What is Peaq? 8 questions to understand Coinlist's 1-layer DePIN public chain Peaq

What currency is Peaq? On May 9, 2024, Coinlist announced the launch of the first-layer DePIN public chain Peaq token PEAQ community public sale. The public sale time is from 17:00 on May 9, 2024 to 17:00 on May 16, 2024 UTC time. The Peaq Network is a multi-chain layer 1 blockchain built and optimized for DePIN and Machine RWA, and PEAQ is the native utility token of the Peaq Network. As previously reported, Peaq has raised $15 million in funding.

Coinlist interviewed Peaq on May 13. The Peaq team answered questions of community concern about what Peaq is, Peaq technical indicators, PEAQ token utility, actual use cases on Peaq, why Peaq attracts DePin, etc.

8 Questions The Peaq team will personally guide you to fully understand Peaq. If you have friends who like it, check it out together!

1. What is peaq?

peaq is a layer 1 public chain focusing on DePIN and machine RWA (real world assets). Peakq is leading the 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 across 10 industries and more than 400,000 devices, vehicles, machines and robots (Machine RWA) running on them. peaq is a permissionless, borderless digital infrastructure that puts increasingly intelligent machines at the service of 100% humanity, enabling rich democratization in the era of AI and work automation.

2. What problems and opportunities does Peaq solve?

Automation is expected to eliminate as many as 375 million jobs by 2030, while the rise of generative artificial intelligence is expected to add an additional 12 million jobs in the United States. Millions of people risk losing not just their jobs, but their livelihoods. Automation already exists, but it only works in 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, peak envisions a world powered by personal ownership and empowerment a more democratic and equitable future based on human rights. As a blockchain for real-world dApps, peaq aims to make everyone a stakeholder in the distributed automation economy (the 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 connected, real-world physical infrastructure, peaq enables communities to own and run machines that serve them.

Examples of peaq already supporting projects that make automation more inclusive include the launch of the world’s first tokenized robot cafe at TOKEN2049 in Dubai, which enables token holders to Get 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 issues?

Peaq’s current fundamentals lay a solid foundation for long-term growth and expansion:

Transaction Throughput: peaq’s network will initially support approximately 10,000 transactions per second (TPS) from inception It provides powerful performance. Going forward, 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 timing.

Nakamoto coefficient: 90. peaq takes advantage of the security and decentralization of Polkadot core, thereby inheriting a high Satoshi coefficient. This is the highest score among the major Web3 ecosystems, signaling a high degree of decentralization and resiliency.

Transaction cost: $0.00025. peaq provides the ecosystem with low transaction fees, making it the perfect home for microtransaction-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.

Additionally, peaq leverages the most sustainable technology stack in Web3 and has access to two of Web3's largest developer communities due to its EVM compatibility.

4. What is the function of PEAQ token?

Like any other layer of public chain tokens, the main purpose of PEAQ is to realize some of the most basic interactions on the network: paying transaction fees, passing Staking and penalty mechanisms generate blocks and govern the network in a censorship-resistant manner.

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, the network cannot be used without PEAQ, as transactions cannot be made without paying PEAQ fees. Just like dApps on Ethereum, all transactions with DePIN on peaq will be charged a fee in PEAQ units. 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. In order to ensure that blocks are produced in an honest, censorship-resistant and reliable manner, Peak has a staking mechanism with a penalty mechanism to incentivize Collators and Delegators to work honestly and punish them for dishonest behavior. Collators need to provide a staking deposit to run a Collators node in order to "get in the game." If Collators behave inappropriately, such as censoring transactions or generating fake blocks, their stake will be penalized. Delegators can delegate their shares to Collators of their choice to support them. Only those Collators with sufficient support (stake) can generate blocks. Therefore, Delegators actively manage which Collators are producing blocks, thus ensuring that trusted and well-functioning Collators are active. If Collators misbehave or go offline, their Delegators will stop making money or even have their delegated stake slashed. Therefore, Delegators need to constantly check the behavior of Collators and actively manage their equity distribution.

Network Governance: Holding PEAQ will allow you to vote on key decisions about its development and future through on-chain governance, guiding the project over time.

Reputation System: Machine owners will be able to stake PEAQ tokens as an additional guarantee of the trustworthiness 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 impact, and receive returns in real-world services and value. Leveraging real-world supply and demand mechanisms, machine RWA provides a more sustainable alternative to more speculative Web3 assets. They also enable the application of traditional business metrics to the token, simplifying investor decision-making.

