DePIN is forming a new sharing economy model in digital economy era
HONG KONG SAR 16 April 2024 – In April 2024, during the Web3 Festival in Hong Kong, UWEB and JDI Global officially released the highly anticipated “2024 DePIN Development Report.” The report, authored by UWEB Principal Dr. Yu Jianing, JDI Global CEO Wang Yiming, and UWEB Co-founder Romeo Wang, provides an in-depth discussion on the innovative network architecture of DePIN and its significant impact on the digital economy.
DePIN, the Distributed Physical Infrastructure Network, integrates blockchain technology with physical infrastructure, aiming to combine various resources from the physical world, such as storage space, computing power, and network connections, with the digital realm through a decentralized approach. This synergy propels innovation and development in the digital economy.
The report forecasts a promising future for DePIN, with a market size expected to reach $3.5 trillion by 2028. As a crucial player in global infrastructure network development, DePIN combines physical infrastructure with blockchain technology, promoting the construction of the network through token incentive mechanisms and driving innovation and growth in the digital economy. DePIN’s application scenarios are extensive, covering distributed storage, wireless networks, Content Delivery Networks (CDNs), artificial intelligence computing, and more, demonstrating its immense potential in fostering technological innovation and enhancing industry efficiency.
DePIN leverages blockchain technology to enable the digital representation and transfer of value. While traditional information internet allows for the free flow and sharing of information, the transfer of value is often restricted by centralized financial institutions and complex regulations. DePIN, with its decentralized nature, permits the global, unrestricted flow of value, significantly reducing transaction costs and time, and enhancing liquidity.
Furthermore, DePIN’s incentive mechanisms stimulate the enthusiasm of individuals and enterprises to participate. In the DePIN network, participants can provide physical infrastructure resources such as storage space, bandwidth, and computing power to earn corresponding rewards. This not only encourages more individuals and enterprises to join the network construction but also provides a powerful impetus for network expansion and maintenance, forming a new sharing economy model.
Additionally, DePIN complements and enhances the traditional internet and IoT (Internet of Things). The core functions of the internet include data storage, transmission, and processing, and DePIN provides a more stable, secure, and efficient environment for these data through its physical infrastructure network. For instance, DePIN supports distributed storage systems like Filecoin and Arweave, wireless network coverage like Helium and MetaBlox, CDN content transmission with Meson and CESS, and emerging AI-combined applications like Render Network and OORT. These applications not only enhance data reliability and availability but also provide robust support for emerging artificial intelligence computing technologies.
Despite challenges in technological maturity, standardization, security, privacy protection, and compliance, the report emphasizes that industry collaboration, technical standard setting, and international dialogue can overcome these issues.
In conclusion, the report highlights that DePIN is not only a product of technological innovation but also a key factor in driving social progress and sustainable economic development. As the concept and technology of DePIN continue to mature and become more widespread, it is expected to inspire more infrastructure innovation and reform globally, laying a solid foundation for a more interconnected, efficient, and equitable future world.
