PURSE, as a DePIN
In the last Medium post, we introduced what DePIN is.
We’ll see ‘How DePIN Works in the PURSE’ in this article.
What is PURSE?
$PURSE was initially created as a reward token for $PUNDIX delegators.
The PURSE team wanted to go beyond the limited functionality of the $PURSE token and become a “Practical Payment Network” that would allow real-world merchants to launch, trade, and utility their own loyalty tokens.
*Enabling merchants to launch, trade and utilise their loyalty token
DePIN, the Future of Crypto
As we introduced in our last article, Decentralized Physical Infrastructure Networks(DePIN) have become one of the hottest buzzwords in the crypto industry in 2024.
For example, Solana held a preorder for SAGA2, a decentralized mobile smartphone, and Akash Network made its mark in decentralized computing, laying out the blueprint for DePIN.
Pundi X, Extending PoS Device for DePIN Ecosystem
Pundi X is putting DePIN into practice to promote decentralization in its payment network.
Pundi X’s Point-of-Sale device, XPOS is not just for crypto payments, but also acts as a bridge between the Physical and Digital in the blockchain world, facilitating and incentivizing transactions.
This means that both merchants and consumers can earn token incentives like $PURSE tokens by transacting on XPOS.
The Heart of DePIN: Token Incentives
The DePIN Flywheel is the core model of the DePIN project.
Particularly important in this model is the motivation of merchants, consumers, and users alike through token incentives.
In a capitalist society, it’s nearly impossible to move without economic motivation, and token incentives are the key to solving this in DePIN.
PURSE, as a DePIN
Unlike the initial model, $PURSE no longer exists as a simple delegator reward token.
Recent roadmaps have pointed the way to a payment network that enables merchants to launch, trade, and utilize loyalty tokens, and it works on physical infrastructure.
PURSE utilizes token incentives to expand the ecosystem of Pundi X, a decentralized infrastructure network, including enabling merchants in the real world to launch their own tokens.
*This is in line with the core values shared by DePIN.
In addition, we also plan to connect cryptocurrency users with social media on Web2 & Web3 through our upcoming SocialFi DApp.
This is one of the key plans for PURSE as a DePIN project to create a space where users, sellers, and project builders can come together.
Importance of DePIN in the PURSE and Pundi X Ecosystem
The concept of DePIN is in itself an indication of where the blockchain industry is headed.
Instead of just existing on the internet, it works and interacts in the real world and allows blockchains to operate in all corners of the world.
This means that DePIN is more than just a concept, it’s about bringing Web3 into the real world, and at its center, Pundi X and PURSE will be able to drive mass adoption and demand from consumers as payment systems and token incentives.
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Twitter: https://twitter.com/Purse_Land
Telegram: https://t.me/purse_land
Website: https://purse.land/
