Decentralized Physical Infrastructure Networks, or DePINs, Remain One of the Hottest Narratives
Decentralized physical infrastructure networks, or DePINs, remain one of the hottest stories in the Web3 space this cycle. Although the technology has been around for several years, it has recently gained renewed enthusiasm amid the return of bullish sentiment to the cryptocurrency market.
DePIN networks allow everyday people to leverage their physical infrastructure resources – such as hard drive space or bandwidth – to help manage a larger decentralized network. One such project is XYO, through which users store data for clients and receive cryptocurrencies in return.
In episode 38 of Program Podcast hosts Jonathan de Jong and Ray Salmond speak with Marcus Levine, co-founder and COO of XY Labs, the company behind the development of the XYO protocol. Levin explains that DePINs have the potential to make AI more trustworthy and have already made huge strides in the widespread adoption of cryptocurrencies.
The interview is the first in a series of conversations Program Recorded in person at the 2024 Consensus Conference.
DePINs fight artificial intelligence-related misinformation
Levin noted that AI models tend to “hallucinate,” or generate false information and present it as true. A DePIN system like XYO, where every piece of data has a provable source, offers potential protection against such hallucinations, he said.
“The problem with hallucinations is that the underlying data is often wrong. AI doesn’t know what data to trust. “What we do is give you certainty on this data,” Levine said. “We can tell you where the data was created, how it got from one device to another, and then where it ended up.”
“In a general question, like a chicken soup recipe, that might not be relevant, right? (…) But if we think about medical data for example, right? If you have a model related to medications, what is the best course of action for the patient, and that sort of thing, we want to be very sure that you know where the data is coming from.
Will DePIN achieve mass adoption?
When asked if there is currently a bubble in the DePIN market amid the hype around the technology, Levin replied “there is definitely no DePIN bubble.” Instead, he said, DePIN Networks is at the start of a long trajectory of exponential growth.
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Meanwhile, Levin acknowledged that there is excitement around the technology today – but he said the hype exists because DePIN networks are scalable and meet real customer needs. “The reason other projects want to participate is because it’s already a success, right? ” notice.
“If you look at successful projects, you’ll find them here and there, right? But those that have proven themselves over a long period of time, not so much, right? But there is DePIN, which builds these real economic models.
When asked if DePIN could be the flagship app that heralds widespread adoption, Levin replied: “We built it. » He added: “80% of our users are unencrypted people, and 95% of them convert to encrypted people. » We have received more than 7 million people.
“We want blockchain to be everywhere (…) and DePIN can really make it happen. »
For more on Levine’s conversation with Program – Including how XYO approaches data privacy, how DePIN differs from IoT, and more – Listen to the full episode on Cointelegraph’s Podcasts page, Apple Podcasts, or Spotify. And don’t forget to check out the full range of other offerings from Cointelegraph!
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