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Welcome to peaq
Background
peaq’s mission is to transform the Web2-based Internet of Things into the Web3-based Economy of Things. We’re building a 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, robots and devices.
peaq network is a smart contract platform built on 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 Identity (SSI) 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 incentivising the deployment of more machines to the network. peaq’s novel DeFi mechanisms are built to finance new machines, maximise their profitability, enable shared ownership (via Machine NFTs) and make them self-sufficient. peaq bridges machines manufactured by enterprises which reside on the Internet of Things to the Economy of Things by providing them with decentralized identity (SSI), access and payment capabilities.
peaq token ($PEAQ) is a native token that has four primary uses: To power Machine DeFi on the peaq network, to generate Machine NFTs, to power Machine Economy Operations such as transaction fees or governance and to deploy new machines. More on the PEAQ token can be found here.

Enabling a Web3-ready Economy of Things​

If the Internet of Things represents things becoming aware and connected, then the Economy of Things represents things becoming independent and self-sufficient. Vehicles, machines, robots and devices are becoming increasingly able to autonomously provide and render services, and monetize, invest and trade the value they create. This represents a ‘liquification’ of the value of the Internet of Things. Untapped value is being tapped, and novel solutions to new and existing problems are being created. The network enables this value to be traded leveraged instantly and directly across decentralized applications, platforms and markets.

peaq’s Vision for the Economy of Things

In peaq’s vision for the Economy of Things, autonomous machines, vehicles, and devices don’t take peoples’ income streams, they change them. Machines will do the repetitive, heavy lifting while people own, govern and earn, aligning the incentives of all machine economy stakeholders to the benefit of the network, the economy, and ultimately, the people creating and using machines.

Today’s Internet of Things is limited by centralized Web2 infrastructure

Vehicles, machines, robots and devices currently exist on centralized platforms powered by corporate operators and manufacturers. These machines, the services they provide and the value they generate are only accessible via the same siloed, corporate controlled platforms.

Upgrading the Internet of Things to The Economy of Things

By replacing centralized Web2 infrastructure with decentralized Web3 infrastructure, the Internet of Things becomes the Economy of Things. Peer-to-peer. Efficient. Scalable. Future proof.

Attempts to exploit this opportunity have so far been unsuccessful

Centralized Internet of Things platform providers are well established and defending their market share, keeping millions of vehicles, machines, robots and devices locked behind walled gardens. Existing DLT-powered IoT networks offer infrastructure for IoT manufactures without the mission-critical incentive mechanisms and monetization abilities that need to function in order to disrupt the $1.5trillion IoT market.

What peaq does differently

In order to solve the above stated problems, the peaq network combines a decentralised transaction infrastructure for IoT, novel Economic Macro- and Microeconomic mechanisms such as Decentralised Ownership and Crowdfunding mechanisms via machine NFTs, as well as maximizing returns through yield farming and staking to maximise APY for investors and to enable self-sufficiency for machines. Furthermore, it provides identity, access (RBAC) and payment capabilities as core logics needed for any EoT use case.

Self-sovereign Identities (SSI) - the identity method for the Economy of Things

SSIs present a novel way of assigning identities to a person, organisation or a machine. These identities are owned and controlled in a sovereign manner unlike traditional identities which are given out and owned by a central party.
Giving machines SSIs enables them to exist in an open ecosystem instead of a closed database and allows them to move, trade and interact with minimal friction in terms of time, risk and costs. SSIs are the critical first building block for a decentralized Economy of Things - an economy where machines can provide and render goods and services to each other and to us - without the need for corporate intermediaries.

NFTs - enabling Decentralized Machine Ownership

Unlike fungible tokens, such as bitcoin, ethereum, or dot, NFTs are non-fungible (“unique”). peaq’s NFTs are tokenized representations of Machines (Decentralized Machine Ownership (DMO).
peaq uses NFTs as a digital representation of partial ownership of machine pools consisting of vehicles, machines, devices and robots etc. in order to minimise the risk of individual machines failing to generate adequate returns. Further down the line, peaq will also enable individual machine ownership via NFTs for highly economical efficient machines such as robo-taxis.
The process of minting NFTs from real-world assets is the IoT’s ticket to accessing DeFi liquidity and will have real world implications:
  1. 1.
    Decentralized Machine Ownership (DMO) will allow people and/or organizations to own NFTs, which represent a stake in the machine economy and profit from its value generation.
  2. 2.
    Enables crowdfunding for vehicles, machines, devices and robots so that liquidity can be provided effectively, solving the problem of capital intensiveness for individuals and organisations.
  3. 3.
    Providing machines with DMO themselves, leading to them receiving rewards as well which enables them to be self-sufficient.

DeFi - the financial system of the machine economy

DeFi is a decentralized financial system based on smart contracts that function without intermediaries, such as banks. DeFi applications strive to fulfill the services of traditional finance in a permissionless, global and transparent manner.
It’s an entirely new financial system being built without borders, banks, or government controlled currencies. peaq leverages DeFi to enable the provision of liquidity and to optimize returns for all stakeholders involved by soon having direct integrations with DeFi protocols within the Web3 ecosystem. It also enables peer-to-peer value exchange for machines.
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Enabling a Web3-ready Economy of Things
What peaq does differently