GEODNET

The recent passage of the GENIUS Act marks a significant milestone in the regulation of cryptocurrency in the United States, particularly focusing on stablecoins. This legislation establishes essential reserve rules, audits, and authorized issuers, setting a precedent for future regulatory frameworks. However, as the crypto landscape evolves, lawmakers must not stop here, especially with the burgeoning sector of decentralized physical infrastructure networks (DePINs) still lacking a legal framework. DePINs are not merely speculative ventures; they involve the construction of real-world infrastructure through community-owned hardware, enabling users to earn token rewards by contributing resources like antennas and sensors. DePIN projects are already operational and scaling rapidly, generating impressive revenues. For instance, projects like Glow have exceeded $15 million in revenue, while Geodnet reports over $1 million in annual recurring revenue. Collectively, DePIN protocols are generating over $250 million in revenue, demonstrating their viability and value to users. However, unlike stablecoins, which now operate under defined federal rules, DePIN projects find themselves in a regulatory gray area. This lack of clarity exposes users, developers, and investors to potential risks, as existing laws do not adequately address the unique characteristics of DePINs, which rely on real-world data and infrastructure. To foster the growth of DePINs, a tailored regulatory framework is essential. The GENIUS Act has shown that crypto regulation can support innovation without being restrictive. DePINs, existing at the intersection of hardware, software, and services, require specific definitions and standards regarding data ownership, privacy, and governance. Clear guidelines will not only build trust among users but also encourage investment and community participation. As DePIN continues to grow, it is crucial for Congress and regulators to recognize its potential to enhance infrastructure in underserved areas and to create a policy framework that prioritizes transparency, innovation, and user protection. The time for DePIN to be included in the regulatory conversation is now.

Exclusive Interview with Raullen Chai, Co-Founder and CEO of IoTeX Raullen Chai, a Ph.D. in cryptography from the University of Waterloo and with prior engineering roles at Google, Uber, and Oracle, leads IoTeX. He envisions DePIN—decentralized physical infrastructure networks—connecting IoT devices and blockchain to empower users with data ownership. IoTeX 2.0 aims to cater to developers, enterprises, and consumers, bridging the gap with modular tools like W3bstream and token primitives. Raullen discusses IoTeX's goal of onboarding 100 million devices in the next 3–5 years. The strategy involves partnerships with hardware manufacturers, community-led DePINs like DIMO and GEODNET, and empowering grassroots adoption. By expanding developer onboarding and scaling middleware, IoTeX plans to achieve this ambitious target. Raullen highlights the importance of the 'Identity' layer in the DePIN reference architecture. He emphasizes the need for secure and interoperable machine identities to establish trust in decentralized physical systems. IoTeX's ioID provides devices with programmable identities, revolutionizing trust in DePINs. W3bstream, a specialized solution for DePINs, focuses on verifiable real-world data ingestion. Unlike general-purpose off-chain compute solutions, W3bstream is tailored for handling physical-world inputs like sensor data and geolocation, bridging the gap between the physical and digital realms. With ioID's NFT-bound smart contract wallets for machines, IoTeX addresses lifecycle events like hardware replacement and identity migration. By combining secure hardware enclaves and on-chain NFTs, IoTeX ensures auditable continuity and composable trust in device identities.

IoTeX is revolutionizing the way everyday machines, such as solar panels and GPS trackers, can generate passive income by turning them into valuable assets. Co-founder Jing Sun emphasizes that their platform is at the forefront of a new machine economy, where real-world devices connect to Decentralized Physical Infrastructure Networks (DePINs) to yield real financial returns. The vision for IoTeX was inspired by the Ethereum whitepaper, leading to the creation of a Layer 1 blockchain that links device data with AI models and traditional businesses. This innovative approach allows communities to contribute data from devices and earn rewards from AI firms, effectively merging the physical and digital worlds. The concept of DePIN, which stands for Decentralized Physical Infrastructure Networks, is emerging as a promising real-world application of cryptocurrency. Sun describes it as "MachineFi," which refers to the financialization of machine data and resources. DePIN projects aim to crowdsource infrastructure that has traditionally been managed by governments or large corporations, providing coverage to underserved regions. Existing projects on IoTeX, such as GEODNET for GPS, Glow for solar energy, and Wingbits for flight tracking, are already operational and generating revenue, demonstrating the societal benefits of this model. IoTeX's machine economy is accessible to everyone, allowing individuals to purchase and operate devices that collect data and sell it to networks in exchange for tokens. This model offers a form of basic income, empowering users to become operators of a diverse machine network. Traditional investors are also taking note, as DePIN's clear business model and revenue structures make it an attractive opportunity. With over 100 DePIN projects and a total locked value of $2.7 billion, IoTeX is poised to attract traditional investment into the crypto space. Looking ahead, the company aims to support the next generation of AI agents and smart devices, positioning itself as a leader in the integration of blockchain technology with everyday machines.

