DePIN：在拥挤的空间中评估现实世界的影响和可扩展性

去中心化物理基础设施网络（DePIN）代表了一个特别有趣的发展，因为与其他以代币为中心的加密项目不同，DePIN 将区块链技术与物理基础设施集成在一起。这通过利用区块链来管理有形资源并与有形资源交互提供了一个新的用例。

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).

随着加密货币市场的不断扩大，风险投资（VC）公司面临着在众多竞争者中识别有前途的初创公司的艰巨任务。随着加密货币项目的大量涌入，风险投资公司必须采用高度战略性和严格的方法来评估每个想法背后的可行性、市场价值和团队实力——鉴于某些项目可能会以多快的速度燃烧或被揭露为欺诈，这是至关重要的一步。对于在新兴行业空间内运营的新项目尤其如此，例如去中心化物理基础设施网络（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.

与围绕代币的标准加密项目不同，DePIN 将区块链技术与有形基础设施相结合，通过利用区块链来管理物理资源并与物理资源交互，从而提供了一个新的用例。虽然这两种类型的项目都是根据技术和市场需求等共同因素进行评估，但 DePIN 项目将重点转向实际应用和操作可行性，而不是交易和质押数字资产的投机潜力。最终，任何开发人员都可以构思一个具有潜力的想法，但投资者面临的真正挑战在于超越炒作，发现真正的用例，为加密社区及其他领域提供切实的好处。

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 通过提供传统基础设施管理的去中心化替代方案，具有颠覆传统行业的战略潜力。一些 DePIN 项目因展示超越数字领域的用例而受到关注，帮助那些不太熟悉加密技术的人了解如何将这些技术应用于日常场景。例如，peq 网络是一个第一层区块链，旨在为 DePIN 和现实世界资产提供动力，旨在创建一个以人为本的网络，促进去中心化经济。同时，它为社区和个人提供了通过互联系统进行集体治理和盈利的基础设施。

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，投资 DePIN 项目也面临着一些挑战。尽管这些概念听起来很引人注目，并且可能具有相当大的颠覆性潜力，但其中许多想法仍然缺乏经过验证的模型，因此很难预测哪些项目会成功。因此，投资者选择谨慎对待 DePIN 项目，仔细评估每个项目的实用性、可行性和商业模式。

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，开发 DePIN 项目需要大量的时间、精力和资源，需要大量的前期资本投资，而这是大多数早期加密货币项目所没有的。例如，Helium 筹集了超过 3.6 亿美元，Filecoin 筹集了 2.05 亿美元来开发其协议。高昂的成本和漫长的时间表源于对广泛研究、专业技能以及技术原型和基础设施开发资金的需求。

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.

启动 DePIN 项目不仅仅是创建一个代币；该过程需要专业知识、先进的硬件和后勤协调，所有这些都导致了大多数加密项目不需要的初始成本的增加。虽然许多 DePIN 项目正在进入这个新兴的区块链利基市场，但值得大量投资的项目与那些只是顺应新趋势势头的项目之间的区别在于其特定的品质。

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.

一项有价值的投资可以解决现实世界的挑战，例如去中心化连接、存储或能源管理，并显示出真正的增长潜力。一些 DePIN 项目通过提供灵活且经济高效的替代方案，有效解决了人工智能领域 GPU 短缺的问题。使用代币奖励鼓励数据中心、企业和个人贡献其多余的 GPU 资源，为开发人员提供按需硬件供应。

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.

渲染网络体现了这种适应性。该公司最初专注于用于渲染图形的 GPU 供电，现已扩展其产品范围，包括人工智能计算任务，从中性反射场 (NeRF) 应用程序到生成式人工智能，利用稳定扩散等生成式人工智能软件工具。这一演变凸显了该平台的适应性以及人工智能构建者对去中心化计算资源不断增长的需求。

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.

另一个解决方案 Gensyn 是专为深度学习模型设计的机器学习计算协议。它连接全球所有具有机器学习功能的计算硬件，包括 GPU 和 CPU，提供对全球资源池的按需访问，否则这些资源将无法得到充分利用。

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’?

虽然这两个项目都在提高该领域的效率和可扩展性，但 DePIN 空间正变得越来越拥挤。评估某些项目是否正在构建解决方案来解决实际问题以及解决这些问题的重要性至关重要。风险投资应该考虑的问题是：开发者是否服务于他们的利益而不是最终用户的利益？

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.

虽然项目可能声称增强去中心化连接或优化资源分配，但实施和用户采用的路径可能会带来挑战。这凸显了除了监管问题和可扩展性等考虑因素之外，还需要评估项目周围的技术和生态系统。

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.

投资者和开发商有责任为DePIN项目开发一个更加透明和负责任的环境。投资者必须提出尖锐的问题，并进行超越表面指标的尽职调查。同时，开发商必须专注于构建丰富利基市场的解决方案，而不是追逐越来越难以获得的融资机会。通过优先考虑实际应用，新兴的 DEPIN 部门可以促进创新解决方案，提高物理基础设施的效率和弹性，使加密货币以外的社区受益。