6. What are the actual use cases that have been implemented or planned to be implemented on the Peaq network?

Here are some of the 25 projects that are already building on Peaq as their layer 1 blockchain:

ELOOP Network: Enabling communities and enterprises to tokenize their value-generating machines . It has built a shared fleet of Teslas 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 launched the world’s first tokenized robot cafe on peak in partnership with ELOOP.

penomo: is building a tokenization platform for green energy assets, enabling cash-strapped sustainable businesses to tap into borderless Web3 liquidity.

Wingbits: DePIN is being built out of community-owned antennas to collect location data from aircraft in the area. It allows you to earn rewards for participating in Web3 Flightradar.

ATOR: A DePIN is being built for anonymous web browsing – it’s similar to TOR, but more decentralized and easy for anyone to join.

Silencio: Building a DePIN for measuring local noise pollution with mobile phones. It's easy to participate, and you can earn rewards by collecting anonymous noise data.

7. RWA is now all the rage in the encryption field. What is the most interesting trend?

While RWAs do gain traction as a major Web3 asset class, they are most commonly thought of as on-chain representations of traditional financial instruments such as stocks or bonds. It’s true that such an implementation makes TradFi tools more accessible and fluid, but it’s important that Web3 looks and thinks beyond these assets. Web3 enables us to verifiably own things — anything, from smart sensors and network hotspots to robots and self-driving trucks — in a peer-to-peer manner and redistribute the value created by those things through a trustless on-chain mechanism. This enables novel forms of ownership and co-ownership of dynamic, value-creating real-world assets – not just ordinary stocks and securities – which is what PeakQ was created for.

8. Some DePIN projects have recently migrated to Peaq and integrated with it. What are the reasons?

Just in the past few weeks, 3 projects have announced 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 to local businesses without a centralized middleman, and 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 DePIN migrations to Peaq will be announced in the coming months after mainnet launch.

Among the reasons for other projects to migrate to peaq, the most frequently mentioned are:

1. A strong foundation and huge expansion potential provide DePIN with the economical, Fast and reliable transactions. Peaq’s throughput is currently 10,000 transactions per second and can scale to 500,000+ TPS, with a minimum fee of just $0.00025 and a block time of 6 seconds that may drop all the way down to 0.25 seconds. In addition, peaq's Satoshi coefficient is 90, which is the highest indicator in Web3, meaning a high degree of decentralization and security.

2. As an EVM-compatible Substrate-based blockchain, peaq provides maximum developer friendliness and caters to the two most popular Web3 developer ecosystems, including the first and third Two of the 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 feature provides DePIN with pre-made building blocks as part of their architecture, allowing 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-tier machine data verification framework for DePIN,

peaq store, a web3 Data storage and management tray for applications,

AI Agents, Fetch.ai’s autonomous AI agent software.

4. Peaq’s collaborative DePIN ecosystem provides outstanding machine composability by enabling partnership, collaboration, and rapid integration using the same identity standards.

5. peaq's DePIN-friendly enterprise ecosystem enables DePIN to cooperate with leading industry brands and expand their demand side.

6. Peaq’s community of DePIN enthusiasts, which is excited about new projects in the field, therefore benefits early adopters and also helps DePIN establish the supply side.

7. Peaq’s multi-chain Web3 strategy achieves extensive cross-chain interoperability and bridging, enabling DePIN on Peaq to broadly cover the entire Web3 field. When you build on Peakq, you build for all of Web3 — which is important when you're trying to reach as many people and machines as possible. Through Wormhole, peaq bridges with over 30 blockchain ecosystems, and peaq IDs are 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 towards DePIN needs and has been carefully designed to meet the imminent reality of increasing automation, ensuring that as machines become more prevalent in our daily lives, they can function in the peaq ecosystem Integrate, operate and thrive seamlessly. peaq not only incentivizes node hosts, but also machines, DePINs, dApps, liquidity providers, and the community that connects their devices to the network. The rewards for all these network participants will come primarily from transaction fees and block rewards. This allows DePIN on Peaq to enhance its own incentives and scale faster than other ecosystems.

10. peaq is one of the most energy-saving chains in Web3 and adopts the most environmentally friendly technical framework in the industry.

11. peaq’s sister network krest acts as a production-grade incentive sandbox for peaq-based projects, allowing DePIN to perfectly test its projects before releasing them to the mainnet.

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