An article to explore investment opportunities in the Depin track

DePIN, or Decentralised Physical Infrastructure Networks, integrates physical resource networks (PRNs) or digital resource networks. DRN) uses token incentives to motivate users to participate, so as to optimize the efficiency of resource utilization and provide value to network users and users.

At the same time, the sustainable development ability of the project also depends on whether its advantages can build enough moats and not be replaced by other networks, and the possible advantages include the resource capacity, density and good economic system of network nodes. In this article, we will introduce the potential investment opportunities in the Depin track from four categories: sensors, servers, wireless networks, and computing resources.

Hivemapper

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Hivermapper is a global decentralized map network that aims to solve the problems of monopoly pricing, uneven coverage, and uncompensated user production data in the map industry. Hivemapper closed a $18 million Series A funding round on April 5, 2022. The investors in this round of financing include Multicoin Capital, Craft Ventures, Solana Ventures, etc.

By installing Hivemapper’s dashcam, contributors can earn Token HONEY as a reward for high-quality street images on their mobile phones, and can also participate in the Map AI Trainer game to enhance Hivemapper’s machine learning model to get token rewards. Consumers can redeem tokens to access map data, and ecosystem participants can benefit from the ecological network.

The HONEY token is issued on the Solana chain with a maximum supply of 10 billion HONEY tokens. Tokens are initially distributed as follows:

• 40% to contributors as a reward for their participation in building the Hivemapper network. The exact number of tokens minted each week is determined by the Global Map progress.
• 20% is given to investors to provide the start-up capital needed to launch the Hivemapper network.
• 20% to Hivemapper Inc. Responsible for building the technology and operating systems needed to run the Hivemapper network.
• 15% to Hivemapper Inc. for R&D and operational support for the Hivemapper network.
• 5% donated to the Hivemapper Foundation to facilitate the ongoing management and success of the Hivemapper network.

The September 2023 update mentions that different regional weights will affect the calculation of global map progress units and the rewards that the region will receive in a given time, and rewards will be issued according to the three dimensions of coverage, activity, and elasticity, so as to keep the map wide coverage, fast update, and will not rely on any individual contributor.

The consumer side buys Map credits, and as the usage increases, more Honey tokens will be burned, reminted and directly rewarded to contributors who provide data, essentially maintaining user-friendliness and completing the token transfer between consumers and contributors.

It is worth mentioning that Hivemapper uses three layers of verification to verify the location of the collected images, the second of which is Helium’s Long Range Wide Area Network (“LoRaWAN”) and the other two are the Global Navigation Satellite System (“GNSS”), commonly known as GPS and map image quality checks.

As of November 2023, Hivemapper has delivered more than 8,000 dashcams that have mapped more than 90 countries. Contributors have mapped more than 80 million kilometers of roads, of which more than 5.7 million kilometers are unique kilometers, accounting for more than 9% of the world’s roads. On average, Hivemapper contributors now map more than 800 kilometers per week.

Helium Mobile

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Helium Mobile is a decentralized 5G network that enables customers (rather than carriers) to become network owners and operators. Helium Mobile users are rewarded for simply using their phones on the Helium 5G network, allowing consumers to take ownership of their mobile plan and the networks that support it, ultimately achieving a network flywheel effect, with more user data and more incentives to deploy additional Helium 5G coverage. The flywheel effect of falling costs and increased use of data credits has brought this project into the spotlight.

To lower the barrier to entry and help accelerate Helium 5G network coverage, Helium mobile offers the Helium Mobile Hotspot, which uses Wi-Fi technology to create coverage specifically for Helium Mobile users (smartphones only, no laptops or tablets), with a mobile hotspot at a much lower price and easier to set up than the CBRS radio and gateway bundle. And because Wi-Fi technology has a shorter range than traditional cellular devices, a high-density deployment of Helium mobile hotspots is needed to help ensure that enough data is transmitted over the Helium network, which means a larger audience is needed and easier to engage. Community members can also purchase professional-grade CBRS equipment and complete the setup process or work with a professional installer.

On December 5, 2023, Helium Mobile launched a nationwide contract-free $20/month mobile plan with unlimited data, calls, and texts. It is worth mentioning that Solana Mobile Saga users in the United States will receive a free 30-day subscription to Helium Mobile, allowing them to seamlessly connect to the Helium 5G network and work with 5G networks nationwide.

MOBILE follows a similar minting schedule to HNT, but with a maximum supply of 230,000,000,000 (230B). The 50B MOBILE was managed by the Helium Foundation at the time of network launch. The issuance is scheduled to be halved every two years, in line with the HNT issuance halving. And users can redeem Mobile to HNT on the Helium Wallet app.

