OnFinality provides easy-to-use, reliable, and scalable API endpoints for builders to deploy and run their dApps on krest quickly and easily!

“The integration with OnFinality’s API and Node infrastructure offers crucial support to the peaq community, facilitating fast and reliable access to the krest blockchain for builders.”— Leonard Dorlöchter, co-founder of peaq

What is Krest Network?

krest is peaq’s canary network — the world’s first and only Economy of Things simulation network. krest is your home for socio-economic, technical, community, and governance innovation and experimentation within the peaq ecosystem.

Launch dApps and tools for the Economy of Things and assess their impact in a live environment on a public blockchain network, without running the risk of causing real-world harm.

By connecting to krest with OnFinality’s API endpoints, builders will be able to:

• Access the krest blockchain quickly in minutes without having to set up or manage infrastructure
• Enjoy global performance, automated scalability, and high availability of up to 99.99% uptime per year!
• Gain valuable API Insights for you to spot issues on your apps and quickly implement rectifications for a bug-free user experience

OnFinality is providing both public and private endpoints for krest (Public endpoints have a reasonable rate limit applied).

krest Public API Endpoints

• HTTPs: https://krest.api.onfinality.io/public
• WebSocket: wss://krest.api.onfinality.io/public-ws

OnFinality mission is to support all blockchain teams in the world by providing critical infrastructure so they can focus on their core business. By leveraging OnFinality’s expertise in infrastructure, Decentralized Application (DApp) teams building on krest can now focus on scaling for a global audience.

What is peaq?

peaq is leading a global infrastructure revolution, empowering people to own and earn from mobility, energy, connectivity, environment, agriculture, and digital infrastructure. peaq is a layer-1 blockchain designed to be the go-to backbone for DePINs (real-world apps).

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The integration is already live on peaq’s TestNet a first for the Polkadot ecosystem and is coming to krest and mainnet once they go live, thereby bringing them to the Kusama ecosystem, too. Fetch’s agents will power a vast array of use cases, such as connecting smart vehicles with the optimal charging station and pave the way to wider AI use within the Economy of Things on peaq.

Why’s it good for peaq?

AI is one of the pillars of the Economy of Things, and Fetch’s framework enables users to put AI to work for their benefit, leveraging connected devices on peaq.

How does this benefit the community?

The integration enables entrepreneurs and developers building on peaq to use Microagents for optimizing and automating various business processes in the Economy of Things. All in all, this will lead to machines providing services more efficiently for people and other machines, creating more value within the Economy of Things on the peaq network.

Fetch.ai’s AI-powered agents are live on peaq

At the initial stage, the integration is live on peaq’s testnet. Once krest, peaq’s sister chain, goes live on Kusama in the next few weeks, the integration will be live there and available for the Kusama ecosystem. It will also be live on peaq’s mainnet on Polkadot once launched.

Peaq mainnet is currently at its crowdloan stage, meaning you can contribute to peaq’s open crowdloan to help peaq secure a parachain slot, subsequently launch its mainnet and token – and get rewarded for it. peaq and krest are built on Substrate, which means they are designed to seamlessly connect to Polkadot and Kusama respectively, enabling secure cross-chain transfers, and access to an expanding support network.

‍Fetch.ai’s agents can power a vast array of use cases within the peaq ecosystem. For example, Microagents can connect drivers of any kind of vehicle with the optimal parking spot fit according to the driver’s criteria. With a Microagent also representing the connected parking spot, they can take care of the payment, using peaq as the settlement layer.

Other use cases can include machine learning algorithms leveraging networks of edge devices, with token rewards for all participants, or selling data from connected sensors. Ultimately, this integration can help all kinds of dApps and DePINs (Decentralized Physical Infrastructure Networks) function more efficiently and generate more value for people and machines.

