IoTeX, a modular Web3 infrastructure connecting real-world data and smart devices to blockchains, announced its IoTeX 2.0 launch. Supported by launch partners, including Near for data availability, Filecoin for storage, RISC Zero for secure zero-knowledge computing and Espresso for streamlined sequencing.
Decentralized physical infrastructure networks (DePINs) hold transformative potential for many applications, from enhancing wireless services to revolutionizing smart home technologies. Projected to reach $3.5 trillion in addressable market value by 2028, DePIN technology represents a new model for the shared utilization of digital and physical services, where contributors gain ownership stakes and participate in a cooperative ecosystem. With over 1 million DePIN devices connected to date, the DePIN sector is rapidly growing with hundreds of projects across every vertical and use case.
IoTeX 2.0 employs a modular approach to simplify the development process. Source: IoTeX
However, DePINs face significant challenges, such as the complexity of the technology required to support such networks, which often pose a barrier to entry for many potential developers. Additionally, the time, cost and resources necessary to launch new DePIN applications are substantial, slowing the pace of innovation and deployment.
These hurdles have kept DePIN technology from reaching its full potential, with only a few fully operational networks existing to date. The current situation creates a pressing need for tools and systems that simplify the development process and accelerate market entry, ensuring that the benefits of DePINs can be realized on a larger scale.
Breaking barriers to streamline DePIN development
IoTeX, a modular infrastructure for DePIN projects, introduces IoTeX 2.0, focusing on DePINs that aim to support various applications from wireless services to smart home technologies. DePINs are networks created by various global individuals and companies, that contribute to the evolving landscape of shared digital and physical services.
IoTeX 2.0’s launch features a diverse array of partners, including Near for data availability, Filecoin for storage, RISC Zero for secure zero-knowledge compute and Espresso for streamlined sequencing. This new iteration of IoTeX enhances the development process within the DePIN ecosystem.
Additional key partners include ChainML for artificial intelligence (AI) integration, OKX for wallet solutions, Axelar for bridging services, The Graph for indexing, Steamr for connectivity and Irys for provenance.
In contrast to traditional, centralized infrastructure, IoTeX 2.0 adopts a modular approach, where complex systems are broken down into simpler, independent components known as DePIN infrastructure modules (DIMs). Designed to simplify the development process, DIMs reduce the time, cost and resources required to launch new DePIN applications.
Layers of the DePIN infrastructure modules. Source: IoTeX
Despite the growing interest, the adoption of DePIN technology is still in its early stages, with only a few networks fully operational. One of the main challenges has been the complex technological infrastructure needed to support DePINs. IoTeX 2.0 attempts to address the complexity by providing tools that make building and deploying DePIN applications easier, thereby speeding up their entry into the market.
DIMs facilitate the development and scaling of DePIN projects by providing them with immediate market exposure, liquidity and a mechanism for verification. As these projects grow, they have the opportunity to transition to their own specific layer 2 blockchains, achieving a greater degree of independence.
Fueling DePIN growth
Another component of IoTeX 2.0 is the Modularity Security Pool (MSP), which allows blockchains focused on DePIN, like IoTeX layer 1, to restake their proof-of-stake (PoS) security into DIMs and other DePIN projects. The MSP mechanism aims to promote growth and ensure the sustainability of projects within the ecosystem.
IoTeX 2.0 emphasizes accessibility, aiming to lower the barriers to entry for a diverse range of participants. The project’s approach is intended to stimulate a broader wave of innovation, allowing a wide array of individuals and communities to engage with and benefit from the technology at reduced costs.
The ethos of IoTeX 2.0 echoes the themes presented in Yuval Noah Harari’s Homo Deus: A Brief History of Tomorrow, particularly the concept of dataism, which regard the capacity to process large volumes of data as a superior form of intelligence.
Under IoTeX 2.0, the gathering, secure processing and analysis of extensive real-world data could potentially lead to the development of superintelligent AI systems. Such systems might eventually perform decision-making tasks more effectively than human beings or traditional institutions, potentially reshaping social, economic and political structures.
Platforms like IoTeX 2.0 address the challenges of DePINs by simplifying development and speeding market entry with innovative tools and modular components, paving the way for more inclusive and dynamic growth in the DePIN ecosystem.
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