Tech
DePins: Where Blockchain Meets Artificial Intelligence
Earlier this month, leaders from the international financial industry gathered under one roof to participate World Economic Forum held in Davos, Switzerland. The most discussed topics during this event were blockchain, cryptocurrencies and artificial intelligence. Several financial experts have said that the integration of artificial intelligence with blockchain elements could represent a game-changer for the efficiency, transparency and security of today’s global financial sector. Members of the tech community have already experimented with integrating blockchain and Web3 with concepts like decentralized physical infrastructure networks, or DePIN.
DePins are blockchain-based protocols that, in an open or decentralized way, build, manage and maintain digital infrastructures in the real world. This “infrastructure” could range from WiFi hotspots in wireless networks to solar-powered home batteries in energy grids.
Individuals and companies who contribute to DePins protocols, in exchange, receive cryptocurrency-based compensation and an ownership stake in the network and service to which they contribute.
Citing an example from DePin, a relationship of Techopedia said that Helium, which is a decentralized open wireless network, allows anyone to earn crypto tokens for providing wireless connectivity.
DePins are increasingly being developed for the AI sector to efficiently meet industry needs such as secure data storage, cloud storage, and GPU processing data, among others, the report said. The blockchain element in DePins adds features such as shared control, transparency and durability to the AI infrastructures in which DePins are deployed.
In terms of cloud computing, which requires permission-based access to GPU power and other high-performance computing resources, DePins provide permissionless access that adds multiple layers of detail to the outputs provided by the AI. The more developers experiment with concepts like DePins, the more AI and blockchain technology will become intertwined.
“AI technology in a decentralized and open source way. The calls for democratization of artificial intelligence are increasing day by day. DePINs will reduce barriers to entry, enable unrestricted access, and make AI solutions more accessible to all,” the Techopedia report notes.
A little more about the DePins
It was November 2021, when the DePins concept took its first tentative name from an open source platform called IoTex. At the time, DePins were called MachineFi, to demonstrate that the concept will combine machines with DeFi leading to the “financialization of machines.”
After jumping through other temporary names like EdgeFi, Token Incentivized Physical Networks (TIPIN), and Proof of Physical Work (PoPW), Messari finalized the name for this industry as DePin. The provider of cryptocurrency market intelligence products had released a public survey in November 2022 asking people to choose their favorite name for this concept.
Web3 physical infrastructure needs a name!
Often referred to as Proof of Physical Work (PoPw), Token Incentivized Physical Networks (TIPIN), EdgeFi, or Decentralized Physical Infrastructure Networks (DePIN), cryptography has yet to reach a consensus.
Vote below or add a suggestion:arrow_down:
— Messari (@MessariCrypto) November 5, 2022
According to relationship of CryptoPragmatist, some of the main DePin projects are: Render, which is a decentralized GPU rendering platform, Theta Network, which provides a blockchain infrastructure for the media industry, and the Ator protocol, which is working to build an international system privacy routing.
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