“Democratizing abundance in the age of AI-powered automation is at the heart of peaq’s reason for existing in the first place. We expect AI to power more and more machines in the Economy of Things. With Fetch, we’re seeing the first example of the power of AI within the scope of the Economy of Things. Fetch is the go-to example right now of what’s possible at the intersection between Web3 and AI. This integration is a crucial step toward bringing AI-powered machines to the peaq ecosystem.”— Leonard Dorlöchter, co-founder of peaq

“peaq presents a fantastic example of a project implementing AI technology in a way that meaningfully improves our everyday lives. More than 75% of organizations plan to deploy AI by 2024, but projects like peaq are already moving the needle at the intersection of Web3, IoT, and AI, bringing a fresh dynamic to the Polkadot ecosystem.”—Omar Elassar, Head of Ecosystem Growth & Business Development at Parity Technologies, a leading contributor to the Polkadot network

The integration expands the existing collaboration between peaq and Fetch.ai within the framework of the Gaia-X 4FM moveID project. Led by Bosch, the project brings some of the leading industry names such as Continental, Airbus, and Denso together with an array of top Web3 projects. Its mission is to build a new decentralized digital infrastructure for the future of connected mobility.

ABOUT Peaq

The peaq network is a smart contract platform built with Substrate supporting ink! and Ethereum Virtual Machine (EVM) smart contracts. The peaq network enables machines to provide and render services and become fully self-sufficient by leveraging peer-to-peer (p2p) technologies such as Machine NFTs (Non-Fungible Tokens), Decentralized Finance (DeFi), Self-Sovereign Machine Identity (SSMI) and novel economic mechanisms to align the incentives of all Economy of Things stakeholders, namely; machines, machine owners, manufacturers, individuals/users, organizations and investors, while incentivizing the deployment of more machines to the network. 

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ABOUT Fetch.ai

Fetch.ai provides the infrastructure for smart, autonomous services. With Fetch.ai, you can build, deploy and connect smart agents to automate web3 systems and reinvent business models. Agents can learn, predict and act to undertake meaningful tasks in the real world. Play with agent technology today and discover how to reinvent the way we live and work.

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peaq strategic partnership with OceanProtocol, the Web3 platform to unlock data services for AI and business innovation. Through the partnership, peaq links the economy of machine-generated goods and services with Ocean Protocol’s data marketplace and delivers a robust data monetization toolkit for builders creating decentralized applications on the peaq network.

Partnership

The partnership follows the collaboration between the two organizations at the Mobile Open Blockchain Initiative (MOBI) and the Gaia-X 4 Future Mobility moveID project, both of which are focused on building the Web3 infrastructure for the future of mobility. Early efforts in the partnership will focus on delivering moveID-focused applications.

peaq’s Self-Sovereign Machine Identities

This involves leveraging peaq’s Self-Sovereign Machine Identities (SSMIs) and Ocean’s data monetization technology to power a vast array of mobility-related opportunities such as the monetization of road condition data. This will be ensured by integrating essential components of Ocean’s technology like Compute-to-Data and data-pricing mechanisms to build a system architecture that ensures a seamless exchange of information between providers and customers of mobility applications. peaq’s Minimal Viable Gaia-X portal, which enables users to publish and monetize their data in the peaq network leveraging Ocean’s technological stack, is already up and running via the partnership with deltaDAO AG.

About Ocean Protocol

Ocean Protocol a decentralized data exchange platform spearheading the movement to unlock a new Data Economy, break down data silos, and open access to quality data. Ocean’s intuitive marketplace technology allows data to be publish, discover, and consume in a secure, privacy-preserving manner. By giving power back to data owners, Ocean resolves the tradeoff between using private data and its public exposure.

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About Peaq

Peaq the Web3 network powering the Economy of Things. Peaq enables people to build decentralized applications (dApps) for vehicles, robots and devices. While empowering dApp builders and dApp users to govern & earn from machines providing goods & services to people & other machines.

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Datarella has partners with peaq, an Economy of Things network. The partnership will focus on leveraging both organizations’ vast expertise with real-world blockchain use cases to build decentralized applications and tools for the mobility space. It builds up on the momentum of the ongoing collaboration between the two parties within the €20+ mln. Gaia-X 4 Future Mobility moveID project.

A fragmented digital backbone remains a key stumbling block for the mobility industry as it works to transform itself for the era of data-driven business models. Besides various issues such as siloed electrical vehicle charging services or lacking integrations into larger smart infrastructures, the mobility space also often over-relies on the established Web2 tech platforms, putting its own evolution on a flawed foundation. Gaia-X, a pan-European consortium group bringing more than 300 companies and research institutions together, works to create a fairer, better alternative to Web2 cloud services. Its 4 Future Mobility moveID project, led by Bosch and involving a vast array of top industry names and leading Web3 projects, focuses on standards and infrastructure for Self-Sovereign Identities (SSIs) for the mobility space.

