Economy of Things: How peaq and DePIN Are Reshaping Our Interaction with the Physical World
Imagine having a car-sharing service, where each user can own a fraction of a fleet of vehicles, and the community shares the revenue generated from daily rentals. This allows individuals to earn from their investment in cars easily. With peaq network you can do just that. peaq is a Layer-1 blockchain that enables people to build decentralized applications and DePINs for vehicles, robots, and devices, while empowering people to govern and earn as connected machines provide services. DePINs, or Decentralized Physical Infrastructure Networks, use tokens to incentivize people to deploy and manage hardware for real-world physical infrastructure networks. Think solar panels, delivery drones, and any connected device capable of creating value.
As another example, consider a drive-to-earn app spanning thousands of connected devices, which rewards users for the same data that Big Tech alternatives scoop up anyway without any reimbursement — and, sometimes, with little concern for privacy. Now imagine that joining this DePIN is as easy as installing an app on your phone and linking a crypto wallet with that. This is already possible on peaq, and this example perfectly shows the versatility, reach, and scalability of the DePIN model.
In this way, peaq and DePIN make it possible for people to create and participate in decentralized, community-driven solutions for transportation, traffic and noise pollution monitoring, and other real-world applications. By leveraging the power of blockchain technology, these platforms democratize access to resources and services, fostering a more equitable and sustainable future for all users.
Content:
1. What is DePIN?
DePIN, or Decentralized Physical Infrastructure Networks, is a revolutionary concept where tokens incentivize individuals to provide real-world services through physical infrastructure.
This unique business model allows organizations to scale without hefty upfront capital, fostering economic participation via open, community-governed Web3. It signifies a shift from a corporate-controlled Web2 to a community-owned Web3, where everyone contributes and earns.
In simple terms, DePIN redefines our interaction with the physical world, granting everyone the chance to engage and earn within the decentralized digital realm — all the while making the real world more decentralized too, for a change.
DePINs present diverse applications, from peer-to-peer electric car charging and decentralized ride-sharing to wind and solar energy trading. They extend to food and goods delivery, 3D printing, humanoid robots, and transformative concepts like fitness tracker data monetization, showcasing their versatile potential.
2. Introduction to peaq network
peaq network is a Layer-1 blockchain that aims to power the Economy of Things, a decentralized network-economy built and owned by the people and machines that use it. peaq network also supports the development of Decentralized Physical Infrastructure Networks (DePINs), which are decentralized applications that use tokens to incentivize people to build and maintain real-world physical infrastructure networks, such as wireless, sensor, and energy. peaq network leverages a variety of multi-chain Web3 tools, from cross-chain-compatible machine IDs to Web3 bridges to dozens of networks to achieve interoperability, scalability, and security for its applications and users. peaq network’s vision is to enable a new era of the Machine Economy, where connected machines can autonomously provide goods and services, and empower people to govern and earn from the physical infrastructure they create.
The peaq network boasts impressive scalability, capable of handling over 10,000 transactions per second (TPS) with a minimal transaction cost of approximately $0.00025. It supports both EVM and ink! (Rust) Smart Contracts and Pallets, offering builders flexibility.
The network provides a comprehensive set of modular backend functionalities for decentralized physical infrastructure networks (DePINs) and decentralized applications (dApps), including self-sovereign Machine IDs, role-based access control, payment processing, data storage, data indexing, autonomous AI agents, and more. Rust functions can be accessed via the peaq SDK in JavaScript, streamlining tasks like assigning identities to machines in just 15 lines of code.
3. Use Cases: Tokenization of Teslas and Beyond
Tokenization of Teslas with ELOOP
Vienna-based car-sharing provider ELOOP has outfitted 100 Teslas on its fleet with peaq IDs, linking them to the peaq blockchain. Users own a fraction of the revenues of ELOOP’s 23 tokenized Teslas and share the revenue generated from daily rideshare operations. This move enables users worldwide to invest in tokenized Teslas, earning a share of their revenues
ELOOP’s DePIN model, utilizing peaq, demonstrates its viability for high-value assets like Teslas. Token holders can earn from their rides and gain additional rights as the project evolves.
ELOOP aims to extend this decentralized ownership model to diverse industries, showcasing the potential for community-driven scaling and legally-compliant investments. The initiative marks a significant shift in managing and owning infrastructure.
Bringing thousands of AI-powered sensors to the EoT on peaq with NATIX
NATIX partners with peaq to construct AI-powered sensor-driven DePINs. This collaboration brings thousands of connected devices to peaq, amplifying network activity and offering additional rewards to Drive& users. As NATIX integrates its drive-to-earn Drive& DePIN with peaq, it introduces a smartphone-focused DePIN, extending its reach to billions of users globally. The integration showcases the potential of Web3 tech and AI, emphasizing privacy in scaling networks and leveraging peaq’s tools for user incentives.
Drive& is a functional free application for dash cams that rewards users for mapping each street and navigating the city.
4. Technology and Infrastructure
DePIN encompasses two pivotal facets: the physical infrastructure and the digital backbone. The physical side involves diverse components like solar panels interconnected via a Raspberry Pi. In contrast, the digital backbone operates through smart contracts on a public, permissionless blockchain, with peaq offering distinct advantages for DePIN development.
Within this framework, peaq’s modular functionalities enhance DePIN’s versatility.
- peaqID, utilizing the Decentralized Identifier (DID) standard, empowers machines with decentralized digital identity for secure interactions and privacy preservation.
- peaq access, a potent Substrate pallet, facilitates advanced access control, enabling precise regulation of permissions based on user roles.
- Moreover, peaq pay streamlines transactions between users and machines within DePINs. It implements a multi-step process, involving the creation of multi-sig wallets, funding through existing wallets, and approving refund and spent transactions, ensuring seamless service payments.
- AI-Agents, a cutting-edge addition to the DePIN ecosystem, integrates Fetch.ai’s autonomous agents. These agents optimize processes within the Economy of Things, fostering efficiency and value creation. They can facilitate tasks such as connecting drivers with optimal parking spots, utilizing peaq as the settlement layer.
- Machine NFTs, representing unique, immutable digital versions of individual machines or machine pools, introduce ownership distribution and crowdfunding possibilities within DePINs. These NFTs tokenize physical assets, serving as the financial and ownership layer for machines offering goods and services.
- In essence, the robust integration of peaqID, peaq access, peaq pay, AI-Agents, and Machine NFTs within DePINs establishes a comprehensive framework for decentralized, physical-world engagement, aligning with the ethos of the broader Web3 movement.
5. Tokens in peaq Ecosystem
peaq token: Mainnet native token
krest token: Canary network token
agung token: Testnet token
Token utility:
- Transaction fees
- Pay fees, creating demand
- Governance — vote on network decisions
- Earning from activity — collators and delegators earn tokens
- Economy of Things — participate in Machine DeFi, vote on dApps, and share in network earnings
- Staking on Machines for machine trust and reputation, earning rewards and penalties
6. Conclusion: Unleashing the Future of Real-World Applications
In conclusion, peaq network, with its innovative DePIN infrastructure, stands at the forefront of transforming how we interact with the physical world through decentralized applications. The combination of physical infrastructure and a robust digital backbone opens up unprecedented possibilities for building scalable, efficient, and decentralized real-world solutions.
Picture this: Teslas on ELOOP, seamlessly interacting within a decentralized network. It’s not just a vision; it’s the potential they’re unlocking. The movement is already happening!
Don’t be on the sidelines! Dive into the peaq network and DePIN scene; it’s where the magic happens. Hit up the peaq network’s hub for all things involvement, development, and collaborations.
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