DePIN, the model of using hardware secured by a decentralized network, could be seen as a blockchain equivalent of the cloud computing services offered by Big Tech giants like Amazon and Google.
A new decentralized physical infrastructure (DePIN) startup in the aviation industry has just closed a $5.6 million funding round.
Wingbits, a company founded in 2021, aims to create a decentralized flight tracking network by rewarding people for installing cryptographically-secured Automatic Dependent Surveillance–Broadcast (ADS-B) receivers in their homes.
The company's goal is to create a more efficient and rewarding system for collecting and distributing flight data, which is currently sold by companies to airports, airlines and other organizations for hundreds of millions of dollars in revenue each year.
DePIN, the model of using hardware secured by a decentralized network, is essentially a blockchain equivalent of the cloud computing services offered by Big Tech giants.
The investment round, which takes Wingbits' total backing to $9.2 million, was led by Borderless Capital and Bullish Capital. The latter's parent company, Bullish Group, is also the owner of CoinDesk.
"Our mission at Wingbits is to create a world where anyone can contribute to critical infrastructure and be rewarded fairly for their efforts," Wingbits CEO Karim Faris said in a statement.
"This funding will help us rapidly scale our decentralized flight tracking network, making air travel safer, more efficient, and more accessible for everyone."
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