IoTeX, a leader in the Decentralized Physical Infrastructure Network (DePIN) space, has announced the release of W3bstream Devnet.
The infrastructure is designed to provide developers with a cost-effective and efficient way to build DePINs for various sectors such as commerce, consumers, and industry.
Decentralized Physical Infrastructure Networks
DePIN refers to the blending of traditional physical infrastructure systems with decentralized technologies. This innovative concept integrates blockchain and other decentralized applications (dApps) with physical systems and networks such as energy grids, supply chains, transportation, or wireless networks.
In a DePIN, the infrastructure is not controlled by a centralized entity or authority but is governed by a decentralized network of participants.
These networks leverage data from smart devices and the Internet of Things (IoT), opening up many potential applications across various sectors. For example, DePINs could improve traceability and transparency in the supply chain industry, while in the energy sector, they could facilitate decentralized, peer-to-peer energy trading.
W3bstream Devnet
IoTeX promotes the launch of W3bstream Devnet as a significant advancement in developing DePIN dApps. With its user-friendly, no-code interface, W3bstream Devnet aims to substantially reduce development costs and expedite the go-to-market process, potentially reducing it from years to just weeks.
IoTeX CEO and Founder Raullen Chai stated,
“We are the first Web3 project to provide developers with out-of-the-box services that enable them to create social-impact DePIN dApps that reward users for their actions or incentivize certain behaviors.
This has never existed before, and it will fast-forward the DePIN, a sector that today is where DeFi was several years ago.”
The function of W3bstream Devnet potentially ushers in a new era for the Web3 space by making it easier for developers to build data-driven dApps and expedite the growth of DePIN, which is quickly gaining recognition as the next big trend in the crypto world.
IoTeX claims that with W3bstream Devnet, the construction of DePIN projects, which previously could take years and millions of dollars, can take just weeks at a fraction of the cost. This could significantly transform various sectors, including wireless networks, AI computing, energy grid systems, mobility, and supply chains.
Building on W3bstream Devnet
Several DePIN projects are set to leverage the benefits of W3bstream. Among them are Drife, a Web3 competitor to Uber, and React Network, a green energy initiative. Both projects are part of the launch partners for W3bstream’s Devnet release.
React Network Founder Jason Badeux said
“Innovative infrastructures like W3bstream Devnet are critical in delivering efficient and reliable solutions in the DePIN sector… The IoTeX Foundation is building an incredibly valuable infrastructure that reduces the complexity of launching DePIN projects.”
W3bstream Devnet’s functionality is anchored on several vital components. This includes a comprehensive developer interface that allows detailed orchestration of DePIN projects. The platform also provides mobile Software Development Kits (SDKs), out-of-box DePIN solutions, and a chain-agnostic environment that enables data sourcing from all smart devices.
Devices can generate ‘proofs of real-world activity,’ triggering smart contracts to deliver digital assets to users. For instance, a smart meter could provide proof of energy produced, leading to the release of tokens within a blockchain-based energy trading system.
According to a forecast by crypto analytics firm Messari, the DePIN market could expand into a $3.5 trillion industry by 2028, given the right circumstances and the overcoming of potential regulatory and technological obstacles.
With the advent of tools and platforms like W3bstream Devnet by IoTeX, the development, and deployment of DePINs are expected to become increasingly feasible and widespread.