德国人：美国和其他超级大国正处于财务发展的边缘

美国和其他超级大国正处于金融发展的边缘。唐纳德·特朗普（Donald Trump）总统最近的行政命令建立了战略性比特币储备（SBR）和美国数字资产库存（DAS）

The United States and other superpowers are on the brink of a financial evolution. With President Donald Trump’s recent executive order establishing a Strategic Bitcoin Reserve (SBR) and a US Digital Asset Stockpile (DAS), the conversation around digital assets in government reserves is gaining momentum.

美国和其他超级大国正处于金融发展的边缘。随着唐纳德·特朗普（Donald Trump）总统最近的行政命令建立了战略性比特币储备（SBR）和美国数字资产库存（DAS），政府储备中围绕数字资产的对话正在增长。

Czechia has also announced plans for its own sovereign digital asset reserve. While Bitcoin (BTC) and select altcoins are being considered, the discussion remains incomplete without including decentralized physical infrastructure network (DePIN) tokens in this initiative.

捷赛还宣布了自己的主权数字资产储备计划。尽管正在考虑比特币（BTC）和选择的山寨币，但讨论仍然不完整，而没有将分散的物理基础设施网络（DEPIN）代币纳入本计划。

DePIN represents a new paradigm in infrastructure development, where communities, not corporations, build and operate essential networks like telecommunications that self-govern and distribute rewards to their individual contributors. If it were to include DePIN tokens in its DAS, the US could use blockchain technology to create a self-sustaining infrastructure economy that strengthens technological leadership.

Depin代表了基础设施开发的新范式，社区而不是公司建立和运营基本网络，例如自治和分配给他们个人贡献者的电信和分配奖励。如果要在其DAS中包括Depin代币，美国可以使用区块链技术来创造自我维持的基础设施经济，从而增强技术领导力。

It would also encourage DePIN projects to build and scale physical infrastructure (such as WiFi, environmental monitoring and transportation) for US citizens by sharing bandwidth from their everyday devices. This eliminates the need for companies and governments to incur heavy capital expenditures.

这也将鼓励迪克斯项目通过从日常设备中共享带宽来建立和扩展美国公民的物理基础设施（例如WiFi，环境监测和运输）。这消除了公司和政府招致大量资本支出的需求。

Moreover, if proven successful in the US, it would set an example for other countries to set up their own sovereign crypto reserves for the benefit of their own citizens. A supranational network of DePIN token reserves would also potentially unite different types of infrastructure and grids in other countries, reducing the cost and friction between them.

此外，如果在美国被证明是成功的，它将为其他国家建立自己的主权加密储备，以使自己的公民受益。在其他国家 /地区，超国家网络的网络也可能会团结不同类型的基础设施和网格，从而降低了它们之间的成本和摩擦。

A new asset class for sovereign investment

主权投资的新资产类别

DePIN changes the way infrastructure is built. Instead of relying on governments or private companies to maintain critical infrastructure, DePIN uses blockchain and token incentives to enable community-driven bandwidth sharing.

Depin改变了基础架构的构建方式。 Depin不依靠政府或私人公司来维持关键的基础设施，而是使用区块链和代币激励措施来实现社区驱动的带宽共享。

DePIN networks, like those powering WiFi or movement sensors, prove that this model can be more efficient and cost-effective than traditional approaches.

像那些为WiFi或移动传感器提供动力的Depin网络，证明该模型比传统方法更有效，更具成本效益。

For the US government, investing in DePIN tokens through its DAS would serve multiple strategic objectives. Regarding economic resilience, DePIN networks create a self-sustaining gig around infrastructure, reducing the country’s reliance on large corporations and enabling communities to earn revenue by contributing to infrastructure needs. Traditional infrastructure is prone to geopolitical risks and monopolistic inefficiencies.

对于美国政府而言，通过其DAS投资于Depin代币将实现多种战略目标。关于经济韧性，迪地族网络围绕基础设施创造了自我维持的演出，减少了该国对大型公司的依赖，并使社区能够通过促进基础设施需求来赚取收入。传统的基础设施容易出现地缘政治风险和垄断效率低下。

Meanwhile, DePIN offers a decentralized alternative that is censorship-resistant. The US has long been at the forefront of technological revolutions. Including DePIN in its sovereign investment strategy would reinforce its position as a leader in Web3 and blockchain.

同时，DePin提供了一种抗审查制度的分散替代方案。美国长期以来一直处于技术革命的最前沿。在其主权投资策略中包括Depin将加强其作为Web3和区块链领导者的地位。

Many DePIN projects optimize resource utilization using token incentives to align infrastructure deployment with demand. This approach enables more sustainable, scalable solutions for Internet-of-Things sectors. While Bitcoin is a simple store of value, DePIN tokens represent ownership and operational stakes in decentralized infrastructure and possess tangible value just as equities or bonds.

