Building a decentralized machine economy: This is what Peaq’s Q1 looks like

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In 2021, Peaq won the Breakthrough Award in e-Mobility. This year, Peaq is making impressive headway.

She has performed admirably in the first quarter of 2022. I’ve been following their story and their groundbreaking idea for over a year. In a nutshell, Peaq creates decentralized apps for machines. If you’re reading this, I’m assuming you’re familiar with Web 3.0, which is essentially decentralization through the use of blockchain technology to eliminate middlemen. Ethereum, as we all know, is decentralizing the apps you use on a daily basis. Peaq is now decentralizing machines, which is a completely different approach. Let me use the example of vehicle charging to help you understand it better.

Assume I own a charging station that I use to charge my car, but I’d like to turn it into a side business and profit from it. At the same time, I don’t want to be completely dedicated to its day-to-day operations and fee collection. I don’t want to go through the hassle of signing up for a paid service because I don’t know how often I’ll be able to use the charging station for this purpose and I don’t want to be charged a lot of money. I can rent my charging station using a decentralized charging app built on the Peaq platform whenever I want to make it available. I no longer have to wait for charging sessions to be scheduled or fees to be collected. Because any electric vehicle is compatible with my decentralized charging solution, I don’t need to pay any central authority or service, nor do I need to sign up for multiple providers. I can now fully utilize its availability at the lowest possible cost and risk.

Peaq has done a lot to build out this technology in the first three months of 2022.

Peaq ID: Machine Self-Sovereign Identity is introduced.

Self-Sovereign Machine Identities (SSMIs) are digital identities that allow vehicles, machines, robots, and devices to recognize each other, people, and their environment. They’re unique because they’re decentralized identities, allowing direct peer-to-peer identification and interaction without the need for centralized third-parties. Barriers are removed when machines are given SSIs, allowing them to move, trade, and interact with the least amount of friction in terms of time, risk, and cost. SSIs are a crucial first step toward a decentralized Economy of Things, in which machines can provide and render goods and services to one another and to us without the interference of  corporate intermediaries. To learn more about this, here is an elaborate article written by Max Thake

Peaq participated in the Gaia-X Association for Data and Cloud (AISBL) Hackathon with  DeltaDAO AG / Ocean Protocol.

At this hackathon, they  worked on the Minimal Viable Gaia-X project by deltaDAO, to explore how to enable the Web 3.0 machine economy in alignment with the Gaia-X MoveID consortia.

Peaq’s Public Testnet went Live – Supporting Ink! & EVM Smart Contracts

Finally, on the peaq testnet, you can begin building and experimenting. On their respective chains, the peaq testnet supports Substrate and Ethereum wallets, as well as transfers between them. Smart contracts using Solidity and ink! are also supported to build custom dApps in addition to the core functions of the peaq network which are Decentralized Identifiers (DIDs), Role-based Access Control (RBAC) and soon, payment. These core building blocks support any machine use case/dApp to be built on the peaq network. To know more about this please visit this article written by Leonard Dorloechter peaq’s cofounder

Peaq joined the mobility open blockchain initiative (MOBI)

Peaq has joined MOBI (Mobility Open Blockchain Initiative), the world’s largest blockchain-focused mobility consortium aiming to create a new economy of movement. MOBI brings together automotive companies and Internet of Things providers to develop standards and digital infrastructure for connected vehicles and devices, with the ultimate goal of making transportation more efficient, equitable, decentralized, and sustainable. To read more about this checkout this article

AllianceBlock Partners with peaq to Unlock New Liquidity in the Economy of Things

Peaq (EoT), and AllianceBlock, a provider of end-to-end decentralized finance solutions, have announced a collaboration centered on their Web3 acceleration. Peaq will use AllianceBlock’s end-to-end decentralized infrastructure to improve the capabilities of the network’s economic mechanisms, thereby accelerating the creation of the Web3 machine economy. To learn more about this partnership visit this article

Subsquid and peaq Partnership: Accelerating Blockchain-Powered IoT Together

Subsquid and peaq are pleased to announce the completion of a series of preliminary integrations, kicking off what is sure to be a fruitful long-term collaboration. The collaboration, which includes the integration of Subsquid’s data processing solution into various aspects of peaq’s IoT-focused and EVM-compatible smart contract platform, will be critical in the development of the Web3 Economy of Things. To learn more about this partnership, see this article

Introducing Peaq Access | Role-Based Access Control For Machines

The access function is critical if a machine is to provide or render a good or service. Peaq access is a critical function that was created to allow machines to securely provide and render services in the Web3 machine economy without relying on centralized third parties. To learn more about this,, check out this article. I will be stopping at this point for now and will continue to update you guys on what we are working on

Chinonso Anyaehie
WRITTEN BY

Chinonso Anyaehie

Web3 Product Designer & Editor-in-Chief @ Decentrapress

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