Peaq is a next-gen Layer 1 blockchain protocol designed specifically for the decentralized Machine Economy. It allows devices to autonomously earn, transact, and share resources in a decentralized manner, creating a self-sustaining network for machines and their human users.
Core Concept
The goal of peaq is to provide a blockchain infrastructure that enables machines and devices to generate economic value and interact securely, without relying on centralized intermediaries.
Key Components
Machine IDs
A unique identity framework for each machine on the network, allowing seamless and secure interactions among devices.
Self-Sovereign Identities (SSI)
Enables machines to own and manage their identities, ensuring privacy and control over data and interactions.
Decentralized Finance (DeFi)
Allows machines to autonomously manage and exchange digital assets within the network, creating a decentralized economy for devices.
Smart Contracts
Facilitates automation of transactions and agreements between machines, reducing operational costs and improving efficiency.
Main Features:
Machine-to-Machine (M2M) Payments : Supports real-time transactions between devices without human intervention.
Tokenized Assets : Machines can tokenize their resources (like storage or processing power) to be traded on the network.
Machine Rewards : Machines receive rewards for sharing resources, ensuring network growth and active participation.
Roles within peaq L1:
Stakers : Provide tokens to secure the network, earning rewards for validating machine-based transactions.
Operators : Run essential software and infrastructure to support network activities, such as enabling M2M payments and smart contract executions.
Device Owners : Users who own devices within the peaq network, allowing their machines to participate and earn in the decentralized Machine Economy.
Benefits of peaq:
Increased Efficiency : Machines autonomously manage resources, reducing downtime and operational overhead.
Security and Privacy : Ensures data protection and secure interactions among devices through robust cryptographic methods.
Scalability : Built for the large-scale Machine Economy, capable of supporting a growing number of interconnected devices.
Technological Capabilities
🔺 Peaq’s technology operates on a dual consensus mechanism, combining Delegated Proof of Stake (DPoS) and Nominated Proof of Stake (NPoS), which balances decentralization with transaction efficiency.
🔺 It can scale up to 10,000 transactions per second (TPS) and keep transaction fees as low as $0.00025, making it ideal for resource-intensive IoT applications.
🔺 Additionally, Peaq’s modular framework includes Peaq ID for machine identity, Peaq Verify for multi-layer data verification, and Peaq Pay for efficient machine-to-machine payments.
Tokenomics & Flywheel
🔻 Peaq’s token (PEAQ) is essential for transaction fees, staking, governance, and future applications in reputation systems for machines.
🔻 The token has a deflationary model, starting at 3.5% inflation, which reduces annually to 1%, designed to balance token availability with ecosystem growth.
🔻 Peaq’s “flywheel” value accrual model aims to drive demand and value through increasing network participation and a self-sustaining economic loop among machines.
Ecosystem & Applications
💠 Peaq’s network currently hosts over 30 DePIN projects with 850,000+ connected devices and $25 million in tokenized real-world assets.
💠 Notable projects include Silencio, a noise pollution data collection network, and XMAQUINA, which enables revenue-generating robots.
💠 Peaq’s modular stack allows for machine-to-machine economies across diverse industries, from transportation to environmental monitoring, demonstrating the ecosystem's versatility.
Peaq ID
🪬Peaq ID is a unique identity framework that enables machines to establish self-sovereign identities, essential for secure and autonomous interactions on the peaq network.
🪬 Built on the decentralized identifier (DID) standard, Peaq ID allows devices to recognize, authenticate, and interact directly, supporting functions like access control and data sharing.
🪬This identity framework is central to the Machine Economy as it enables seamless interoperability among devices while maintaining high security and privacy standards.
Fundraising
Here are the details of Peaq's funding rounds.
1. Seed Round
> Date: July 2021
> Total Raised: Undisclosed
> Participants: Fundamental Labs, Advanced Blockchain AG, and Outlier Ventures
2. Strategic Funding Round
> Date: December 2021
> Total Raised: $6 million
> Participants: GSR, Digital Currency Group (DCG), 3M Future Ventures, and others
3. Series A Round
> Date: June 2023
> Total Raised: $8 million
> Participants: Fundamental Labs, Delta Ventures, and Web3-focused investors
4. Public Sale (CoinList)
> Date: May 2024
> Total Raised: $20 million
> Participants: 14,500+ public investors via CoinList
▶️ Data Credit
> Peaq Blog
> Cointelegraph
> Cryptoslate
> Messari
> ICO Drop
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