Original Author: humanityprot
Original Compilation: Block unicorn
At a time when people are concerned about the frenzy of meme coins and the so-called moral crisis of cryptocurrencies, the rise of the DePin network once again strongly establishes the popularity of cryptocurrencies in the real world. Messari coined the term "DePin" in 2023, which is a new term, but the idea behind it is as old as cryptocurrency itself. DePin is an abbreviation for Decentralized Physical Infrastructure, referring to a community network driven by protocols and token incentives, coordinating hardware resources.
Bitcoin, as the original blockchain, is a typical DePin network. This is because it invites anyone in the world to contribute computing resources to ensure the security of its distributed ledger and rewards them with "digital gold." This model is revolutionary not only because of its technology, but also because of its economic impact. However, with the development of cryptographic technology, it often turns to abstract speculation and frequently loses its proven ability to coordinate physical resources smoothly. Today's DePin networks are more complex, providing a path back to the origins of cryptocurrency and promising to quiet critics by promoting fairer economic relationships.
Better Operator Economy
DePin networks have created a new economic model, improving the patterns in the existing operator economy. The operator economy—more commonly known as the "gig" or "sharing" economy—has emerged with the rise of companies like Uber and Airbnb, which use vast networks of independent operators to coordinate and provide valuable services such as ride-sharing and accommodation. They rely on private company networks to use crowdsourced labor and material resources and have achieved tremendous success, validating a new service paradigm that can compete with more traditional consumer models, and even surpass them.
This Web2 operator economy is lucrative for unicorn companies and their shareholders. However, for other stakeholders, the situation is not so positive, such as workers who contribute time and resources to the network and early adopters who see the long-term value of the product. Like many large tech companies, the operator economy often reflects an extractive logic that favors monopolies, creates unstable labor, and relies on subsidized venture capital and unpredictable governance, leading to platform risks.
DePin improves the operator economy by making it more democratic, economically inclusive, and transparent. Like other blockchain applications that have found product-market fit (such as DeFi), DePin protocols replace the idle monopolists and rent-seekers at the core of Web2 operator networks with software and code. Therefore, they can reallocate economic value to participants based on their contributions to the network. Take the ride-sharing protocol Teleport, for example. Teleport is very similar to Uber, except it dissolves the company behind the ride-sharing market. This means it can return more value to drivers and passengers through higher wages and lower prices.
Companies like Uber and Grubhub rely on a class of deprived workers without benefits and unstable employment. In contrast, DePin networks are specifically designed to reward network participants who invest their hardware and time into the network by providing tokens through permissionless smart contracts. This means that every contributor to the DePin network can become an economic stakeholder, not just an input in a company spreadsheet. A more inclusive capitalism drives the development of the Web3 operator economy, not only making it fairer for network contributors, but also ensuring that the return on risk is not only obtained by a few venture capital firms, but also by the participants who invest time and money in developing the network. Making participants owners also benefits the enterprise, as these initial owners will become network evangelists and help guide the growth of the next wave of users.
The permissionless nature of DePin networks also means that they lower barriers to entry, attract a wider range of participants, and expand their geographic coverage, making them an ideal choice for edge case services. On the supply side, they open the ecosystem to all eligible manufacturers, ensuring that a single hardware supplier does not become a monopolist and ensuring that the network provides better products at lower prices.
Finally, the protocol-driven nature of DePin networks provides more protection against platform risks and censorship. Unlike centralized systems, code is more difficult to block or censor. This means that hardware services based on DePin will be more difficult to disrupt for political or other illegal reasons. However, this may also mean that DePin networks will better maintain services that cross legal boundaries, posing challenges to governance and regulation.
Different Areas of DePin
Most Web3 operators are honing their technology in increasingly specific areas, marking the maturity of the Web3 operator economy.
Hardware operators are key to the DePin revolution, matching physical assets with user needs. For example, io.net connects companies in need of artificial intelligence processing power with GPU providers. Helium operates similarly, connecting small-scale cellular hardware owners with users in need of 5G connectivity. These examples highlight a key trend. In the expanding operator economy, hardware becomes a shared commodity, and each participant plays a dual role as a consumer and provider.
Data operators transform raw data into valuable assets. They deploy hardware to collect and process data, creating datasets and APIs for commercial use. Examples like DIMO and Hivemapper illustrate this trend, with operators collecting vehicle data for insurance companies or capturing street images for real-time street mapping. In addition to mere collection, these operators often enhance the data before packaging it into sellable products. They also play a crucial role in the cross-network transmission of real-world data, utilizing IoT sensors to not only collect data but also provide services.
Storage operators form the backbone of data persistence in the Web3 operator economy. Projects like Arweave and Filecoin provide decentralized solutions for file storage, ensuring that data is not only preserved but also available for future use. KwilDB operates similarly as a decentralized database, providing secure and persistent storage for structured data. These platforms are crucial because they protect information.
Compute operators provide basic processing and communication services. Projects like Aethir demonstrate the potential of decentralized cloud rendering networks, enabling developers to build a range of decentralized consumer applications and allowing users to leverage collective computing power. Similarly, Akash offers a cloud service marketplace, challenging traditional providers like AWS and GCP with a decentralized alternative. These platforms embody the spirit of DePin, as they not only decentralize access to computing resources but also democratize it.
Challenges
The Web3 economy supported by DePin faces many challenges. First, DePin projects must effectively address the complex regulatory environment of the real world. For example, data collection services like Hivemapper need to navigate a patchwork of governance, data management, and security regulations, each with its own set of strict compliance requirements. Similarly, 5G networks encounter various spectrum licensing laws, which vary widely between different jurisdictions. These obstacles create significant friction, slowing progress and requiring a delicate balance between innovation and compliance.
Second, the market dynamics of DePin itself may introduce instability to DePin projects. While tokens can quickly attract more hardware operators, this does not guarantee user adoption. An oversupply and little demand for the end product can lead to imbalance, disrupting the stability of the network. The design of token economic mechanisms is crucial; excessive participation incentives may lead to inflation, weakening the value of tokens and the credibility of the network. If the incentive program is too small, the network will bear the risk of being unable to scale to meet market demand.
Third, and finally, while decentralization is the cornerstone of the Web3 spirit, it also brings a range of challenges. Centralized services benefit from layered coordination and management, which can bring outstanding performance. In contrast, decentralized networks may struggle to match these governance and technical efficiencies. For example, the distributed nature of shared computing may lead to delays in processing machine learning tasks compared to the concentrated capacity of data centers. If decentralized systems cannot provide comparable performance, their cost-effectiveness alone may not be enough to persuade users to abandon established centralized services.
Summary
DePin has the potential to unleash market efficiency and create a fairer operator economy. However, its ultimate success will require more effort and time, especially for projects launching bilateral markets in highly regulated industries. Assuming DePin can address the complex regulatory environment, challenging token economic models, and comparable performance, its success could be revolutionary. More importantly, this will prove that even the most fervent critics are wrong about the practicality of Web3 in the real world.
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