As a seasoned crypto investor with a knack for spotting trends and a penchant for backing visionaries, I have had my fair share of highs and lows in this unpredictable market. However, none has been as exhilarating as DePIN’s meteoric rise in 2024. The convergence of technology, decentralization, and real-world utility has created a phenomenon that is not only redefining the crypto landscape but also challenging traditional industries.
In the year 2024, DePIN made headlines as a significant event within the crypto sphere. These DePINs emerged across various sectors such as telecommunications, energy, mapping, and weather data, providing valuable services to users. The backbone of these DePINs was blockchain technology, tokens, and smart contracts.
The “useful” bit here was key. DePIN offered products that consumers could use and understand, contrasting (critics said) with many crypto products that were difficult to use and understand. DePIN became the crypto version of the old “sharing economy,” except the sharing was arguably more real than it is with Uber or Airbnb, where profits tend to only flow to shareholders.
The concept of a shared network orchestrated by tokens has been around since Helium set up a decentralized broadband network in 2016. But DePIN as an actual industry didn’t exist until Messari coined it after a public naming contest in 2022. DePIN’s collective market cap now stands in excess of $20 billion, and estimates from Messari for its economic impact run into the several trillions of dollars.
As a crypto investor, I’m honored to be included in CoinDesk’s list of the most influential figures in 2024. If you’d like to explore this year’s nominees, simply click here [UPDATE BEFORE PUBLISHING].
In the realm of Decentralized Peer-to-Peer Interconnected Networks (DePIN), many believe that these decentralized networks will eventually supersede the conventional centralized infrastructures. This includes the current hub-and-spoke electric grid system and telecommunication services structured around individual corporations such as Verizon or T-Mobile.
Ramakrishnan’s Influence
Among the intellectual heavyweights at DePIN, Mahesh Ramakrishnan is particularly noteworthy. He is tall, with sharp angles, and has Indian-American heritage. Ramakrishnan played a significant role in DePIN’s ventures through the VC firm he co-founded, EV3 Ventures. Additionally, he was instrumental in organizing the vibrant DePIN Summit held in New York last August. The energetic and dedicated Ramakrishnan views DePIN as a key method for cryptocurrency to bring about tangible change worldwide.
As a crypto investor, I’ve been closely following the rise of DePIN, and here’s why I believe it’s poised for success. Firstly, there’s an enormous demand for new infrastructure that governments, traditional finance, and established corporations are struggling to meet. Secondly, DePIN networks have demonstrated superior economics and functionality compared to centralized systems, with telecoms being a notable example.
What’s Next
By 2025, Ramakrishnan anticipates three scenarios for DePIN:
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2024-12-10 18:17