Scott Foo is DePIN Growth Lead at peaq, an L1 for DePINs, and Founder of DePIN Daily.
When did I get interested in DePIN? It goes back to SETI, a 2000s-era crowdsourced search for extraterrestrial intelligence, and my own family. We have always found a hobby in setting up airplane antennas and watching the planes on radar for fun. I never thought there would be a decentralized version of this network, where individuals could contribute radar data and be rewarded for these contributions instead of just a hobby.
This enables real world assets like vehicles and sensors to function as part of a friendly ecosystem, creating machine composability and value in the form of tokens for all participants. We call this the “Economy of Things.” This DePIN model also reduces dependency on large corporations, cuts capital expenditure and operational expenditure and enhances any system's strength and durability.
Another exciting concept that's already starting to form within the DePIN space is parallel markets. Take a DePIN like Farmsent on peaq. One part of the network is soil sensors for farmers. They can now put another DePIN like a weather antenna up and get a better weather insurance rate now that they’re supplying up-to-date weather data directly from the farm. Now you have one sector of data connecting to another and creating value for both sides.
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