[RECAP] NOTT CEO's speech at DAYP2024 (DePIN Alliance Yacht Party)

On June 6, the #DePIN Alliance Yacht Party event took place with the participation of leading speakers and experts in the DePIN field. At the event, as CEO of NOTT Innovative Technology, Mr. Jason shared about the potential of DePIN and its role in the field of digital health.

CEO Lu Hong Hai has extensive experience in technology startups, ranging from small projects to large-scale organizations like One Mount Group, Vingroup, and MaNaDr, a Singapore-based healthcare startup. Now, he is the CEO of the innovative technology company NOTT. NOTT is an innovative platform leading the way in the field of digital health, supported by AI and based on DePIN principles. Through these projects, he has gained valuable insights into the world of DePIN and the immense potential of blockchain technology. At the event, Mr. Jason shared his vision about DePIN through the following questions:

1. DePIN is being viewed as the gate of blockchain mass adoption. So, what makes DePIN's business model stand out from other blockchain models?

DePIN itself is physical, it means that it is a real world asset. DePIN came to solve the real problem. Currently, apart from financial applications, Web3 is really lacking in practical applications. A real physical device can be a gateway between the real world and Web3. 

For example, it will be like NOTT smart watch, I will use it for  tracking my vital (like heart rate, stress). But it requires a large computing unit, so the watch will send the request to nearby devices (IoT) via LoRa, Wifi, 5G, those devices will compute and respond. It can be your smartphone, laptop, MacBook, or any IoT hotspot. The DePIN network calculates reward for any computation, storage and data transfer.

2. How will DePIN handle issues like data privacy and user control over infrastructure usage?

There are some encryption algorithms like fully-homomorphic-encryption. Fully homomorphic encryption (FHE) is an innovative technology that can help you achieve zero trust by unlocking the value of data on untrusted domains without needing to decrypt it. And new proof of identity just like passkey will become account abstraction, allowing users to prove who they are without relying on centralized authorities.  Decentralized Identity (DID) of U2U network and Data transfer just like VPN via DPN of U2U.

3. What are the main challenges and opportunities in scaling Depin to reach wider adoption and impact?

Not easy to build and require a lot of resources. It is a physical device, so you have to deal with logistics, broken, damaged, performance. For example, at NOTT, we have spent a long time researching and selecting devices to produce physical products to ensure seamless and accurate data collection.

4. Is DePin this year's hype term or could it be the solution DeFi has been looking for?

In my opinion, I think that it's time for DePIN. The real world needs a powerful solution like Blockchain to solve its problems. Now, DePIN can be widely applied in daily life, particularly in the field of health, creating a new concept known as HealthFi. 

5. What role will AI and machine learning play in optimizing DePIN network operations?

Vietnamese people have an idiom which has a similar meaning with “Together we can change the world ”,  the sentence is “3 trees combined together will become a great mountain”. In my opinion, the first tree is Blockchain, 2nd is IoT and 3rd is AI. Blockchain solves financial problems, IoT is a touching point, and AI will become IA (Intelligent Assistant.  Blockchain and IoT combine into DePIN, and IA running on that will have a touching point to the real world.

6. Looking ahead, what is the vision for the future of Depin, and how do you see it evolving or expanding in the coming years?

Vietnamese people have an idiom which has a similar meaning with “Together we can change the world ”,  the sentence is “3 trees combined together will become a great mountain”. In my opinion, the first tree is Blockchain, 2nd is IoT and 3rd is AI. Blockchain solves financial problems, IoT is a touching point, and AI will become IA, intelligent Assistant. So, DePIN will become an everyday solution for everyone.

It is not imaging anymore, we’re also building it in healthcare by NOTT. So I think that “the future is now”.

Hopefully Mr. Jason's sharing at the #DePIN Alliance Yacht Party event will bring interesting information about DePIN as well as its applications in the field of health. By connecting the real world with Web3, enhancing data privacy, and leveraging AI, DePIN has the opportunity to revolutionize the way we interact with technology in our daily lives.

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