Working together as part of the moveID project, peaq and Datarella will collaborate on various aspects. Building the standards and digital infrastructure for mobility-focused SSIs. Peaq and Datarella will also work on enabling Web3 use cases related to the moveID project. Including Self-Sovereign Machine IDs, peer-to-peer transactions, & decentralized marketplaces for mobility services & data.

About Peaq

Peaq the Web3 network powering the Economy of Things. Peaq enables people to build decentralized applications (dApps) for vehicles, robots and devices. While empowering dApp builders and dApp users to govern & earn from machines providing goods & services to people & other machines.

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Peaq partnership with deltaDAO AG, a decentralized autonomous organization providing GDPR-compliant data economy solutions. The partnership will bolster the data component of the Economy of Things on peaq through an array of integrations.

The Collaboration

The collaboration builds upon the momentum between the two parties within the Gaia-X moveID project – a pan-European collaboration involving the leading manufacturers of connected devices, vehicles, and machines such as Bosch, Airbus, and Continental, as well as top research institutions and Web3 projects. As part of the collaboration, deltaDAO and peaq will launch a peaq instance of the Gaia-X Web3 ecosystem portal built by deltaDAO, unlocking a vast new space for data monetization within the peaq ecosystem.

Gaia-X AISBL has been created to establish an ecosystem for sharing data in a trustworthy environment. It aims to give control back to the users by granting them sovereignty over their data, in Europe and beyond. The Gaia-X 4 Future Mobility project, specifically the moveID project, focuses on decentralized identities and data exchanges for vehicles and devices in the mobility domain.

Peaq and deltaDAO

In a similar vein, peaq and deltaDAO will list charging station data services from the peaq network for consumption on the Gaia-X catalog and various portals as an initial project on the roadmap toward Gaia-X compliance and decentralized data ecosystems. With further integrations, the partnership will open up a wide range of prospective use cases. Enabling users and machines in the peaq ecosystem to monetize their data services via Gaia-X.

The collaboration will include a vast array of joint efforts toward building a decentralized and data-powered Economy of Things that runs on Web3 technologies. peaq will tap deltaDAO’s rich experience with using Ocean Protocol, a leading decentralized data marketplace protocol. peaq will also conduct a joint case study with deltaDAO, bringing the latter’s proprietary edge computation solution online on its decentralized network.

About deltaDAO 

deltaDAO offers GDPR-compliant data economy solutions, allowing companies to buy & sell data services while maintaining control of their IP.

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About Peaq

Peaq the Web3 network powering the Economy of Things. Peaq enables people to build decentralized applications (dApps) for vehicles, robots and devices. While empowering dApp builders and dApp users to govern & earn from machines providing goods & services to people & other machines.

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dApps that can be built on Peaq include vehicle sharing, charging, and parking, with the core difference being that they can be built on an open, decentralized network adhering to Web3 incentive models, and not Big Tech.

In providing the Peaq network as a neutral backbone for people to build dApps for machines. In addition, Peaq aims to solve the societal and economic challenges associated with machine-related job automation. Ensuring that anyone can benefit from machines providing goods and services to people and other machines.

“peaq has created a unique, open, and collaborative model of economic incentives that enables a diverse ecosystem of stakeholders to benefit from advancements in automation, via Machine DeFi and Machine NFTs. peaq provides a vital mechanism as we step closer to fulfilling the vision underpinning Web3. As the infrastructure of the next iteration of the Internet of Things blossoms, and as the benefits of blockchain technology in everyday life become clearer, the need for peaq’s machine-centric network becomes more and more apparent.”— Eric Yang, Managing Partner at Fundamental Labs

The platform raised the funding to further expand the peaq network. It also ensures the driving force of a new sustainable machine economy. It also enables people and machines to work better together.

Peak Growing its ecosystem

The funds will primarily use to grow its stellar development team. The other portions are set aside to roll out new products and features to the Peaq ecosystem. It will also increase awareness around the project in the run-up to Peaq’s bid for Polkadot parachain. Peaq’s layer-1 blockchain is built with Substrate, making it natively compatible with Polkadot.

