Top 3 DePIN Projects To Watch In 2024!

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thedinarian@thedinarian

March 08, 2024

Top 3 DePIN Projects To Watch In 2024!

What happens when the decentralized nature of cloud computing meets the incentivization of the crypto economy? In the swirling vortex of digital innovation, decentralized tech is snagging the spotlight, transforming our digital interactions in ways we’re only just starting to grasp.

At the heart of this transformation is DePIN – decentralized peer-to-peer internet networks. They’re shaking up the tech scene by ditching the old-school central server playbook for a more democratic, direct user-to-user vibe. In the tech world, being ahead of the curve is crucial for one’s financial growth and success. Let’s dive in and also explore three standout DePIN projects set to make waves in 2024.

What Is DePIN?

Imagine a world where your internet doesn’t hinge on some mega-corporation’s central server. That’s basically DePIN – a network model that’s all about connecting users directly, making data sharing more secure, private, and resistant to outages or censorship. DePIN is the backbone of various innovative applications, from file sharing to blockchain technologies, paving the way for a more democratic and efficient digital ecosystem.

Top 3 DePIN Projects Building In 2024
nuco.cloud

At the forefront of the DePIN revolution in cloud computing is nuco.cloud, a platform that distinctly outpaces traditional cloud services with its unique decentralized approach. nuco.cloud leverages the world’s first decentralized mesh hyperscaler, enabling users to access computing power from various servers in professional data centers worldwide. This means you get to tap into a global network of servers without the sky-high costs or rigidity of traditional cloud services.

Why nuco.cloud Stands Out:

Cost-Effectiveness: Compared to giants like AWS, nuco.cloud offers computing resources at a fraction of the cost, thanks to its decentralized nature and efficient use of distributed computing power.

Scalability and Flexibility: The platform can dynamically allocate resources, ensuring businesses have access to the computing power they need without the overhead associated with traditional cloud services.

nuco.cloud’s Product Lines:

nuco.cloud GO: Tailored for small to medium-sized projects, GO provides an accessible entry point for businesses seeking to leverage decentralized computing without significant investment.

nuco.cloud PRO: Designed for professional users requiring more robust and dedicated resources, PRO offers enhanced performance and security features for demanding applications.

nuco.cloud SKYNET: Representing the bleeding edge of nuco.cloud’s offerings, SKYNET combines the PRO infrastructure with the GO distribution technology to offer unmatched scalability and cost efficiency, particularly for large enterprises and complex computing tasks.

Each product line caters to different use cases, from startups experimenting with AI to large corporations managing vast data sets, demonstrating nuco.cloud’s versatility and its superiority in the DePIN space.

HealthBlocks

HealthBlocks is stepping onto the scene as a groundbreaking web3 health app, rewarding users for healthy living while providing secure access to health services and data sharing. It’s redefining health data ownership, offering a live-to-earn model that incentivizes wellness and data monetization under a veil of privacy.

Transforming Health Data Ownership:
With global health data’s economic value in the trillions, Healthblocks champions the idea that individuals should own and profit from their health data. This shift from centralized data control to user ownership opens up new avenues for private data analysis and innovation in health management.

How HealthBlocks Empowers Users:

Supply Chain Transparency: Combating counterfeit medical goods through blockchain-tracked life cycles.

Patient-Centric Records: Offering a unified medical history view that respects patient consent for data sharing.

Seamless Insurance Processes: Direct and immediate confirmation of healthcare services to insurers.

Digital Health Solutions Platform: Supporting virtual consultations and a marketplace for anonymized medical data.

By leveraging blockchain, IoT, and AI, HealthBlocks is poised to transform how we manage and benefit from our health data.

Hivemapper

Last but not least, Hivemapper is tech that revamps how we map the world. Drawing inspiration from the collaborative efforts of a beehive, Hivemapper utilizes a network of dashcam-equipped vehicles to create detailed and up-to-date maps of the world.

This unique drive-to-earn project is pushed by its community-powered mapping that not only keeps your navigation fresh but also rewards you with $HONEY tokens for your contributions.

What Sets Hivemapper Apart:

Community at its Core: With real-time updates from drivers worldwide, Hivemapper keeps its maps fresher than your morning coffee.

Earn as You Explore: Share your drives, earn HONEY tokens, and become part of a mapping revolution.

Fast and Furious Blockchain: Thanks to Solana, transactions are quick and cheap, making Hivemapper a no-brainer for the community-minded cartographer.

Hivemapper’s innovative model not only challenges conventional mapping services but also demonstrates the power of decentralized networks in creating valuable, community-driven resources.

Conclusion

As we move into 2024, the DePIN landscape is ripe with innovation, led by projects like nuco.cloud, HealthBlocks, and Hivemapper. Each of these platforms leverages the decentralized model to offer solutions that are not only more efficient and secure but also pave the way for a more interconnected and democratized digital future. These DePIN projects are just the beginning of a broader shift towards decentralized internet networks, promising a more resilient, equitable, and efficient digital world.

https://thecryptobasic.com/2024/03/04/top-3-depin-projects-to-watch-in-2024/

THECRYPTOBASIC.COM

Top 3 DePIN Projects To Watch In 2024!

