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03.04.2024 | Tech and Business News

Building the Economy of Things with DePINs

Decentralised Physical Infrastructure Network, DePIN for short, is a term used to describe a digital marketplace theoretically not controlled by any central authority in which people can share and use real world assets such as hardware, computers, energy grids, storage, or other physical resources. DePINs apply blockchain-related technology in that they might utilize smart contracts, decentralization properties, token incentives, and governance mechanisms to deploy networks of real devices. Participants who contribute resources are rewarded. After years of R&D, the ‘internet of things’ and ‘economy of things’ software company EoT Labs has brought out an open-source network called peaq, with which developers can build applications (DePINs or dApps – decentralized applications) that can connect real-world devices or machines to deliver real-world goods and services to real people. peaq features backend functions for app builders, including machine IDs, access management, device data verification, and more. Though not yet publicly launched, 20 DePINs have already been created with peaq, for instance one to manage a fleet of car-sharing Teslas in Vienna. Founders Max Thake, Till Wendler, and Leonard Dorlöchter have now raised $15M in a pre-launch multi-tranche funding round and are ready for the first public token sale.

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