Written by: 0xjs@黄金财经
On May 9, 2024, Coinlist announced the launch of the 1-layer DePIN public chain Peaq token PEAQ community public sale. The public sale time is UTC time from 17:00 on May 9, 2024 to 17:00 on May 16.
The Peaq network is a multi-chain 1-layer blockchain built and optimized for DePIN and Machine RWA, and PEAQ is the native utility token of the peaq network. Previously reported, Peaq has raised $15 million in funds.
On May 13, Coinlist interviewed Peaq, and the Peaq team answered questions of concern to the community on what Peaq is, Peaq technical indicators, PEAQ token utility, actual use cases on Peaq, and why Peaq attracts DePin.
8 questions The Peaq team will personally take you to fully understand Peaq.
1. What is peaq?
peaq is a 1-layer public chain focusing on DePIN and machine RWA (real world assets). Peakq is leading a global infrastructure revolution, enabling people to own and profit from mobility, energy, connectivity, environment, agriculture, and digital infrastructure. It is home to more than 25 applications in 10 industries, and more than 400,000 devices, vehicles, machines, and robots (machine RWA) running on it. Peaq is a permissionless, borderless digital infrastructure that allows increasingly intelligent machines to serve 100% of all mankind, achieving rich democratization in the era of AI and work automation.
2. What problems and opportunities does Peaq solve?
Automation is expected to eliminate up to 375 million jobs by 2030, while the rise of generative AI is expected to add another 12 million jobs on top of the U.S. Millions of people are at risk of losing not only their jobs, but also their means of livelihood. Automation already exists, but it only works for a limited circle at the top.
Positioned at the intersection of the Internet of Things (expected to grow to $650 billion by 2027), Artificial Intelligence (expected to exceed $350 billion by 2027), and Web3 industries, Peaq envisions a more democratic and fair future based on individual ownership and empowerment. As a blockchain for real-world dApps, Peaq aims to make everyone a stakeholder in the distributed automation economy (IoT economy) that is taking shape before our eyes. As the home of DePIN, a decentralized application that uses tokens to incentivize people to crowdsource and build interconnected real-world physical infrastructure, Peaq enables communities to own and run machines that serve them.
Examples of projects that peaq has supported to make automation more inclusive include the world’s first tokenized robotic café launched at TOKEN2049 in Dubai, which enables token holders to earn rewards for every cup of coffee it sells. Other major examples include Silencio, a crowdsourced noise pollution data network with over 200,000 users, and ELOOP Network’s tokenized Tesla car-sharing service.
3. How does peaq solve scalability-related problems?
Peaq’s current fundamentals lay a solid foundation for long-term growth and expansion:
Transaction throughput: peaq’s network initially supports approximately 10,000 transactions per second (TPS), providing strong performance from the outset. Looking ahead, Peaq is expected to achieve theoretical scalability of over 500,000+ TPS, thanks to cutting-edge enhancements such as asynchronous support, elastic scaling, and agile core time.
Satoshi coefficient: 90. peaq leverages the security and decentralization of Polkadot Core, thus inheriting a high Nakamoto coefficient. This is the highest score among major Web3 ecosystems, signifying a high degree of decentralization and resilience.
Transaction cost: $0.00025. peaq offers low transaction fees to the ecosystem, making it the perfect home for micro-transaction-intensive applications that leverage real-world machines.
Block time: 6 seconds. In theory, by leveraging the power of up to 24 cores, peaq has the potential to significantly reduce this block time to approximately 0.25 seconds.
In addition, peaq leverages the most sustainable technology stack in Web3 and has access to two of the largest developer communities in Web3 due to its EVM compatibility.
4. What is the role of PEAQ tokens?
Like any other layer 1 public chain token, the main purpose of PEAQ is to enable some of the most basic interactions on the network: paying transaction fees, generating blocks in a censorship-resistant manner through staking and penalty mechanisms, and managing the network.
Transaction Fees: PEAQ is used to pay transaction fees on the peaq blockchain. The amount of PEAQ required for any particular transaction is calculated based on the weight, length, and other parameters of the transaction. As with other layer 1 blockchains, it is not possible to use the network without PEAQ, as transactions cannot be made without paying PEAQ fees. Just like dApps on Ethereum, all transactions on DePIN on peaq require fees in PEAQ. The millions of machines, vehicles, and sensors in these DePINs are expected to generate millions of transactions.
Network Operation: 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 manner, Peak has a staking mechanism with a penalty mechanism that incentivizes the honest work of Collators and Delegators and punishes their dishonest behavior. Collators need to provide a staking deposit to run the Collators node to "sit in the game." If Collators misbehave, such as censoring transactions or generating false blocks, their stake will be punished. Delegators can delegate their stake to the Collators of their choice to support them. Only those Collators with enough support (stake) can generate blocks. Therefore, Delegators actively manage which Collators are producing blocks, which can ensure that trusted and well-run Collators are active. If a Collator misbehaves or goes offline, its Delegators will stop earning money and even have their delegated shares slashed. Therefore, Delegators need to constantly check the behavior of Collators and actively manage their stake distribution.
Network Governance: Holding PEAQ will enable you to gradually guide the project by voting on key decisions about its development and future through on-chain governance.
Reputation System: Machine owners will be able to stake PEAQ tokens as an additional guarantee of the credibility of their machines.
5. What is Machine RWA? What benefits will it bring?
Machine RWA is an on-chain representation of real-world machines, creating value or certain rights for these machines. They enable individuals, communities, and businesses to raise or provide cross-border liquidity for innovative projects that have real-world impacts and get rewards from real-world services and value. With real-world supply and demand mechanisms, machine RWAs offer a more sustainable alternative to more speculative Web3 assets. They also enable the application of traditional business metrics to tokens, simplifying investor decision-making.
