DePIN：在擁擠的空間中評估現實世界的影響和可擴展性

去中心化實體基礎設施網路（DePIN）代表了一個特別有趣的發展，因為與其他以代幣為中心的加密項目不同，DePIN 將區塊鏈技術與實體基礎設施整合在一起。這透過利用區塊鏈來管理有形資源並與有形資源互動提供了一個新的用例。

As the crypto market continues to expand, venture capital (VC) firms face the daunting task of identifying promising startups amidst a vast pool of contenders. With the surging influx of crypto projects, VCs must adopt a highly strategic and rigorous approach to evaluating the viability, market value, and team strength behind each idea—a crucial step in light of how quickly some projects can either combust or be unmasked as fraudulent. This holds especially true for novel projects operating within emerging industry spaces, such as decentralized physical infrastructure networks (DePINs).

隨著加密貨幣市場的不斷擴大，創投（VC）公司面臨著在眾多競爭者中識別有前途的新創公司的艱鉅任務。隨著加密貨幣項目的大量湧入，創投公司必須採用高度策略性和嚴格的方法來評估每個想法背後的可行性、市場價值和團隊實力——鑑於某些項目可能會以多快的速度燃燒或被揭露為欺詐，這是至關重要的一步。對於在新興產業空間內運作的新專案尤其如此，例如去中心化實體基礎設施網路（DePIN）。

Unlike standard crypto projects that revolve around tokens, DePINs integrate blockchain technology with tangible infrastructure, presenting a fresh use case by employing blockchain to manage and interact with physical resources. While both types of projects are assessed based on common factors like technology and market demand, DePIN projects shift the emphasis towards practical application and operational feasibility rather than the speculative potential of trading and staking digital assets. Ultimately, any developer can conceive an idea with potential, but the real challenge for an investor lies in moving beyond the hype to uncover genuine use cases that provide tangible benefits to the crypto community and beyond.

與圍繞代幣的標準加密項目不同，DePIN 將區塊鏈技術與有形基礎設施相結合，透過利用區塊鏈來管理實體資源並與實體資源交互，從而提供了一個新的用例。雖然這兩種類型的項目都是根據技術和市場需求等共同因素進行評估，但 DePIN 項目將重點轉向實際應用和操作可行性，而不是交易和質押數位資產的投機潛力。最終，任何開發人員都可以構思一個具有潛力的想法，但投資者面臨的真正挑戰在於超越炒作，發現真正的用例，為加密社群及其他領域提供切實的好處。

DePINs offer the strategic potential to disrupt traditional industries by providing decentralized alternatives to conventional infrastructure management. Some DePIN projects have garnered attention for presenting use cases that extend beyond the digital realm, aiding those less familiar with crypto in understanding how these technologies can be applied in day-to-day scenarios. For instance, the peaq network is a Layer-1 blockchain designed to power DePINs and real-world assets, aiming to create a people-powered network that fosters a decentralized economy. Simultaneously, it provides the infrastructure for communities and individuals to collectively govern and earn through interconnected systems.

DePIN 透過提供傳統基礎設施管理的去中心化替代方案，具有顛覆傳統產業的策略潛力。一些 DePIN 專案因展示超越數位領域的用例而受到關注，幫助那些不太熟悉加密技術的人了解如何將這些技術應用於日常場景。例如，peq 網路是一個第一層區塊鏈，旨在為 DePIN 和現實世界資產提供動力，旨在創建一個以人為本的網絡，促進去中心化經濟。同時，它為社區和個人提供了透過互聯繫統進行集體治理和獲利的基礎設施。

However, investing in DePIN projects comes with its share of challenges. While the concepts may sound compelling and could have considerable disruptive potential, many of these ideas still lack proven models, making it difficult to predict which projects will succeed. As a result, investors have opted to tread cautiously with DePIN projects, carefully evaluating each initiative's practicality, viability, and business model.

然而，投資 DePIN 計畫也面臨一些挑戰。儘管這些概念聽起來很引人注目，並且可能具有相當大的顛覆性潛力，但其中許多想法仍然缺乏經過驗證的模型，因此很難預測哪些專案會成功。因此，投資者選擇謹慎對待 DePIN 項目，仔細評估每個項目的實用性、可行性和商業模式。

Furthermore, developing a DePIN project demands significant time, effort, and resources, necessitating a substantial upfront capital investment that most early-stage crypto projects don't have. For example, Helium raised over $360 million, and Filecoin secured $205 million to develop its protocol. The high costs and lengthy timelines stem from the need for extensive research, specialized skills, and funding for technology prototyping and infrastructure development.

