Top 10 Best Distributed Computing Crypto Projects
Distributed Computing, or DePIN (Decentralized Physical Infrastructure), refers to cryptocurrency projects that leverage blockchain technology to create a network of computers that work together towards the same goal. These distributed systems then provide decentralized processing power, where each computer performs complex tasks and computations without relying on a central figure, therefore enhancing security and safety.
Through DePIN, real-world services are provided to its users in a decentralized manner, operating on the pillars of transparency, security, flexibility, and user control. By eliminating centralization and intermediaries, DePIN offers providers and users with greater flexibility, allowing for a more permissionless system that encourages innovation, security, transparency, and consequently, better rewards.
In this article, we will explore the leading DePIN projects and share insights into what these industry leaders are developing.
1. Internet Computer (ICP)
The Internet Computer is a blockchain network designed to host smart contracts built on the advanced decentralized Internet Computer Protocol. Its goal is to simplify system design and reduce platform risk for providers and users alike by merging the computing power of distributed systems into a seamless network, therefore streamlining the designing, maintenance, and development of products.
It is the first 'World Computer' blockchain capable of hosting both Web 2.0 and Web3 applications, including decentralized social media, without relying on centralized providers and services. The Internet Computer also enables smart contracts to interface with other blockchains, allowing for a full end-to-end decentralization of its services.
2. File Coin (FIL)
Filecoin is a decentralized storage provider developed to innovate and revolutionize the world’s file storage technology. Filecoins aims to utilize unused storage capacities worldwide and establish a marketplace where users can pay for distributed storage depending on their use.
User data is stored permanently and across the web through Filecoin’s decentralized system while also allowing each user to customize the factors of the service they receive, such as cost, redundancy, and speed.
3. Render Network (RENDER)
The Render Network is a provider of decentralized GPU-based rendering solutions that aims to help digital creators worldwide by leasing GPU computing power to anyone who needs it.
Their network connects with operators who wish to capitalize their GPU (graphics processing unit/video card) and leases their GPU’s idle computing power to creators and artists who need help with their 3D rendering work, video editing, and various other graphic-intensive applications in the cloud.
The Render Network operates on a peer-to-peer (P2P) structure which streamlines the process, improving speed, scalability, and economic efficiency in all applicable tasks. By decentralizing this process, users and creators can enjoy cost-effective solutions compared to traditional rendering methods that would incur hardware and electricity costs.
After experiencing a surge in token valuation of more than 1000% in 2023, Render then rebranded their ticker from RNDR to RENDER. This change also marked a significant upgrade, as Render also transitioned their core infrastructure from Ethereum to Solana, enhancing its already robust foundation with real-time streaming capabilities and support for dynamic NFTs.
4. bittensor (TAO)
bittensor is an open-source protocol that aims to create a decentralized machine learning (ML) network that allows users to create, train, collaborate, and exchange various machine learning models.
Its protocol emphasizes transparency and decentralization, capitalizing on distributed computing systems, while also allowing end-users to optimize and fine-tune the network to suit their specific needs. All interactions within the bittensor network are also incentivized through its TAO token, rewarding contributors based on the value they add to the community.
5. Arweave (AR)
Arweave is a decentralized blockchain network that aims to provide a scalable and cost-efficient data storage service on-chain. They introduced the revolutionary 'blockweave', a structure that reduces file storage costs as more data gets added to it. This is achieved by decreasing the amount of hashing required as more storage capacity is used, making the network increasingly efficient over time.
It touts itself as "a collectively owned hard drive that never forgets", and also primarily hosts the "permaweb" — a permanent and decentralized network that hosts community-driven platforms and applications.
6. Helium (HNT)
Helium is a decentralized blockchain network that was designed for Internet of Things (IoT) devices. The Helium mainnet allows IoT devices to communicate with each other and transmit data across a network of nodes.
These nodes, or Hotspots as they call them, act as a wireless gateway for IoT devices and also act as a mining device. Users who operate these Hotspots can mine and earn rewards in Helium's native currency, $HNT, while also providing network coverage and relaying data across the network.
Beyond that, Helium also uses a unique consensus mechanism called Proof-of-Coverage (PoC) that rewards users for verifying whether Hotspots are actively providing coverage or not, similar to how Ethereum uses GPUs to perform Proof-of-Work (PoW).
7. Theta Network (THETA)
The Theta Network is a decentralized blockchain platform centred around video streaming, content delivery, and AI computation. It serves as an alternative to traditional platforms like YouTube and offers an incentivized system where users are rewarded THETA tokens for sharing network bandwidth and resources to support the network's decentralized infrastructure.
Theta is open-source and operates on a unique Proof-of-Stake (PoS) consensus that ensures high data throughput for all its users while also maintaining security. Theta supports decentralized video streaming by using peer-to-peer (P2P) technology and also offers live sports broadcasts, online education, conferencing, and entertainment.
8. BitTorrent (BTT)
BitTorrent is a well-known Web2 peer-to-peer (P2P) file-sharing and torrenting platform that has increasingly become decentralized in recent years. Originally launched in 2001 as a P2P torrent program, BitTorrent operated in that capacity for many years until it was acquired by the blockchain platform TRON in 2018, which then drove the development of new tools and helped with the launch of BitTorrent's native token, BTT.
Before its integration with blockchain, BitTorrent was already one of the world's largest file-sharing networks, with over two billion users and 100 million monthly active users (MAU). With the integration of blockchain technology, BitTorrent has since expanded its use cases and is now, according to its official documentation, recognized as the largest decentralized P2P communications protocol worldwide.
9. MultiversX (EGLD)
MultiversX is a decentralized blockchain protocol developed with scalability at its core. Through its sharding technology, MultiversX is able to process a massive number of transactions quickly and efficiently. This is achieved by splitting its network into smaller parts (Network Shard, Transaction Shard, and State Shard), which then allows it to process up to 100,000 transactions per second at very low fees.
The platform is built with Web3 applications in mind, and places an emphasis on decentralized finance (DeFi), digital assets, and the Metaverse, offering these applications with fast and cost-efficient transactions.
10. Akash Network (AKT)
The Akash Network is a decentralized cloud computing platform that offers a marketplace for computing resources specializing in decentralized finance (DeFi) and AI. It aims to provide a decentralized, cost-effective, and secure alternative to leading giants like Google, Amazon, and Microsoft.
Through blockchain technology, Akash has developed an open-source platform that offers users speed, efficiency, and affordability for various cloud computing use cases. Akash offers its users access to essential cloud resources, without the need for centralized providers, allowing for a more flexible and manageable development process.
Why is DePIN important?
In today's world, much of our infrastructure relies on centralized online servers and providers. Gone are the days when manual processes are needed to access what you need. Databases, spreadsheets, documents, and pretty much any and all information you want can be accessed digitally, no longer needing you to physically manipulate whatever the thing you want to see is stored in. Like a library visit, but easier, done conveniently through the phone in your hand. Certainly, this development gave us significant improvements in our quality of life, however, such convenience also comes at a cost.
Imagine this, a single entity having access to all the information its users provide it. User data, personal information, your habits, recent activities, and basically all sensitive data will be within the control of that entity. This leaves users vulnerable and at risk, with us left at their mercy, should one-sided policy changes occur, or unfair censorship, misuse and sale of our data, or even hacks and breaches. Facebook's Cambridge Analytica scandal is a perfect example of this risk.
And while data protection and privacy laws are in place, these measures are not enough to fully safeguard users from incidents when they occur.
Fortunately, with the advancement of Web3, new technologies like DePIN are being developed to empower users and give us more control of our data.
