On November 6th, Onocoy posted to their X account that the network had doubled in size.
According to data from Dune, miners have doubled from 3450 to 6900 over just the past 6 months.
Onocoy RTK Network
Onocoy is another Decentralized Physical Infrastructure Network (DePIN) that leverages blockchain technology (in this case, Solana) to create a global, crowdsourced GNSS RTK (Real-Time Kinematic) network for centimeter-level precise positioning.
Network participants deploy GNSS reference stations (miners) with antennas to stream correction data, validated via algorithms and blockchain scoring for quality and authenticity. This supports applications such as agriculture and robotics.
Onocoy's Solana-based token (ONO) incentivizes participation. Miners earn tokens based on uptime, coverage, and data quality. Similar to Helium, users then purchase data credits with ONO to gain access to the RTK data.
Honorable Mention: Geodnet
Geodnet, another RTK DePIN project, launched before Onocoy, and now boasts more than ~18,000 global stations, proprietary miners, and its own token (GEOD). Onocoy, newer with 6900 stations, supports hardware-agnostic/DIY (do it yourself) setups for lower costs.
Geodnet launched their token on Polygon, and then later migrated it to Solana.
Network Affects and Belief
Given that anyone can launch their own cryptocurrency (whether it be a coin or token), crypto very much comes down to network effects. The more people who rally behind a token early on, the more resilient the network becomes.
You could argue the same applies to the US dollar. At this point, with the US government owing $38 trillion dollars, and the gold standard having been dropped, confidence in the dollar is now based on network affects and belief.
Until next time...
Despite the crypto market carnage over the past year, many DePIN networks continue to expand rapidly.
The concept of money will likely change in the coming years as confidence grows in certain forms of currency, and falls in others.
If you learned something new from this article, be sure to check out my other posts on crypto and finance here on the Hive blockchain. You can also follow me on InLeo for more frequent updates.
Sources
Onocoy X Post [1]
Posted Using INLEO