Markus Levin Discusses the Potential of DePINs to Advance AI and Crypto Adoption
Summary:
The Agenda podcast hosts engage in conversation with Markus Levin, co-founder of XY Labs, about Decentralized Physical Infrastructure Networks, commonly known as DePINs. Levin discusses the appeal and growth potential of DePINs, along with their role in rendering Artificial Intelligence more trustworthy and advancing mass crypto-adoption. He strongly refutes the notion of a DePIN market bubble and talks about the scalability of the technology to fulfill actual client requirements.
DePINs (Decentralized physical infrastructure networks) are creating quite a buzz in the Web3 realm. Despite being in the tech field for a while, a recent resurgence can be seen, credit to the restored optimism in the cryptocurrency sector. DePINs provide an opportunity for ordinary individuals to lend their physical infrastructure resources – like storage space or bandwidth – to fortify a wider decentralized network. XYO is an example of such a project, where users store client data and earn cryptocurrency in return.
Hosts of The Agenda podcast, Jonathan DeYoung and Ray Salmond, recently welcomed Markus Levin, the co-founder and operations head at XY Labs, which oversees the development of the XYO protocol. Levin expressed his belief in DePINs’ potential in making artificial intelligence more reliable and promoting cryptocurrency mass acceptance. This interview was recorded live at the Consensus 2024 conference.
Levin explained how AI models can sometimes produce and treat misleading information as factual. He insists that a DePIN system, like XYO, where data authenticity can be proven, can help avoid such misinformation. The AI often grapples with understanding which data to trust. What we offer, according to Levin, is certainty about the data.
Levin continued, "We can confirm where and how the data was produced and the process it underwent from being transferred from one machine to another, as well as its final location.” Depending on the context, provenance might not always be crucial, such as in a recipe, but in cases like medical data, knowing the source is vital.
Responding to a question on whether the current enthusiasm around the technology denotes a DePIN market bubble, Levin firmly stated that there's no DePIN bubble. According to him, DePINs are at the start of an extended phase of growth. He did, however, concede that there's a current fascination with the technology because DePINs are scalable and cater to authentic client demands.
When questioned about the potential of a DePIN protocol in accelerating mass adoption significantly, Levin confidently responded, “We built it”. He further stated, “A majority, about 80% of our users, aren't into crypto, and out of them, 95% convert into crypto users. We have onboarded over 7 million people.”
To hear the rest of Levin's chat with The Agenda - which discusses topics like data privacy in XYO and how DePIN differs from the Internet of Things - tune into the full episode on Cointelegraph’s Podcasts page, or on Apple Podcasts or Spotify. Explore a host of other engaging shows as well on Cointelegraph's full lineup.
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Published At
6/12/2024 2:05:00 PM
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