What is peaq ?

Introduction to peaq Project

With the development of the crypto economy, the demand for decentralized solutions that combine physical infrastructure with blockchain technology is growing. This has led to the rise of the DePIN (Decentralized Physical Infrastructure Network) sector. DePIN leverages blockchain technology to construct and manage physical infrastructure networks, creating shared infrastructure networks that address the traditional cost challenges of infrastructure development.
Founded in May 2020, peaq is a Layer-1 blockchain protocol focused on decentralized physical infrastructure networks (DePIN). The public blockchain provides various components for building decentralized physical infrastructure, facilitating seamless integration between physical assets and the blockchain ecosystem.

A Real-Life Example:
At the IAA Mobility 2023 (Europe’s largest automotive exhibition) in Munich last year, a Tesla electric vehicle and a Jaguar electric vehicle were featured. After the driver parked, these cars used their autonomous machine identities to automatically register at charging stations and smart parking spots, paying for charging or parking directly from their decentralized wallets.
This project is called move ID, developed by companies like Bosch, Fetch.ai, and others, with peaq being one of the Layer-1 blockchains involved. The peaq testnet and Fetch Network (based on the Cosmos SDK) serve as the transaction and identity layers, forming a digital backbone where devices can recognize each other and exchange value. Peaq also provides a decentralized application that enables peer-to-peer electric vehicle charging.

How peaq Works

Consensus Mechanism

Peaq uses a dual consensus mechanism, including Delegated Proof of Stake (DPoS) for block production and Nominated Proof of Stake (NPoS) for validation. Block production is handled by collators, who create blocks and maintain the network’s state. Delegators stake tokens to ensure the reliability of the collators.

Modular DePIN Functions

Peaq offers a range of features that allow developers to easily build DePIN projects on the platform:

• peaq ID: Assigning self-sovereign identities to machines
• peaq Access: Role-based access management system
• peaq Pay: Peer-to-peer payment system
• peaq Control: A Web3 machine control center that connects devices, sensors, vehicles, and robots to the network
• Customized Economic Models: Tokenomics tailored to DePIN’s needs, providing incentives for connected machines
  Through peaq, developers can create applications for machines across land, sea, air, and space, such as:
• 5G Networks: Community members can deploy physical infrastructure to contribute to building high-speed 5G networks.
• AI Data Market: Users can sell their data to companies working on AI and large language models.
• Autonomous Taxi Fleets: People can help build community-owned autonomous taxi fleets, which can operate without a central authority.

Interoperability

Peaq is built on the Polkadot ecosystem and became a Polkadot parachain in July 2023. As Polkadot upgrades to 2.0 this year, peaq’s scalability and flexibility will be further enhanced.
As a Layer-1 blockchain in the Polkadot ecosystem, peaq has native interoperability advantages. It can interoperate with multiple Polkadot parachains through XCM, fully leveraging Polkadot’s resources.
Previously, peaq integrated with the cross-chain interoperability protocol Wormhole, connecting the peaq ecosystem with over 30 blockchain ecosystems (including Ethereum, Solana, Polygon, etc.), enabling the transfer of funds and liquidity between peaq and these ecosystems.

peaq’s Funding Background

Since its inception, peaq has completed four rounds of fundraising and one community sale on CoinList:

• Oct 2020: Peaq raised €750,000 in a Pre-seed round, with investors including the former Vice President of Procter & Gamble and the former CEO of Cisco Germany.
• Jun 2021: Peaq raised €2.5 million in a Seed round.
• Jun 2022: Peaq raised $6 million in a Private Sale round, led by Fundamental Labs, with participation from Delta VC and GSR.
• Mar 2024: Peaq raised $15 million, led by Generative Ventures and Borderless Capital.
• May 2024: Peaq successfully raised $20 million on the CoinList platform at a price of $0.079274, with a valuation of approximately $333 million.

Examples

There are over 1,750,000 devices running on the Peaq blockchain, with its network consisting of over 50 DePINs across 20 industries. Here are some projects built on peaq:

• MapMetrics: A Decentralized Navigation System
  MapMetrics is changing navigation by decentralizing map data and rewarding user contributions. After migrating from Solana to peaq, MapMetrics benefits from peaq’s scalability and privacy-focused infrastructure. The platform now handles larger datasets and, in collaboration with Tree-Nation, supports environmental initiatives such as tree planting.
• Silencio: Solving Urban Noise Problems with Decentralized Solutions
  Silencio addresses the growing problem of noise pollution in urban areas through decentralized noise monitoring. Using IoT devices to collect real-time noise data, Silencio helps urban planners improve living conditions. Peaq’s decentralized and secure infrastructure ensures the privacy and scalability of this data, supporting urban development plans.
• Charge: A Decentralized Electric Vehicle Charging Network
  Charge is creating a decentralized network for electric vehicle (EV) charging stations. By allowing businesses and individuals to establish their own charging stations, Charge is building a peer-to-peer charging infrastructure. Peaq’s secure blockchain allows users to easily locate charging stations and pay fees, meeting the growing demand for electric vehicle infrastructure.
  

  PEAQ Tokenomics

  The native token used in the Peaq Network is the PEAQ token, which plays multiple roles within the network. It is an integral part of network operation, governance, and incentivization.

  Token Utility

1. Transaction Fees
   PEAQ tokens are used to pay for transaction fees within the network, including asset transfers, smart contract executions, and other network activities.
2. On-chain Governance
   PEAQ token holders have the right to participate in network governance, voting on proposals, protocol upgrades, and other key decisions affecting the network’s future. The governance model is designed to be decentralized, ensuring that all stakeholders have a voice.
3. Node Staking
   Peaq relies on collators and delegators to produce blocks. Collators are responsible for creating the blocks, which are then finalized by validators on the relay chain. Delegators play a vital role by staking tokens to support the collators they trust, ensuring the creation of censorship-resistant blocks. Both collators and delegators need to stake PEAQ tokens and are subject to rewards and penalties.
4. Device Reputation Proof
   Device owners/operators stake PEAQ tokens to guarantee the reliability and quality of their machine services. Staked tokens represent the reputation of the device in the network, and if the device performs poorly or fails to provide services, a certain amount of staked tokens is forfeited.

Token Allocation

The total supply of PEAQ tokens on the Peaq Network’s mainnet is 4.2 billion. Its initial distribution and allocation are as follows:

• Pre-seed: 294 million (7%)
• Seed round: 210 million (5%)
• Private sale: 546 million (13%)
• Pre-issue private sale: 378 million (9%)
• Community sale: 252 million (6%)
• Project team: 840 million (20%)
• Network security: 210 million (5%)
• Ecosystem & treasury: 840 million (20%)
• Community initiatives: 630 million (15%)

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