What happens when the decentralized nature of cloud computing meets the incentivization of the crypto economy? In the swirling vortex of digital innovation, decentralized tech is snagging the ...

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Show me more content first

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Here is everything you must know:

In this in-depth guide, find out everything you need to participate in Persistence One’s BTC Interop incentivized testnet.

The above is great practice for those of you either learning to use Metamask/swaps or need to learn.

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💎 Gemini

Website | Twitter

Launched in 2014 by the billionaire Winklevoss twins, Gemini is a cryptocurrency exchange, custody provider, and stablecoin issuer. The firm first signaled its intentions to go public over four years ago in January 2021.

Following the disastrous implosion of FTX, Gemini was forced to halt withdrawals from its “Earn” program, which had extended loans to the bankrupt exchange through a third-party lender called Genesis. Gemini later settled for $50M over the matter with the State of New York, and was fortuitously able to return 100% of funds owed to depositors.

While the subsequent onset of crypto’s bear market caused valuations to collapse and forced Gemini to shelve its IPO ambitions, recent Bloomberg reporting indicates that the Winklevi are considering a 2025 IPO.

Gemini’s sole external raise – announced in November 2021 – secured $400M in funding at a $7.1B valuation.

🔵 Circle

Website | Twitter

No list of crypto’s top IPO contenders would be complete without Circle. The company ranks as the largest audited stablecoin issuer, and its $56B of dollar-pegged assets inundate every major blockchain in existence!

Circle terminated plans to go public via SPAC merger with Concord Acquisition Corp in December 2022, but disclosed in January 2024 that it had "confidentially" filed for a U.S. initial public offering with the Securities and Exchange Commission. Subject to "market and other conditions," the firm’s IPO can take place at any time once the SEC completes its registration review process.

Last September, Circle CEO Jeremy Allaire unveiled plans to migrate company headquarters to the heart of New York City’s financial district with an office that will occupy the entire 87th floor of the iconic One World Trade Center.

Circle has raised approximately $1.5B across multiple funding rounds since inception in 2013 and was previously valued at $9B before its abandoned SPAC merger.

🦑 Kraken

Website | Twitter

Shortly after competitive crypto exchange Coinbase’s highly successful stock market debut at a $47B valuation in April 2021, Kraken CEO Jesse Powell announced plans to take his exchange public during the second half of 2022.

Although the firm’s IPO ambitions appeared to fizzle out after Powell resigned from his post in September 2022, Bloomberg reported last June that Kraken was seeking to raise $100M through a pre-IPO round and confirmed last month that it had received $27M in primary capital from the offering.

Kraken has conducted over 20 separate fundraising rounds and was rumored to have been valued at $20B during its Series D raise conducted near the crypto market peak in 2021.

Digital Currency Group

Website | Twitter

Digital Currency Group is one of the oldest crypto-focused venture conglomerates in existence and has been an integral component of crypto capital markets since their nascency!

DCG held exposure in over 160 portfolio companies as of early 2023, but was forced to divest from some of these holdings – including all interest in crypto publisher CoinDesk – to raise cash for bad FTX loans made through lending subsidiary Genesis. Notably, crypto asset manager Grayscale remains a wholly owned subsidiary of Digital Currency Group.

While a $700M November 2021 equity raise valued DCG at $10B, the firm’s most recent publicly available shareholder letter for Q4 2023 wrote down its valuation to just $4.4B; this figure has undoubtedly increased in the months since, alongside the crypto market rebound.

🦊 Consensys

Website | Twitter

Founded in 2014 by Ethereum co-founder and former Goldman Sachs VP Joseph Lubin, Consensys was born to be an independent software engineering firm that could support the development of Ethereum with third-party applications, like its popular MetaMask wallet.

While there have been no official Consensys IPO announcements, Lubin’s emoticon smiley face response (seen below) to a January 2025 tweet imploring Consensys to go public and adopt an Ether treasury accumulation strategy could indicate an IPO is on the horizon.

Consensys last raised $450M in a 2022 Series D round that valued the firm at $7B.

🙋‍♂️ Honorable Mentions

Alongside Circle and Kraken, in its “10 Predictions for 2025” report, crypto-native asset manager Bitwise cited infrastructure provider Anchorage Digital, tokenization firm Figure, and analytics service Chainalysis as prime candidates for an impending IPO.

Bullish Global, the Peter Thiel-backed crypto exchange that purchased DCG’s ownership in CoinDesk, is reportedly entertaining public listing strategies with Jefferies Financial Group and JPMorgan Chase; meanwhile, the impending resolution of the SEC’s XRP lawsuit – now in appeal with the Second Circuit Court – likely clears the way for a Ripple IPO.

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