DIMO

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DIMO is a decentralized physical system platform that allows car owners to collect, use, and monetize data from their vehicles, and developers and data consumers can build applications and services that reduce the cost of delivering better mobility products and services, leaving data ownership in the hands of different users and stakeholders. By connecting drivers and their data with developers and manufacturers, Dimo can disrupt the original business model and create value first for the business and then for the user, if any. Applications and services can only be built by a small number of companies with existing access.

With the launch of devices, connected cars, and $DIMO tokens in 2022, DIMO’s current development is focused on increasing vehicle supply, measuring contribution by issuing $DIMO tokens to data providers, and adding developer tools to make device data more accessible to app developers so they can create new user experiences on DIMO. Including this year, the DIMO Mobile app adds an embedded wallet and increases the quantity and quality of car data.

With the decentralization of data storage, more data on-chain (journey), and the accelerated addition of SDKs, the new application ecosystem based on DIMO will become more open. The protocol continues to mature and apply as decentralization increases, support for new vehicle types such as scooters, aircraft, heavy machinery, etc., and more customers increase, as well as formal relationships with automakers are established.

The value of $DIMO comes from three aspects: coverage, data quality, and market demand, and the token role is mainly transaction demand, governance voting, and staking and incentives for participants, and as the usage increases, $DIMO will also be burned, so that users will get more rewards.

DIMO’s official website can also see that the ecosystem is very rich, including car rental, mobile app, hardware facilities, etc., and the picture below is the latest vehicle and trip data.

Peaq

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Peaq is a Web3 network that provides decentralized infrastructure and tools for builders and users of machine decentralized applications or dapps. It provides everything you need for applications built for vehicles, robots, and devices on a blockchain network. Peaq enables entrepreneurs and developers to build decentralized applications for vehicles, robots, devices, and other machines, while enabling users to manage and monetize these connected machines.

Peaq allows owners of connected devices to benefit directly from the economic value generated by their assets. This model of economic benefits has also forged the wealth model of Peaq. Peaq’s decentralized operations platform bypasses intermediaries and directly engages users with devices, allowing device owners to retain a larger portion of their assets because they no longer need to pay large commissions to centralized platforms. As a result, users who participate in Peaq can earn more profits from their internet devices, encouraging more people to participate in the sharing economy. As more IoT devices generate economic benefits, profits will also flow and distribute among token holders, thereby stimulating transactions and driving development.

According to Peaq’s official website, Token will be issued in 2024, which can be followed in advance.

Silencio Network

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Silencio is a community-driven platform built on the peaq network to address the growing problem of noise pollution in urban areas. The project encourages users to contribute Hyperlocal noise pollution data by offering rewards in the form of Nosie coins. Adopting an innovative eco-economic model allows users to actively participate in the fight against noise pollution while benefiting from their contributions. By collecting accurate, real-time data,

Silencio aims to harness the power of smartphones to transform noise pollution monitoring, eliminating the need for a large number of fixed environmental sensors for noise detection. Smartphones with built-in microphones are able to measure sound levels in decibels and map ultra-local noise pollution. There will also be an app store where users can redeem Nosie Coins for goods and services, as well as the ability to donate Noise Coins to meaningful causes such as planting trees or protecting endangered rainforests.

The project announced that it will release airdrops in the future, the number of airdrops is mainly based on the sound data provided by users or the number of user referrals, upload one minute of data can get a token, and users who recommend others to use Silencio will get 3% of all Noise Coins they recommend uploading, as well as the size and number of geographic systems covered.

According to Roadmap, the beta test of the project has been completed, and more product features, NFT auctions, etc. will be launched next, and it is planned to issue tokens in 2024Q2.

Onocoy

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Onocoy leverages Web3 technology to build the world’s densest network of GNSS reference stations, which can only be achieved at scale and high density through a community-driven approach, with the aim of solving the problem of high infrastructure costs, so service providers focus on high-income areas and lucrative markets, as well as redundancy of reference station infrastructure, resulting in unnecessarily high service costs due to infrastructure duplication.

GNSS has a wide range of applications, expanding beyond the positioning and navigation of users on the Earth’s surface, to determining the position of aircraft and spacecraft. The deployment of the Onocoy network integration reference station brings global coverage and high network density, enabling the CapEx and OpEx of the reference station infrastructure to be distributed across a large community, improving the high utilization and capital efficiency of the infrastructure, while users also benefit from reduced data costs.

Its architecture is built on solana, miners and validators who provide verified data receive ONO tokens for providing core services to the onocoy system, and enterprises, developers, and end-users use the data from the onocoy system to exchange and consume tokens, and the project is currently in beta, using BONO tokens as test coins, and the token economy is well designed.

