DePIN has great potential to enhance various services but faces obstacles such as complex technology and high development costs.
IoTex, a modular Web3 infrastructure that connects real-world data and smart devices to the blockchain, announced the launch of IoTex 2.0. Supported by launch partners including Near for data availability, Filecoin for storage, Bzz, RISC Zero for secure zero-knowledge computation, and Espresso for simplified sorting.
Decentralized networks of physical infrastructure have transformative potential for many applications, from enhancing wireless services to revolutionizing smart home technology. Reaching an addressable market value of $3.5 trillion by 2028, Depin technology is a new model for sharing digital and physical services, where contributors receive ownership shares and participate in a collaborative ecosystem. 1 million Depin devices connected So far, the Depin space is growing rapidly, with hundreds of projects in every vertical and use case.
IoTex2.0 adopts a modular approach to simplify the development process.
However, DePin faces significant challenges, such as the complexity of the technology required to support such a network, which often poses a barrier to entry for many potential developers. In addition, the time, cost, and resources required to launch a new DePin application are significant, which slows down innovation and deployment.
These obstacles have prevented Depin technology from reaching its full potential, with only a few fully operational networks to date. The current situation urgently requires tools and systems that can simplify the development process and accelerate market entry to ensure that the benefits of Depin can be realized on a larger scale.
Breaking down barriers and simplifying Depin development
IoTEX, as a modular infrastructure for the Depin project, launched IoTEX2.0, focusing on DePIN, aiming to support a variety of applications from wireless services to smart home technology. DePIN is a network created by different global individuals and companies, contributing to the evolving landscape of shared digital and physical services.
The release of IoTEX 2.0 includes a range of different partners, including Near for data availability, Filecoin for storage, RISC Zero for secure zero-knowledge computing, and Espresso for simplified sorting. The new version of IoTex enhances the development process in the Depin ecosystem.
Other key partners include for AI integration, OKX for wallet solutions, Axelar for bridging services, The Graph for indexing, Steamr for connectivity, and Irys for provenance.
Compared with traditional centralized infrastructure, IoTEX2.0 adopts a modular approach to decompose complex systems into simpler independent components, called Depin infrastructure modules (DIMS). DiMS are designed to simplify the development process and can reduce the time, cost and resources required to launch new Depin applications.
Despite the growing interest in DePIN technology, its adoption is still in its early stages, with only a few networks fully operational. One of the main challenges is the complex technical infrastructure required to support DePIN. IoTEX2.0 seeks to address the complexity by providing tools that make it easier to build and deploy DePIN applications, thereby accelerating their time to market.
DIMs facilitate the development and scaling of Depin projects by providing them with instant market exposure, liquidity, and verification mechanisms. As these projects grow, they have the opportunity to transition to their own layer 2 blockchains and achieve greater independence.
Fueling Depin’s Growth
Another component of IoTex2.0 is the Modular Security Pool (MSP), which allows Depin-focused blockchains (such as IoTex Layer 1) to repurpose their Proof of Stake (PoS) security into DIM and other Depin projects. The MSP mechanism is designed to foster growth and ensure the sustainability of projects within the ecosystem.
IoTEX2.0 emphasizes accessibility and aims to lower the entry barriers for different participants. The project's approach aims to promote a wider wave of innovation, allowing a wide range of individuals and communities to participate in and benefit from the technology at a lower cost.
The philosophy of IoTEX2.0 is closely aligned with Yuval Noah Harari’s Human-Gods: A Brief History of Tomorrow, especially the concept of Dataism, which sees the ability to process large amounts of data as an advanced form of intelligence.
Under IoTEX 2.0, the collection, secure processing, and analysis of large amounts of real-world data could lead to the development of super-intelligent AI systems, which could eventually perform decision-making tasks more effectively than humans or traditional institutions, potentially reshaping social, economic, and political structures.
Platforms like IoTEX2.0 address DePIN challenges by using innovative tools and modular components to simplify development and accelerate market entry, paving the way for more inclusive and dynamic growth in the DePIN ecosystem. $IOTX $ENS $GNO