On April 10, 2025, Mike Horton, the project creator of GEODNET, delivered a significant testimony before the U.S. Congress, representing both GEODNET and the broader Decentralized Physical Infrastructure Networks (DePIN) ecosystem. His presentation highlighted the transformative potential of blockchain-powered DePINs, which are already making strides in providing scalable and cost-effective infrastructure solutions across critical sectors such as internet connectivity, precision navigation, and renewable energy. This testimony marks a pivotal moment in the recognition of decentralized technologies by U.S. policymakers. The growing acknowledgment from government officials underscores the increasing importance of decentralized technologies in addressing infrastructure challenges. Horton’s testimony not only showcased the achievements of GEODNET but also emphasized the broader implications for the DePIN ecosystem. The ability of these networks to deliver essential services efficiently and sustainably is a testament to the innovative capabilities of blockchain technology, which is gaining traction in various sectors. This event serves as a proud milestone for those involved in the development of decentralized infrastructure. It acts as a powerful motivator for stakeholders committed to building the future of infrastructure through decentralized solutions. As the momentum behind these technologies continues to build, it is clear that the integration of blockchain into physical infrastructure is set to play a crucial role in shaping a more connected and sustainable future.

DroneDeploy, a leading company in aerial and ground reality capture, has announced a strategic partnership with the GEODNET Foundation, which operates a global real-time kinematics (RTK) network. This collaboration will provide DroneDeploy customers with access to all 10,000 registered stations within the GEODNET network. This access is particularly beneficial for precise drone surveying, underground utility documentation, and applications in construction, mining, energy, and utilities sectors. Furthermore, DroneDeploy plans to collaborate with its customers to establish GEODNET stations in regions that currently lack coverage, enhancing the network's reach and utility. James Pipe, Chief Product Officer at DroneDeploy, emphasized the importance of this partnership, stating that while today's affordable enterprise drones are capable of sophisticated RTK and PPP survey-grade workflows, the high cost of accessing RTK base-station data has been a significant barrier. The integration with GEODNET aims to eliminate this hurdle, allowing users to fully leverage the advanced capabilities of their drones. The partnership is expected to enhance operational efficiency and accuracy in various applications, making it a significant step forward for both companies. The GEODNET Foundation operates using decentralized physical infrastructure networks (DePIN) principles, which allows for a low-data rate network connection. This technology enables a remarkable 100-times improvement in positioning accuracy compared to traditional standalone GPS systems. Mike Horton, Project Creator at GEODNET, expressed pride in being selected by DroneDeploy for this integration, highlighting the potential for improved workflows and enhanced data accuracy in the industry. This partnership marks a significant advancement in the use of drone technology and RTK networks, paving the way for more precise and efficient operations in various sectors.

In the first quarter of 2025, IoTeX made significant strides with the introduction of Quicksilver, a decentralized physical infrastructure network (DePIN) module that enables AI agents to interact with real-world data. This innovative framework aims to enhance the capabilities of AI by allowing it to process real-time data and respond adaptively to its environment. Partnerships with GEODNET and Nubila have been established to integrate their devices with the ioID module, facilitating machine verifiability and verified data uploads onto the IoTeX blockchain. Despite a decline in average daily active wallets and transactions, the network still shows impressive year-over-year growth, with active wallets up 850% and transactions up 2,250% compared to the previous year. The IoTeX Network operates on a modular infrastructure that combines an EVM-compatible Layer-1 blockchain with off-chain computing capabilities. Users can stake the native token, IOTX, to vote for delegates responsible for securing the network and validating transactions. In Q1, the total fees on the network decreased by 55% quarter-over-quarter to $201,000, primarily due to significant drops in gas and decentralized exchange (DEX) fees. However, the network's staking activity remained robust, with 120 active delegates securing 3.8 billion IOTX, representing 40% of the circulating supply. IoTeX's commitment to innovation is evident in its ongoing development of the Quicksilver framework, which integrates AI with decentralized networks. The introduction of BinoAI, an autonomous AI agent, further exemplifies this effort, as it shares insights about DePIN projects on social media. Additionally, the partnerships with GEODNET and Nubila highlight IoTeX's focus on verifiability and real-world data applications, paving the way for future collaborations aimed at enhancing the DePIN ecosystem. As IoTeX continues to evolve, its emphasis on integrating AI and decentralized technologies positions it as a leader in the blockchain space, driving demand for DePIN solutions.