6. What are some of the real-world use cases that have been implemented or planned on the Peaq Network?
Here are some of the 25 projects that have already been built on Peaq as its layer 1 blockchain:
ELOOP Network: Enables communities and businesses to tokenize their value-generating machines. It has built a fleet of Tesla rides in Vienna, allowing token holders to earn rewards every time someone books a Tesla ride.
XMAQUINA: Is building a tokenization platform for revenue-generating autonomous robots and has partnered with ELOOP to launch the world's first tokenized robot cafe on peak.
penomo: Is building a tokenization platform for green energy assets, enabling cash-strapped sustainable businesses to tap into borderless Web3 liquidity.
Wingbits: Building a DePIN consisting of community-owned antennas that collect location data of aircraft in the area. It allows you to earn rewards for participating in Web3 Flightradar.
ATOR: Building a DePIN for anonymous web browsing - it's like TOR, but more decentralized and easy for anyone to join.
Silencio: Building a DePIN for measuring local noise pollution with your phone. It's easy to participate, and you can earn rewards for collecting anonymous noise data.
7. RWAs are all the rage in the crypto space today, what are the most interesting trends?
While RWAs are indeed gaining attention as a major Web3 asset class, they are most often thought of as on-chain representations of traditional financial instruments such as stocks or bonds. It's true that such implementations make TradFi tools more accessible and liquid, but it's important that Web3's vision and thinking go beyond these assets. Web3 enables us to verifiably own things in a peer-to-peer manner - anything from smart sensors and network hotspots to robots and self-driving trucks - and redistribute the value created by these things through trustless on-chain mechanisms. This enables novel forms of ownership and co-ownership of dynamic, value-creating real-world assets - not just ordinary stocks and securities - and this is exactly what PeakQ was born to do.
8. Why have some DePIN projects recently migrated to Peaq and integrated with it?
In just the past few weeks, 3 projects announced their migration to Peaq:
MapMetrics: is a leading Web3 drive-to-earn application, which was previously built on Solana.
Farmsent: is an agriculture-focused DePIN that connects farmers with local businesses without centralized middlemen, which was previously built on Polygon.
dTelecom: An innovative DePIN used as a live streaming and real-time communication layer for applications and dApps, previously built on Arbitrum.
More DePINs will announce their migration to Peaq in the coming months after the mainnet launch.
Among the reasons other projects migrated to peaq, the most commonly mentioned are:
1. Strong foundation and huge expansion potential provide DePIN with affordable, fast and reliable transactions required for deployment and expansion. Peaq's throughput is currently 10,000 transactions per second, which can be expanded to 500,000+ TPS, with a minimum fee of only $0.00025 and a block time of 6 seconds, which may drop all the way to 0.25 seconds. In addition to this, peaq's Nakamoto coefficient is 90, the highest indicator in Web3, which means a high degree of decentralization and security.
2. As an EVM-compatible Substrate-based blockchain, peaq offers maximum developer friendliness, catering to the two most popular Web3 developer ecosystems, including the first and second most active developer communities. It also supports ink! smart contracts and Solidity, which makes it easily accessible to Web3 builders.
3. Peaq's modular DePIN capabilities provide pre-made building blocks for DePINs that can be used as part of their architecture, enabling them to build faster. Features include:
peaq ID, a multi-chain autonomous Web3 identity for machines, robots, and devices,
peaq access, a role-based access management protocol for machines and devices in Web3,
peaq Pay, seamless peer-to-peer machine payments in the IoT economy,
peqq verify, a comprehensive three-layer machine data verification framework for DePIN,
peaq store, a data storage and management tray for Web3 applications,
AI Agents, Fetch.ai's autonomous AI agent software.
4. Peaq's collaborative DePIN ecosystem provides excellent machine composability by enabling partnerships, collaboration, and rapid integration using the same identity standards.
5. Peaq's DePIN-friendly enterprise ecosystem enables DePIN to work with leading industry brands to expand their demand side.
6. Peaq's DePIN enthusiast community, which is excited about new projects in the field, is therefore beneficial to early adopters and also helps DePIN build a supply side.
7. Peaq's multi-chain Web3 strategy enables extensive cross-chain interoperability and bridging, enabling DePIN on Peaq to cover the entire Web3 field extensively. When you build on Peaq, you build for all Web3 - this is important when you are trying to cover as many people and machines as possible. Through Wormhole, peaq bridges with more than 30 blockchain ecosystems, and peaq ID is compatible with Ethereum, Polkadot, BNB Chian, Cosmos, and Solana.
8. The Peaq Foundation provides DePIN on top of Peaq funding to support their development efforts and provide them with additional expert support, networking and fundraising opportunities, and a variety of other benefits.
9. Peaq's economic model is geared toward DePIN needs and is carefully designed to meet the imminent reality of increasing automation, ensuring that as machines become more common in our daily lives, they can seamlessly integrate, operate, and thrive in the Peaq ecosystem. Peaq incentivizes not only node hosts, but also machines, DePINs, dApps, liquidity providers, and the community that connects their devices to the network. Rewards for all these network participants will come primarily from transaction fees and block rewards. This enables DePIN on Peaq to enhance its own incentive mechanism and scale faster than other ecosystems.
10. Peaq is one of the most energy-efficient chains in Web3 and uses the industry's most environmentally friendly technical framework.
11. Peaq's sister network KREST acts as a production-level incentive sandbox for Peaq-based projects, enabling DePIN to perfectly test their projects before launching them on the mainnet.
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