The peaq blockchain is a game-changer, optimizing decentralized infrastructure and empowering machines in the Economy of Things (EoT). Mark your calendars! Genfinity is hosting a podcast with peaq on April 25 at 1:00 PM EST. Don’t miss out on this deep dive into the future of technology!
What is peaq blockchain?
peaq is a layer one blockchain optimized for Decentralized Physical Infrastructure Networks (DePINs) and Machine RWA. Notably, it boasts a capacity to scale beyond 100,000 transactions per second (TPS). The platform supports ink! (Rust) and EVM Smart Contracts, offering builders flexibility in their development.
Additionally, peaq provides Modular DePIN Functions for essential core functionalities, such as Self-Sovereign Machine IDs and seamless machine payment processing. Moreover, the network seamlessly interacts with Polkadot and bridges to Ethereum, fostering a decentralized positive-sum economy.
By democratizing access to abundance, peaq ensures that the benefits generated by AI-powered machines are accessible to all, rather than being restricted to a privileged few. Through community-led governance, peaq encourages the development of apps owned by the community on a global, decentralized network, where value is created and distributed across various communities.
The cutting-edge capabilities of peaq blockchain
Decentralized
peaq boasts a Nakamoto Coefficient exceeding 90, positioning it at the forefront among major Layer-0 and Layer-1 blockchains. This coefficient underscores its exceptional decentralization, a hallmark of blockchain technology. In essence, the Nakamoto Coefficient measures the distribution of mining power among network participants. Higher Nakamoto Coefficient values indicate greater decentralization and stronger resilience against malicious attacks. Consequently, peaq’s impressive coefficient reflects a robust network where power is widely dispersed, fostering trust and security among users.
Scalable
Moreover, peaq blockchain is engineered for unparalleled scalability, poised to surpass 100,000 transactions per second. This scalability is achieved through innovative mechanisms such as Elastic Scaling and Agile Core Time. Elastic Scaling enables the network to adapt dynamically to varying transaction loads, ensuring optimal performance even during peak demand. Additionally, Agile Core Time optimizes the core processing time, enhancing efficiency and throughput. Therefore, these technologies empower peaq to handle massive transaction volumes with ease. Notably, they also lay the foundation for widespread adoption and seamless user experiences.
Revolutionizing tech with peaq blockchain’s Modular DePIN Functions
Additionally, peaq introduces Modular DePIN Functions, offering pre-built tools to tokenize and empower various devices and vehicles across decentralized networks. This breakthrough technology democratizes access to blockchain benefits, enabling the average user to leverage their devices and vehicles in new, innovative ways.
For instance, DePIN-equipped vehicles can autonomously manage payments for tolls, parking, or maintenance, streamlining operations and enhancing convenience. Similarly, DePIN-enabled devices gain enhanced functionality and interoperability, opening doors to novel applications and business models. Consequently, by integrating blockchain seamlessly into everyday devices and vehicles, peaq blockchain empowers users to participate in the decentralized economy effortlessly. The protocol is ushering in a new era of connectivity and innovation.
Significantly, peaq has curated a comprehensive array of DePIN use cases, extending from operations on land to maritime ventures and even ventures into space.
The Economy of Things
The Economy of Things (EoT) is the next stage for the Internet of Things (IoT), where connected devices like vehicles and robots become not just informational hubs but participants in a decentralized network economy. This means EoT leverages Web3 and AI to allow these “things” to act more independently, monetize their generated data, and essentially transform from mere tools to economic actors in their own right.
The PEAQ token
The PEAQ token serves as the native utility token within the peaq network and ecosystem, playing a pivotal role in what is termed the “Economy of Things.” Transaction fees incurred on the peaq network are settled using PEAQ tokens, highlighting their integral role in facilitating transactions. Furthermore, PEAQ token holders wield significant influence, as they are empowered to participate in on-chain governance through voting on crucial network decisions.
Additionally, staking PEAQ tokens allows users to contribute to the network’s security and integrity while also establishing a decentralized reputation and trust system for machines. Overall, the PEAQ token grants holders various rights within the peaq ecosystem. These rights include the ability to engage in network governance, validate transactions, and influence subsidy allocation and network upgrades.
Latest Developments for peaq Blockchain
peaq collaborates with Nexera
Nexera recently collaborated with peaq network to facilitate the launch of the KREST token for their canary chain and the EoT simulation hub at krest network. Participants in the krest raise will also gain early access to PEAQ tokens, marking significant advancements in the realm of DePIN. Both startups are at the forefront of reshaping the accessibility of physical infrastructure networks on-chain.
peaq secures $15 million in funding
The blockchain recently announced a $15 million funding round led by Generative Ventures and Borderless Capital. Furthermore, this injection of capital comes ahead of peaq’s mainnet launch in May.
Significantly, peaq boasts over 20 DePIN projects within its ecosystem, exceeding the number found on other prominent platforms like Solana and Polygon. The additional funding will primarily support ecosystem growth through initiatives like the DePIN Grant Program and further development of tools for DePIN builders. Peaq’s co-founder, Leonard Dorlochter, expressed optimism about the future, highlighting plans to expand the ecosystem and accelerate growth throughout the year.
Bottom line
peaq stands at the forefront of a paradigm shift, ushering in the era of the Economy of Things (EoT). Through its native PEAQ token, you gain the power to govern the network, validate transactions, and contribute to its overall security. With its recent funding success and ongoing collaborations, peaq is poised to revolutionize various industries, from energy and supply chains to data storage and beyond.
As peaq blockchain continues to evolve, one thing remains certain: it has the potential to reshape the way we interact with technology and create a more equitable and decentralized future.
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