#DePIN company Wingbits secures funding#
Hot Topic Overview
Overview
DePIN company Wingbits recently announced the completion of a $5.6 million funding round led by Borderless Capital and Bullish Capital, with participation from DeFi Partners and Sky Ventures, bringing its total funding to $9.2 million. Wingbits focuses on the aviation industry, aiming to disrupt the traditional flight tracking model where volunteers collect data without rewards by implementing a reward-driven flight tracking model through crypto-secured ADS-B receivers. Wingbits' goal is to provide reward-based flight tracking using a decentralized network of secure hardware, which is seen as a blockchain version of cloud computing services offered by tech giants like Amazon and Google.
Ace Hot Topic Analysis
Analysis
DePIN startup Wingbits has announced a $5.6 million funding round led by Borderless Capital and Bullish Capital, with participation from DeFi Partners and Sky Ventures, bringing its total funding to $9.2 million. Wingbits focuses on the aviation industry, aiming to create a reward-driven flight tracking model through crypto-secured ADS-B receivers. Currently, traditional flight tracking relies on volunteers installing antennas to collect data, which is then resold to airports and airlines for hundreds of millions of dollars in revenue, while volunteers receive no compensation. Wingbits' DePIN model aims to change this by giving data contributors ownership and rewards through decentralized network security hardware, offering the aviation industry a more secure, transparent, and efficient flight tracking solution.
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Public Sentiment
Discussion Word Cloud
Classic Views
DePIN startup Wingbits focuses on the aviation industry, offering reward-based flight tracking through crypto-secured ADS-B receivers.
Wingbits aims to disrupt traditional flight tracking by enabling volunteers to install antennas to collect data and earn rewards, instead of selling the data to airports and airlines.
The funding will be used to further develop Wingbits' DePIN network and push the adoption of its reward-based flight tracking model.
DePIN is a model that uses decentralized networks of secure hardware, and can be seen as a blockchain version of cloud computing services.