IoTeX, a prominent player in the Decentralized Physical Infrastructure Network (DePIN) sector, has revealed the launch of W3bstream Devnet, an infrastructure designed to accelerate the development of DePINs. With the aim of providing developers with a cost-effective and efficient way to build DePINs for various sectors, such as commerce, consumers, and industry, W3bstream Devnet is set to revolutionize the development process.
DePINs refer to the fusion of traditional physical infrastructure systems with decentralized technologies. By integrating blockchain and other decentralized applications (dApps) with physical systems and networks like energy grids, supply chains, and transportation, DePINs create a decentralized network of participants, eliminating the need for a central authority.
These networks harness data from smart devices and the Internet of Things (IoT), enabling a myriad of potential applications across multiple sectors. For example, in the supply chain industry, DePINs could enhance traceability and transparency, while in the energy sector, they could facilitate decentralized, peer-to-peer energy trading.
The release of W3bstream Devnet by IoTeX marks a significant development in the creation of DePIN dApps. Boasting a user-friendly, no-code interface, W3bstream Devnet aims to cut down on development costs and expedite the go-to-market process, potentially reducing it from years to just weeks.
IoTeX CEO and Founder, Raullen Chai, commented on the launch, stating, “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 will fast-forward the DePIN sector, which is currently at a stage similar to where DeFi was several years ago.”
This advancement in the web3 space is expected to empower developers to build data-driven dApps and accelerate the growth of DePIN, which is rapidly emerging as the next major trend in the crypto world.
IoTeX asserts that with W3bstream Devnet, the development of DePIN projects, previously taking years and costing millions of dollars, could be achieved in just weeks, at a fraction of the cost. This has the potential to transform various sectors, including wireless networks, AI computing, energy grid systems, mobility, and supply chains.
Several DePIN projects, including Drife and React Network, are set to leverage the benefits of W3bstream. Drife, a web3 competitor to Uber, and React Network, a green energy initiative, are both launch partners for the release of W3bstream’s Devnet.
React Network Founder Jason Badeux emphasized the importance of innovative infrastructures like W3bstream Devnet in delivering efficient and reliable solutions in the DePIN sector. He commended the IoTeX Foundation for building an incredibly valuable infrastructure that simplifies the launch of DePIN projects.
W3bstream Devnet offers a range of essential components, such as a comprehensive developer interface, mobile Software Development Kits (SDKs), out-of-the-box DePIN solutions, and a chain-agnostic environment to source data from all smart devices.
These devices can generate “proofs of real-world activity,” triggering smart contracts to deliver digital assets to users. For example, 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 grow into a $3.5 trillion industry by 2028, provided regulatory and technological obstacles are overcome. With the introduction of tools and platforms like W3bstream Devnet by IoTeX, the development and deployment of DePINs are expected to become increasingly feasible and widespread.
In summary, the launch of W3bstream Devnet by IoTeX signifies a major step forward for the DePIN sector. With its user-friendly interface and cost-effective approach, W3bstream Devnet has the potential to revolutionize the development of DePIN dApps and expedite the growth of this emerging industry.