Peaq Network Overview
Peaq Network overview, a deep insight regarding the Paeq network ecosystem. A short review of the platform works and how could their users benefit from their platform.
The Internet of Things was built on Web2. The world is shifting to Web3. Peaq takes vehicles, machines, and devices from the Web2-based Internet of Things to the Web3-based Economy of Things.
What is the Internet of Things?
The Internet of Things is the internet as you know and use it — to connect and exchange information — but for things — machines, vehicles, and devices. Referring to things collectively as machines.
Connected machines save us time and energy by automating processes in life and business and allowing for certain tasks to be done faster and better than we humans ever could. The number of connected machines is forecast to almost triple from roughly 9 billion in 2020 to over 25 billion by 2030.
Machines currently exist on Web2 platforms created, governed, and powered by corporations. These machines, the services they provide, and the value they generate exist in ‘walled gardens’ — only accessible via the same siloed, corporate-controlled platforms. This means that for any machine to provide or render any goods or services it must rely on corporate intermediaries, and this extra step has negative consequences for privacy, security, efficiency, availability, functionality, and costs.
What is Web3?
Web3 combines the decentralized, community-governed ethos of Web1 with the modern, advanced functionality of Web2. In Web3, users and builders can build and own pieces of the digital world using tokens, both fungible and non-fungible (NFTs). Tokens give users the ability to verifiably prove ownership of digital assets for the first time.
NFTs gives users the ability to own objects, such as art, music, text, governance rights, access passes, and in Peaq’s case — machines.
The Web2-based Internet of Things enables machines to save us time and energy by fulfilling tasks better than humans ever could. Web3 will radically expand the scope of what machines can do.
For the shift to Web3 to be both successful and truly worthwhile, we should leverage the most important aspect of Web3 — ownership — to align the incentives of all machine economy stakeholders.
Past attempts have negated this, and this has led to:
- Unfulfilled machine potential
- Untapped machine value
- Conflicting interests among stakeholders (investors, manufacturers, owners, users, machines)
- No incentive to add machines to the network.
Welcome to the Peaq network
Peaq’s mission is to transform the Web2-based Internet of Things into the Web3-based Economy of Things. They are building an entirely new machine economy from the ground up. One which enables people to extract maximum value and opportunity from machines with minimal risk and waste. In doing so, we aim to unlock and democratize the full potential of machines, vehicles, and devices as enablers and providers.
The peaq network is optimize specifically for the transactions requires by its specific use case – the Economy of Things. This focus allows them to provide the best possible infrastructure for the Economy of Things by taking into consideration many mainstream M2M and IoT use cases.
The transactions on the peaq network are optimized for the operations require by the machine economy. This allows for faster execution of logic and finality of transactions. The optimization of transactions, together with our PoS architecture, is also what brings down the transaction costs dramatically.
The PEAQ Token
The $PEAQ token is much, much more than a means of payment. It enables every core function in the decentralized Economy of Things, including ownership of machines via NFTs and liquidity provision for DeFi mechanisms. It is the first token to power a machine economy that aligns with the incentives of all network participants.
Peaq Network’s innovative features
The Machine DeFi
- Liquidity for Liquidity Pools must be provided in PEAQ
- Rewards to the community, machines, validators, and nominators hands out in PEAQ
- Liquidity Mining performs using PEAQ
Machine NFTs
- Machine NFTs are LP tokens representing ownership of Liquidity Pools. Machine NFTs must be mint using PEAQ.
- Represent proxy partial ownership of machines and/or the machine economy and work to align all stakeholders.
The Machine Economy Operations
- Transaction fees are pay in PEAQ
- Deployment of smart contracts is pay in PEAQ
- Network governance is perform using PEAQ
- Use of Web3 bridges is pay in PEAQ
- peaq network validators are reward in PEAQ
Machine Deployment
- The creation of new Machine Identities is pay for in PEAQ
- Subsidization for new devices/machines is receive in PEAQ
TOKENOMICS
- The peaq token can be found on Coinmarketcap and Coingecko.
- The total number of tokens is 4,200,000,000 tokens.
ABOUT PEAQ Network
peaq network is a smart contract platform built on Substrate supporting ink! and Ethereum Virtual Machine (EVM) smart contracts.
