Peaq Network: A Layer 1 Blockchain Purpose-Built for DePIN
Decentralized physical infrastructure networks (DePINs) and real-world assets (RWAs) are currently among the hottest sectors in the crypto space. peaq, a Layer 1 (L1) blockchain purposely built and optimized specifically for these markets, aims to power a global infrastructure revolution using DePIN technology.
This article introduces you to the peaq network and the PEAQ token, and explores why this L1 chain is so popular among real-world asset and DePIN projects. Let's get started.
Key Takeaways:
peaq network is a high-performance blockchain that’s purpose-built and optimized for DePIN and RWA projects.
Developers can leverage the peaq blockchain's modular DePIN functions to equip their ecosystems with essential core functionalities.
peaq has raised over $40 million to date, and has over 3 million devices with a total value of more than $1 billion and 50 DePINs in 21 industries active in the network.
Introduction to DePINs
A decentralized physical infrastructure network (DePIN) is a network that uses blockchain technology to build and operate real-world infrastructures with decentralized governance and ownership. DePIN stands in sharp contrast to the traditional model, in which centralized entities manage their ecosystems with complete control.
DePINs take a community-driven approach and use crypto incentives to expand and maintain their infrastructures. This significantly reduces up-front investments for these networks, and empowers users with the ability to set up their own devices and earn tokens as providers. DePIN leverages this decentralized and distributed architecture to eliminate single points of failure (SPOFs) and enhance the security of the infrastructure.
Some of the most notable DePIN projects are as follows:
The decentralized wireless network Helium aims to provide global internet connectivity through a network of hotspots.
Render Network is a decentralized GPU rendering platform on which users earn token rewards for sharing their idle computing power to perform rendering tasks.
Hivemapper Network leverages crowdsourced data to map the physical world.
Arweave is a global, permissionless and decentralized data storage solution with censorship-resistant and permanent storage of records.
What Is Peaq Network?
Launched on November 12, 2024, peaq network is a high-performance L1 blockchain purposely built and optimized for DePINs and Machine RWAs. Offering a wide range of tools for projects, over 50 decentralized DePINs in 21 industries are developing on the peaq chain. As the world's largest and fastest-growing DePIN ecosystem, peaq network hosts more than 3 million machines, vehicles, robots and devices and accounts for over $1 billion worth of total value in DePIN devices.
Who Founded Peaq Network?
peaq network was co-founded by Max Thake, Leonard Dorlöchter and Till Wendler, bringing together their extensive expertise and experience in blockchain, decentralized networks and entrepreneurship.
Thake, a writer and entrepreneur, excels at simplifying complex technology and using this approach to solve problems. Dorlöchter, active in the blockchain space since 2015, is passionate about decentralization and self-sovereignty and is a member of the Sigma Squared Society. Wendler has a strong background in tech startups and decentralized systems, which he leverages to navigate the complexities of the Economy of Things (EoT).
The trio, together with other team members, have dedicated their efforts to enable a more inclusive, transparent and equitable world through the advent of blockchain technology.
Peaq Network Investors
In March 2024, peaq raised $15 million in a round led by Borderless Capital and Generative Ventures. Additionally, the project secured $6 million and $2.5 million of funding from investors in June 2022 and June 2021, respectively, and participants contributed nearly $20 million to peaq network's public sale in May 2024, bringing the total funds raised to an impressive $43.48 million.
Besides Borderless Capital and Generative Ventures, notable investors behind peaq network include Animoca Brands, CMCC Global, The Spartan Group, DWF Labs, Fundamental Labs, Moonrock Capital, HashKey Capital and GSR.
How Does Peaq Work?
peaq's modular DePIN functions are designed to empower developers to build next-generation decentralized physical networks. DePINs and decentralized applications (DApps) can leverage these ready-to-use functions to equip their ecosystems with essential core functionalities. These include self-sovereign machine IDs, data verification, role-based access control, data storage, autonomous AI agents, machine payment processing and data indexing.
Modular DePIN functions work as building blocks for decentralized physical infrastructure networks, enabling them to explore synergies with peers and expand their demand sides. They’re available via the peaq SDK (software development kit) in JavaScript, allowing the seamless deployment of modules with approximately 15 lines of code. With peaq, developers can also enjoy increased flexibility and convenience with Wasm and EVM smart contracts.
Peaq Ecosystem and Use Cases
Source: https://www.peaq.network/blog/peaq-raises-15-million-in-pre-launch-funding
peaq network's fast-growing ecosystem consists of over 50 DePINs in 21 industries, including energy, mobility and telecom. Some of the top DePIN and RWA projects building on peaq’s purpose-built L1 chain include :
Silencio: A noise pollution tracking database that rewards users for sharing their smartphone data.
XMAQUINA: A DePIN network enabling individuals and organizations to earn passive income from tokenized RWAs based on autonomous robots.
Farmsent: A blockchain empowering small farmers and fostering enhanced food trade and security around the world.
MapMetrics: A drive-to-earn crypto navigation app leveraging web3 tech, enhanced data privacy and token rewards to improve users' travel experience.
Teneo Protocol: A decentralized protocol that acts as the first data layer for DePIN and AI to unlock previously inaccessible data and integrate it seamlessly into the web3 ecosystem.
In terms of use cases, peaq provides a wide range of utility for enterprises, ranging from mobility and connectivity to 3D printing, cloud gaming and drone delivery.
Practical examples of peaq network uses include co-creating the standards and infrastructure for the future of mobility under the Gaia-X 4 Future Mobility moveID initiative. The project has an overall size of more than €20 million ($21 million) and includes participants like Bosch, Airbus, Continental, Ocean Protocol, Fetch.ai and many others. In July 2023, ELOOP connected 100 Teslas in its car-sharing fleet to the peaq ecosystem, enabling users to invest in them via the web3 car-sharing app and earn rewards from rides they provide.
PEAQ Token Utility and Tokenomics
peaq network is powered by its native PEAQ token, which was launched on Nov 12, 2024 alongside the peaq blockchain's mainnet. The cryptocurrency's key utilities for users include the following:
Covering transaction fees on the peaq blockchain
Staking PEAQ to secure the network as a validator and earn rewards in exchange
Participating in community governance
With no cap on its maximum supply, PEAQ's total supply at genesis stood at 4.2 billion tokens, with an initial inflation rate of 3.5% that will decrease annually by 10% and stabilize once the network reaches 1% inflation. Currently, 4.212 billion PEAQ is circulating in the market. You can find out more about the token's genesis allocation here.
Source: peaq docs
Network Usage and Statistics
peaq's network of DePIN and RWA projects is expanding at a rapid pace. Some key statistics and figures in this field are as follows:
More than 3 million machines, vehicles, robots and devices hosted in the network
Over $25 million managed in tokenized RWAs
Over 50 DePINs building on peaq
More than 150,000 community members, known as peaqonauts, are active in peaq network
The total value of DePIN devices deployed on peaq exceeds $1 billion
Trade PEAQ on Bybit
With a high-performance, purpose-built Layer 1 blockchain, peaq network powers a fast-growing number of DePIN and RWA projects to power a global infrastructure revolution. Boasting more than $40 million in funding and over 50 DePINs, $25 million managed in tokenized real-world assets and 3 million devices within its ecosystem, the L1 chain already has a solid foundation to realize its vision and achieve its goals.
Did you know you can trade PEAQ via Bybit’s user-friendly and intuitive trading platform as a Perpetual contract? Head to Bybit to get started!
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