dongle, such as a Bluetooth OBD-II adapter.
Hivemapper: Finally, if you are more into projects like Hivemapper, ensure the dashcamp you choose works with the Helium Network. Some modems are compatible with LoRa technology, and others come with 5G. Your salary depends a lot on your location.
That said, some may require IoT sensors, routers, GPS trackers, or energy meters. You can get the detailed information on the requirements when you opt for the project.
Another major requirement for the DePIN projects is software. On most projects, mobile applications or desktop dashboards help you set up, activate the system, and sync. After that, check the functionality of the Community nodes. Consult with a reliable party when setting up the project. You might also want to consult about the smart contracts.
Last but not least, you will need some level of technical skills. This does not mean you need to be proficient in a specific technology or niche market; you can learn your way through the project.
You can find projects that can be used right away, but there are those that require a bit of knowledge in networking, blockchain wallets, or hardware. That said, you don’t need to worry. Most communities and documents are easy for beginners to follow.
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Tokens are the most important part of a DePIN project. This is where all your hard work and investments pay off. DePIN token utility ranges from participation in activities to governance of a project. First, these tokens incentivize contributors. For instance, they engage in activities like mining or participation rewards.
Moreover, these tokens enable governance. Think of voting on proposals and upgrades. In addition, these tokens also give access to network services like data usage or staking privileges.
In general, you can acquire DePIN tokens in three major ways: participation, buying, and direct sales or airdrops. Let’s learn more about them in detail.
Participating in activities allows you to earn free tokens. Rather than needing special equipment and a lot of energy to mine cryptocurrencies, the crypto participants in DePIN just need to supply their physical resources or contribute data.
For example, operating a Helium hotspot connects your vehicle to DIMO, or you can earn HONEY using a Hivemapper dashcam. Likewise, purchasing tokens from cryptocurrency exchanges is an additional choice. Major centralized exchanges list several well-known DePIN tokens, including $HNT and $DIMO. Decentralized exchanges (DEXs) such as Uniswap or SushiSwap can be your preferred venues for more recent or less well-known tokens.
Lastly, the project itself may offer airdrops or direct sales as another way for you to obtain tokens. During initial launches or community events, several networks provide an option to buy tokens straight from their official websites. Others give away tokens to testers, early adopters, or community members through airdrops.
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In conclusion, DePIN is one of the best crypto trends for you if you are looking to diversify your crypto earnings. There are numerous DePIN projects available. This means you can select the project that aligns with your goals and knowledge.
Considering the increase in popularity, it might be high time you start earning digital currencies with just a little effort.
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