Peak will run for Polkadot Parachain

To achieve seamless cross-chain interoperability with the rest of the Polkadot ecosystem, Peaq will be running for Polkadot parachain. Peaq also provides identity, access, and payment capabilities as core functions for developers designing dApps for the EoT. In addition to receiving investment from Fundamental Labs, HashKey, Delta VC, and GSR. Peaq has attracted investment from Mulana, Cypher Capital, GravityX, Waterdrip, and Ceras Ventures, Masterventures, Moonrock Capital, and Wami Capital.
Furthermore, Peaq ensures that people retain profit, ownership, and governance rights over the machine economy now, and in the autonomous age by giving anyone the ability to build, govern, own and earn from Machine dApps, and the infrastructure dApps run on – the peaq network. On Peaq, machines that currently exist in the corporate-controlled Internet of Things (IoT) can unleash their full potential in the decentralized Economy of Things (EoT). Machines in the EoT get Self-Sovereign Machine Identities (SSMIs), which essentially serve as passports for vehicles, robots, as well as devices, and the basis for any machine to interact and transact with one another and people on a peer-to-peer basis.

“Today’s funding milestone allows us to continue to strengthen and diversify peaq’s offering as the network that powers a fully decentralized machine economy. The enablement of wealth creation in the Economy of Things (EoT) based on aligned economic incentives, shared ownership, universal accessibility, and peer-to-peer offering of goods and services is an absolute necessity as the world moves forward with Web3 adoption and as our reliance on AI increases.”— Till Wendler, Co-founder of peaq

ABOUT Peaq
Peaq enables people to build decentralized applications (dApps). Application for vehicles, robots, and devices while empowering dApp builders and dApp users. It is to govern and earn from machines providing goods and services to people and other machines.

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About the Raised Capital

PEAQ Network has raised $6Million in funding to support the ongoing expansion of the peaq network. Which empowers individuals and organizations to build, govern, and earn from dApps (decentralized applications) for vehicles, robots, and devices.

However, dApps that can be built on peaq include vehicle sharing, charging and parking. Moreover, the core can build on an open, decentralized network adhering to Web3 incentive models, not Big Tech.

In providing the peaq network as a neutral backbone for people to build dApps for machines. Indeed, peaq aims to solve the societal and economic challenges associated with machine-related job automation and ensure that anyone can benefit from machines providing goods and services to people and other machines – no matter how intelligent they become.

Management Quote

– Eric Yang, Managing Partner at Fundamental Labs

“peaq has created a unique, open, and collaborative model of economic incentives that enables a diverse ecosystem of stakeholders to benefit from advancements in automation, via Machine DeFi and Machine NFTs. While, peaq provides a vital mechanism as we step closer to fulfilling the vision underpinning Web3. As the infrastructure of the next iteration of the Internet of Things blossoms, and as the benefits of blockchain technology in everyday life become clearer, the need for peaq’s machine-centric network becomes more and more apparent.”

– Till Wendler, Co-founder of peaq

“Today’s funding milestone allows us to continue to strengthen and diversify peaq’s offering as the network that powers a fully decentralized machine economy. The enablement of wealth creation in the Economy of Things (EoT) based on aligned economic incentives, shared ownership, universal accessibility, and peer-to-peer offering of goods and services is an absolute necessity as the world moves forward with Web3 adoption and as our reliance on AI increases.”

The funds will primarily be used to grow its stellar development team, with portions also set aside to roll out new products and features to the peaq ecosystem, and to increase awareness around the project in the run up to peaq’s bid for Polkadot parachain. peaq’s layer-1 blockchain is built with Substrate, making it natively compatible with Polkadot. To achieve seamless cross-chain interoperability with the rest of the Polkadot ecosystem, peaq will be running for Polkadot parachain.

peaq provides identity, access, and payment capabilities as core functions for developers designing dApps for the EoT. In addition to receiving investment from Fundamental Labs, HashKey, Delta VC, and GSR, peaq has attracted investment from Mulana, Cypher Capital, GravityX, Waterdrip, Ceras Ventures, Masterventures, Moonrock Capital and Wami Capital.

About PEAQ NETWORK

peaq enables people to build decentralized applications (dApps) for vehicles, robots and devices. While empowering dApp builders and users to govern and earn from machines providing goods and services to people and other machines.

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SOURCE

https://www.peaq.network/blog/peaq-raises-6-million-funding-to-power-the-economy-of-things

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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. 

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