此外，開發 DePIN 專案需要大量的時間、精力和資源，需要大量的前期資本投資，而這是大多數早期加密貨幣專案所沒有的。例如，Helium 籌集了超過 3.6 億美元，Filecoin 籌集了 2.05 億美元來開發其協議。高成本和漫長的時間表源於對廣泛研究、專業技能以及技術原型和基礎設施開發資金的需求。

Launching a DePIN project is about more than just creating a token; the process requires specialized expertise, advanced hardware, and logistical coordination, all contributing to the elevated initial costs that most crypto projects don't demand. While many DePIN projects are entering this burgeoning blockchain niche, specific qualities differentiate a project worthy of a substantial investment from those just riding the momentum of a new trend.

啟動 DePIN 專案不僅僅是創建一個代幣；這個過程需要專業知識、先進的硬體和後勤協調，所有這些都導致​​了大多數加密項目不需要的初始成本的增加。雖然許多 DePIN 項目正在進入這個新興的區塊鏈利基市場，但值得大量投資的項目與那些只是順應新趨勢勢頭的項目之間的區別在於其特定的品質。

A worthy investment addresses real-world challenges—such as decentralized connectivity, storage, or energy management—and shows genuine growth potential. Some DePIN projects have effectively addressed GPU shortages in AI by providing flexible and cost-effective alternatives. Using token rewards to encourage data centers, businesses, and individuals to contribute to their excess GPU resources creates an on-demand hardware supply for developers.

一項有價值的投資可以解決現實世界的挑戰，例如去中心化連接、儲存或能源管理，並顯示出真正的成長潛力。一些 DePIN 專案透過提供靈活且經濟高效的替代方案，有效解決了人工智慧領域 GPU 短缺的問題。使用代幣獎勵鼓勵資料中心、企業和個人貢獻其多餘的 GPU 資源，為開發人員提供按需硬體供應。

Render Network exemplifies this adaptability. Initially focused on GPU powering for rendering graphics, it has expanded its offerings to include AI computing tasks, ranging from Neutral Reflectance Field (NeRF) applications to generative AI, utilizing generative AI software tools like Stable Diffusion. This evolution highlights the platform's adaptability and the growing demand for decentralized computing resources for AI builders.

渲染網路體現了這種適應性。該公司最初專注於用於渲染圖形的GPU 供電，現已擴展其產品範圍，包括人工智慧運算任務，從中性反射場(NeRF) 應用程式到生成式人工智慧，利用穩定擴散等生成式人工智慧軟體工具。這一演變凸顯了該平台的適應性以及人工智慧建構者對去中心化運算資源不斷增長的需求。

Another solution, Gensyn, is a machine learning compute protocol designed for deep learning models. It connects all machine learning-capable compute hardware globally, including both GPUs and CPUs, providing on-demand access to a global pool of resources that would otherwise be underutilized.

另一個解決方案 Gensyn 是專為深度學習模型設計的機器學習計算協定。它連接全球所有具有機器學習功能的運算硬件，包括 GPU 和 CPU，提供對全球資源池的按需訪問，否則這些資源將無法充分利用。

While both projects are enhancing efficiency and scalability in the field, the DePIN space is becoming increasingly crowded. It's crucial to evaluate whether some projects are building solutions to address real problems and how critical addressing these problems is. The question VCs should consider is: Are developers serving their interests rather than the end users’?

雖然這兩個項目都在提高該領域的效率和可擴展性，但 DePIN 空間正變得越來越擁擠。評估某些專案是否正在建立解決方案來解決實際問題以及解決這些問題的重要性至關重要。創投家應該考慮的問題是：開發者是否服務於他們的利益而不是最終用戶的利益？

While projects may claim to enhance decentralized connectivity or optimize resource distribution, the path to implementation and user adoption may present challenges. This highlights the need to assess the technology and the ecosystem surrounding projects in addition to considerations like regulatory concerns and scalability.

雖然專案可能聲稱增強去中心化連接或優化資源分配，但實施和使用者採用的路徑可能會帶來挑戰。這凸顯了除了監管問題和可擴展性等考慮因素之外，還需要評估項目周圍的技術和生態系統。

The investor and developer are responsible for developing a more transparent and accountable environment for DePIN projects. Investors must ask hard questions and conduct due diligence beyond surface-level metrics. Simultaneously, developers must focus on building solutions that enrich a niche market rather than chasing a funding opportunity that will become increasingly more challenging to come by. By prioritizing practical applications, the emerging DEPIN sector can facilitate innovative solutions that enhance physical infrastructure's efficiency and resilience, benefiting communities beyond crypto.

投資者和開發商有責任為DePIN專案開發一個更透明和負責任的環境。投資者必須提出尖銳的問題，並進行超越表面指標的盡職調查。同時，開發商必須專注於建立豐富利基市場的解決方案，而不是追逐越來越難以獲得的融資機會。透過優先考慮實際應用，新興的 DEPIN 部門可以促進創新解決方案，提高實體基礎設施的效率和彈性，使加密貨幣以外的社區受益。