Peaq Network (PEAQ)
Peaq stands out as a new Layer-1 blockchain designed to support Decentralized Physical Infrastructure Networks (DePINs) and manage Machine Real World Assets effectively.
With its own network of over 30 projects and applications and more than 850,000 connected machines, Peaq wants to set a new standard in the blockchain and IoT sectors. Let’s delve into Peaq’s technology, its unique features, and the potential it holds for the future.
Founded by Till, Leo, and Max in 2017, Peaq was born out of a vision to merge blockchain technology with IoT to tackle global challenges. A web 3 platform that enables founders and developers to build decentralized applications (dApps) and Decentralized Physical Infrastructure Networks (DePINs).
A DePIN, short for Decentralized Physical Infrastructure Network, is a decentralized application (dApp) that uses blockchain to encourage the crowdsourcing of physical infrastructure. To put it simply, it provides an operation of interconnected real-world assets such as vehicles, machines, devices, and robots that provide essential services to both people and machines.
Applications that support DePINs can get launched via Peaq, as it lets you create a marketplace for machine data, facilitating the growth and operation of DePINs. Peaq leverages the capabilities of Substrate and Polkadot and initially supports around 10,000 transactions per second (TPS), starting with a block time of 6 seconds.
Currently the network is going strong and governs some of these technologies already. We see that the Peaq ecosystem has the following metrics;
Deze review van Peaq Network (PEAQ) is gemaakt voor informatieve doeleinden. Dit artikel is niet bedoeld voor promotie.
Peaq frequently mentions a bigger and bigger sharing economy, which is at its core and is about maximizing the utility of idle resources that allows individuals to rent out their underused assets, such as cars, homes, or tools, to others who need them.
This concept is shifting from a more corporate-dominated model, think about ‘airbnb’ or ‘uber’ to a truly peer-to-peer system made possible by blockchain.
It is through blockchain technology that genuine peer-to-peer transactions are enabled without any intermediaries. You can argue, why need Peaq, but that is the point. It is Peaq that let’s users build their own network.
Peaq also tokenizes ownership and allows individuals to invest in and own a share of connected devices.
As these devices generate revenue, the profits are distributed among the token holders. So when Peaq users take part in the decentralized sharing economy they have more control over their assets and the terms of their transactions. They can see exactly how their data and assets are being used.
Peaq can be effectively utilized in several domains such as autonomous transportation, smart city development, and agriculture, leveraging their services catered to manage and govern machines in a decentralized manner.
The peaq pay functionality simplifies payments between machines or users and machines. Users often face challenges of paying for a service that they don’t know will be completed till the end. Vice versa, the DePINs worry about the users who pay them and keep paying them for their full service. Peaq pay is an ‘intermediary’ and helps solve this issue by implementing a wallet solution.
With PeaqID you can identify devices designed for machines, devices, vehicles, or robots in Web3. This enables verifiable, decentralized digital identities and is based on the Decentralized Identifier(DID) standard developed by the W3C.
With peaq access you can control access on the peaq network, which allows you to restrict access based on user roles and is essential for developing DePINs/dApps. A functionality that allows dApp developers to implement logic for a vast number of use cases in the Economy of Things.
For example, they can grant or deny access to using a car in a car-sharing dApp, or restrict entrance to specific areas based on user privileges. It’s all about controlling the machines.
There are 31 projects listed under the DePINs & dApps section in the Peaq ecosystem.
The small innovative decentralized cloud gaming network YOM also joined the Peaq ecosystem, which is not surprising because it is a Decentralized Physical Infrastructure Networks (DePIN) that focuses on Cloud Gaming and the next iteration of people providing their GPU’s for keeping AAA games online, while earning.
The PEAQ token is the native utility token of the Peaq mainnet and serves as a foundational element for the operation and governance of the network. PEAQ tokens are used for many operations in the Peaq network, which include;
Transaction fees in the peaq network will comprise two components:
The transaction fee for a native token transfer will be as low as $0.00025, the cost of other transaction types will be on a similar scale.
The initial inflation rate for the PEAQ token is set at 3.5%, providing substantial incentives for early participants. This rate will decrease annually by 10%, stabilizing at 1% inflation.
The distribution of PEAQ tokens is structured to support the many stakeholders and needs of the longevity of the Peaq ecosystem:
Peaq relies on the work of Collators and Delegators for block production. To ensure that blocks are produced in an honest, censorship-resistant and reliable way, peaq has a staking mechanism, which incentivizes the work from Collators and Delegators.
Collators need to provide a staking deposit to run a collator node and delegators can delegate their stake to Collators of their choice in order to back them. Only those Collators with enough backing (stake) are able to produce blocks.
Setting up a node (3000$/Year) on Peaq is accessible to all and is tailored for standard home PCs, requiring minimal technical expertise and investment.
The PEAQ token can be staked, because the Peaq’s network relies on collators and delegators for block production. This means that;
By staking Peaq, both collators and delegators are rewarded for their contributions and can earn some sweet extra passive income.
NOT YET LAUNCHED
Peaq has strong potential to become a leading platform for the decentralized economy of things, but faces challenges in widespread adoption.
On the positive side, Peaq is not trying to build one specific IoT solution, but rather provide the underlying network infrastructure where many different DePIN solutions can be built and connected. This gives Peaq more flexibility.
However, Peaq faces stiff competition from other emerging blockchain platforms also targeting the IoT space. To truly succeed, Peaq will need to attract a lot of builders and developers to build out its ecosystem of DePINs and applications. It remains to be seen if Peaq can provide enough incentives to draw developers and users away from mainstream alternatives.
Peaq/krest networks are built using the Substrate framework, where Substrate Pallets allow blockchain developers to extend the functionality of runtime by adding new modules, whether available on Substrate Marketplace or developed by blockchain developers themselves
Peaq represents an advancement for builders eyeing the decentralized physical infrastructure narrative. It is particularly useful for applications that involve real-world assets and want to create decentralized networks.
As Peaq continues to evolve it could become something of significance, as it not only offers a protocol but a platform to create DePin applications. This could invite more developers, broaden their portfolio and network and become the go to for developing the blockchain and IoT spaces all together.
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