What You Need to Know About Decentralized Physical Infrastructure Networks (DePIN)
Public Key
Exploring the Entry of Traditional Finance Players into Crypto and the Impact on Adoption
Exploring the impact of big traditional finance players entering the crypto space, including selling paper versions of Bitcoin and the potential influx of trillions of dollars. The chapter also delves into the evolving ethos of the crypto community and the importance of user sovereignty.
"Decentralization will not, absolutely not, be the reason for the average user to use Web3. The average user is not going to use Web3 until it's as easy to use as Web2 and unlocks features that Web2 cannot provide."
This is a powerful quote from this episode's conversation with Ian Andrews (CMO, Chainalysis) and the, Co- Executive Directors of the Web3 Working Group, Amy James and Devon James as they unravel the technical complexities of Decentralized Physical Infrastructure Networks (DePIN) and explain why they believe the next opportunity for wider adoption will not just be adoption in the financial space, but adoption in the technology space.
The duo also emphasize the need for open protocols and standards to ensure interoperability and competition in the space, as well as the challenges of building in the Web3 space and the importance of educating policymakers and regulators about the potential for these technologies.
- (2:01) - What is the Web3 Working Group and the need for decentralized physical infrastructure networks (DePins)
- (6:08) - Discussing the Open Index Protocol and transitioning from manufacturing to software and Bitcoin
- (11:20) - Advantages of the protocol and comparison to IPFS and use of BitTorrent and blockchain for indexing content
- (16:45) - Difficulty in building web3 experiences beyond financial transactions
- (20:50) - Decentralization won't be the reason for average users to use Web3
- (28:02) - Reasons for creating a not-for-profit advocacy group for Web3 and challenges of operating in the US market due to regulations
- (34:08) - Educating regulators and policymakers on Web3 technology
- (38:27) - Potential benefits and concerns of traditional finance players entering the crypto space
Check out more resources provided by Chainalysis that perfectly complement this episode of the Public Key.
- Website: Web3 Working Group: Advocacy for Decentralized Infrastructure Protocols
- Youtube: Weekly Youtube Live Show: What Kind of Internet Do You Want?
- Podcast: DarkHorse Podcast with Bret Weinstein
- Webpage: Explore DePIN protocols and the decentralized apps that use them
- Article: What is DePIN?
- Blog: Risky Business: The Economics Behind Decentralized Storage Networks
- Blog: OFAC Sanctions Russian National Ekaterina Zhdanova for Using Cryptocurrency to Launder Money on Behalf of Russian Elites and Ransomware Groups
- Report: The Chainalysis 2023 Geography of Cryptocurrency Report (Available Now)
- YouTube: Chainalysis YouTube page
- Twitter: Chainalysis Twitter: BuildCareers at Chainalysising trust in blockchain
- Tik Tok: Building trust in #blockchains among people, businesses, and governments.
- Telegram: Chainalysis on Telegram
- Ian Andrews * Host * (Chief Marketing Officer, Chainalysis)
- Amy James (Co- Executive Director, Web3 Working Group)
- Devon James (Co- Executive Director, Web3 Working Group)
This website may contain links to third-party sites that are not under the control of Chainalysis, Inc. or its affiliates (collectively “Chainalysis”). Access to such information does not imply association with, endorsement of, approval of, or recommendation by Chainalysis of the site or its operators, and Chainalysis is not responsible for the products, services, or other content hosted therein.
Our podcasts are for informational purposes only, and are not intended to provide legal, tax, financial, or investment advice. Listeners should consult their own advisors before making these types of decisions. Chainalysis has no responsibility or liability for any decision made or any other acts or omissions in connection with your use of this material.
Chainalysis does not guarantee or warrant the accuracy, completeness, timeliness, suitability or validity of the information in any particular podcast and will not be responsible for any claim attributable to errors, omissions, or other inaccuracies of any part of such material.
Unless stated otherwise, reference to any specific product or entity does not constitute an endorsement or recommendation by Chainalysis. The views expressed by guests are their own and their appearance on the program does not imply an endorsement of them or any entity they represent. Views and opinions expressed by Chainalysis employees are those of the employees and do not necessarily reflect the views of the company.
The AI-powered Podcast Player