许多Depin项目使用令牌激励措施优化资源利用，以使基础架构部署与需求相一致。这种方法可以为贸易Internet领域提供更可持续的可扩展解决方案。虽然比特币是一个简单的价值存储，但Depin代币代表了分散基础架构中的所有权和运营赌注，并且具有股票或债券的明显价值。

If countries were to include DePIN tokens in their digital asset reserves, they could use blockchain technology to create self-sustaining, interconnected infrastructure economies. Imagine being able to distribute electricity between two countries when there is an excess demand in one and an oversupply in another. Distributed ledgers’ decentralized and cross-border nature can allow such mechanisms to happen.

如果各国将Depin代币包括在其数字资产储量中，他们可以使用区块链技术来创建自我维持的，相互联系的基础设施经济体。想象一下，当一个国家的需求过剩的需求和另一个国家的过量需求时，能够在两个国家之间发电。分布式分类帐的分散和跨境性质可以允许这种机制发生。

A true strategic hedge

真正的战略对冲

Historically, sovereign wealth funds have been used to preserve national wealth by diversifying investments. These models are, however, increasingly vulnerable to inflationary pressures. The US inflation rate averaged 8.0% in 2022, and the price of all assets, whether stocks or Bitcoin, sold off heavily during the year in an overall market rout. No one was immune.

从历史上看，主权财富基金已被用来通过多样化的投资来维护国家财富。但是，这些模型越来越容易受到通货膨胀压力的影响。美国通货膨胀率在2022年平均为8.0％，在一年中，所有资产的价格（无论是股票还是比特币）在整个市场途中都大量出售。没有人免疫。

On the other hand, DePIN offers a true hedge against these risks because the prices of core infrastructure services are, by definition, part of the Consumer Price Index (CPI), enabling users holding DePIN assets to directly profit from inflation increases or at least preserve their asset value.

另一方面，DePin对这些风险提供了真正的对冲，因为根据定义，核心基础设施服务的价格是消费者价格指数（CPI）的一部分，使持有Depin Assets的用户可以直接从通货膨胀增加或至少保留其资产价值。

DePIN networks also use token incentives to align infrastructure deployment with economic shifts. This is particularly relevant given that global electricity prices surged by over 20% in 2022 due to supply chain disruptions and geopolitical tensions.

Depin网络还使用令牌激励措施将基础设施部署与经济转变保持一致。鉴于供应链中断和地缘政治紧张局势，全球电价在2022年飙升了20％以上，这一点尤其重要。

In response to increased energy costs, decentralized energy grids operating on blockchain-based token economies could dynamically adjust rewards for energy producers. Coupled with the rise in underlying CPI prices, DePIN networks have the potential to deliver compounded returns (rise in CPI + additional token issuance) in opposition to such market sell-offs.

为了响应能源成本的增加，在基于区块链的代币经济体上运行的分散的能源网格可以动态调整能源生产者的奖励。再加上基本CPI价格的上涨，Depin Networks有可能与此类市场抛售相反，提供复杂的回报（CPI +其他代币发行）。

Including DePIN tokens in a sovereign wealth portfolio exposes the US to next-generation economic models. DePIN networks are built on transparent principles that align incentives between users, infrastructure providers and investors. All nations that have historically led technological revolutions should seize the opportunity to embrace DePIN, reinforcing their status as pioneers.

在主权财富投资组合中包括depin代币将美国暴露于下一代经济模型。 Depin网络建立在用户，基础设施提供商和投资者之间激励措施的透明原则上。历史上所有领导技术革命的国家都应该抓住机会拥抱迪申，并加强其作为先驱的地位。

The future is decentralized

未来是分散的

Integrating DePIN tokens into the US DAS or any other sovereign digital asset stockpile would not simply be a financial decision — it is a strategic imperative. With the world shifting toward decentralized economies, the US and other tech powerhouses must position themselves at the forefront of this transformation.

将DEPIN令牌集成到美国DAS或任何其他主权数字资产库存不仅仅是财务决策 - 这是战略的当务之急。随着世界向分散经济体的转变，美国和其他技术强国必须将自己定位在这种转变的最前沿。

Countries that recognize and embrace this shift today will be best positioned to lead in the next era of global innovation. After all, infrastructure research has been stunted by decades of either monopoly or large

认识到今天这一转变的国家将成为下一个全球创新时代的领导地位。毕竟，基础设施研究已经被数十年的垄断或大型研究所困扰