The maximum supply of ONO tokens is fixed at 810 million. Tokens are distributed as follows:

• 30% is distributed to the reward pool for miners and other contributors.
• 20% goes to the onocoy association/DAO managed by ONO token holders
• Investors in two rounds of funding (10%+10%) provide 20% to provide the start-up capital needed to launch the ONOCOY system
• 15% to the funding team that launches the ONOCOY system
• 15% is paid to Services AG to cover employee salaries, consultants’ fees, and the costs of third parties and subcontractors to set up the technical and operational systems necessary to operate the onocoy system

Grass

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Grass is Wynd Network’s flagship product. Wynd, which focuses on open network data, recently announced the closing of a $3.5 million seed round led by Polychain Capital and Tribe Capital, with participation from Bitscale, Big Brain, Advisors Anonymous, Typhon V, and Mozaik, among others. Grass allows users to earn passive income through an internet connection by selling unused network resources, solving the current problem of existing networks being run by exploitative middlemen. The network information that personal IP addresses are exposed to, so this data information is very important for companies such as airlines, and in many cases users “lend” bandwidth without their knowledge or by default, so the project aims to provide a decentralized solution that uses token incentives to encourage users to own their own bandwidth without being disenfranchised by a centralized proxy network, which can be used by companies and AI labs.

The number of Twitter followers of the project is 15,000, which has a certain degree of attention. The current beta has been launched in June 2023 and is already supported for Android phones. As of November 29, 2023, there are 103,000 downloads and 1,450,000 unique IP addresses, and future token holders can receive a portion of the protocol revenue accumulation while gaining governance voting rights.

Space and Time

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Space and Time is a verifiable compute layer that scales zero-knowledge proofs on decentralized data warehouses, providing trustless data processing for smart contracts, LLMs, and enterprises. Space and Time connects indexed blockchain data from on-chain with off-chain datasets, and uses Proof of SQL to ensure tamper-proof large-scale computation and prove that query results have not been manipulated.

Proof of SQL is a new ZK-proof developed by Space and Time that allows data warehouses to generate SNARK cryptographic proofs of SQL query execution, proving that query computations are done accurately and that both the query and the data are verifiably tampered with.

Projects allow developers to connect indexed on-chain and off-chain data, use SQL to transform data to execute low-latency cached queries and large analytics jobs, transform and shape data into schemas specific to your business, publish queries to APIs and build dashboards, and zero-knowledge technology guarantees trustless sending tamper-proof query results to smart contracts or publishing them directly on-chain.

Space and Time has indexed ETH, Polygon, Sui, Sei, and Avalanche, and is constantly supporting more chains, as well as connecting to Chainlink.

The project has 31,000 followers on Twitter, and it has received some attention as a cross between the Depin track and the ZK track. At present, the project does not have a detailed coin issuance plan, which can maintain long-term attention.

Natix Network

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The Natix network leverages existing cameras as “super-sensors” to collect data, protects privacy through NATIX’s proprietary AI and edge computing technologies, and creates dynamic maps of the real world for users to collect and consume real-time data at low cost, such as crowd size, available parking spaces, pothole locations, and more.

It aims to combine decentralized economic incentives and intrinsic motivations to break the long-term data monopoly, solve the problems of data silos, high cost burdens of users, and unfair compensation of user data, and enter the geospatial data market.

The NATIX network relies on two token types to coordinate the interests of network participants. The two token types are iLand NFT and fungible NTXT tokens. The Natix dynamic map divides the Earth into tiles, each with a unique smart Land NFT, aka “iLand NFT”, which will generate passive income for holders. Any data generated by NATIX network cameras will be located on one of these tiles. Once this data is monetized, the tile owner has the right to collect royalties for every transaction on that tile. In addition, iLand NFTs also possess governance functions within the network. iLand NFTs will be airdropped, sold, and then traded on the marketplace. NFT minting fees, as well as royalties from NFT transactions, will be used to grow the network and incentivize early participants. NTXT (ERC-20) is the native utility token of the NATIX network. It is used as a payment method to purchase data and iLand NFTs, and can also be staked to earn yields or reduce network fees to participate in system governance.

Natix allows users to earn NTXT without having to buy additional hardware, join the network and earn tokens using their phone camera. Users can earn money by using their phone’s camera while driving/riding or go to explore the map, use the camera to detect events (potholes, garbage, or parking spaces) and earn tokens. NATIX ENABLES ENTERPRISE DATA CONSUMERS TO SUBSCRIBE TO AND USE REAL-TIME DATA CAPTURED BY NATIX CAMERAS OVER THE INTERNET.

The total supply of NTXT is 1 billion, which will be released slowly over a period of 48 months.

The Natix network has designed a series of incentives and rewards to incentivize users to participate in the network, including the NATIX network, which will incentivize users who provide liquidity to NTXT/USDC on AMMs. And the party that provides the data/detects the data needs to stake a certain amount of tokens to ensure that it does not do evil.

The project has 35,000 Twitter followers and is currently in its early stages, with whitelist applications open for users to participate in the project’s testing.

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