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PEAQ Token: The token of the peaq mainnet. The token symbol is $PEAQ.

KREST Token: The token of peaq's canary network krest. The token symbol is $KREST.

AGUNG Token: The token of peaq's testnet agung. As this token serves exclusively to facilitate development and testing on agung, it can be obtained freely. The token symbol is $AGUNG.

AGUNG tokens can be acquired once every 24 hours from the AGUNG Faucet for testing purposes.

Token Utility

As a decentralized smart contract platform, peaq relies on a utility token to function. The following section provides a detailed description of the token's utility and outlines its role within the peaq ecosystem:

Transaction Fees

Every transaction made on the peaq networks incurs a fee. This fee is paid using PEAQ tokens. This core utility of the PEAQ token ensures that each interaction with the network also involves the use of PEAQ tokens, creating a consistent demand.

On-chain Governance

PEAQ tokens empower holders to vote on crucial network governance decisions, offering them a say in the network's future. The governance utility of PEAQ tokens encourages a decentralized and democratic decision-making process, ensuring the network evolves according to the community's interests.

Staking on Nodes

peaq relies on the work of collators and delegators for block production. Collators take on the initial responsibility of creating blocks, which are later finalized by validators on the Relay chain. Delegators play a crucial role by backing up collators they trust, aiming to ensure the creation of blocks that remain resistant to censorship. In return, peaq shares network rewards with collators and delegators.

Machine Reputation System (Future Utility)

Building a decentralized reputation and trust system by staking on machines is another critical utility. Machine owners/operators stake PEAQ tokens to vouch for the reliability and quality of their machines' services. The staked tokens represent the machine's reputation within the network and may be reduced ("slashed") when the machine underperforms or fails to provide a service.

This utility increases the trustworthiness of machines on the network by providing a tangible performance guarantee. It creates additional demand for PEAQ tokens as higher stakes may lead to better reputation scores and increased opportunities within the network. The potential for penalties (token slashing for poor performance) and rewards (additional tokens for good performance) further incentivizes machine operators to maintain high-quality services.