Peaq Set to Launch Layer-1 Blockchain Secured by Polkadot
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Peaq Prepares for Layer-1 Blockchain Launch
Peaq, a pioneering blockchain platform specializing in decentralized infrastructure networks, is gearing up to unveil its layer-1 blockchain soon. An announcement has indicated that this launch is expected to occur within a specified timeframe. This advancement is set to revolutionize how decentralized applications (dApps) operate.
Secured by Polkadot for Enhanced Functionality
Secured by Polkadot, Peaq aims to facilitate its native token's functionalities, paving the way for more than a million devices connected across over 45 dApps with its launch. This strategic alignment promises to bolster the operational capabilities of Peaq's blockchain.
Connecting with Major Blockchain Networks
Beyond its collaboration with Polkadot, Peaq is also integrating with established blockchain networks such as Ethereum, Cosmos, Binance BNB, and Solana. Currently, Peaq boasts a robust infrastructure comprising over 850,000 machines, vehicles, and various devices. This extensive network is managing more than $25 million in tokenized assets while supporting over 30 unique projects.
KREST: The Native Token and Economic Model
As part of its pre-launch activities, Peaq introduced KREST, the token utilized within its test network on Kusama. This initiative allows the platform to conduct simulations in preparation for the complete launch. Holders of KREST can look forward to airdrops of PEAQ tokens once the full platform rolls out.
Disinflationary Economic Strategy
The economic framework of the blockchain is characterized by a disinflationary model, initially starting with a 3.5% inflation rate. This rate is designed to gradually decline each year until it reaches a stable 1%. Such a model ensures a sustainable economic environment for participants.
Founders and Vision for the Future
Peaq was founded by innovative entrepreneurs Till, Leo, and Max, with a vision to merge blockchain technology and the Internet of Things (IoT). Their collaborations with prestigious companies like Audi, NTT, and Gucci have played a significant role in shaping Peaq as a unique layer-1 blockchain for dedicated decentralized applications.
Funding and Support for Development
Since its inception in 2021 to support DePIN applications, Peaq has successfully raised significant funding. Earlier this year, the platform attracted $15 million from notable investors, including Animoca Brands and Borderless Capital. Additionally, a CoinList launch helped raise a further $20 million, showcasing robust investor confidence.
Innovative Consensus Mechanisms and Features
Employing a dual consensus mechanism, Peaq utilizes Delegated Proof of Stake (DPoS) for block production and Nominated Proof of Stake (NPoS) for verification tasks. Collators are responsible for producing blocks and maintaining the blockchain's state, while delegators play a vital role by staking tokens to confirm collators’ integrity and reliability.
Targeted Functions for DePIN Applications
Peaq is designed with specific modular functions enhancing DePIN applications, which include self-sovereign machine identities, machine access controls, payment capabilities, and robust data verification methods. These features promote a flexible and efficient ecosystem for decentralized operations.
Roadmap and Future Enhancements
Earlier this year, Peaq revealed an ambitious roadmap as part of its preparations for the mainnet launch. While the current pre-launch version is operational, several technical enhancements are planned, including integrations with multi-signature wallet MetaMask and the introduction of the Ledger Peaq app for secure token storage.
Upcoming Features and Partnerships
Key developments on the horizon include the launch of a decentralized exchange (DEX), a staking dashboard specifically for Peaq nodes, and an improved user interface for campaigns. Furthermore, integrations with Galxe, Particle Network, and Fireblocks aim to enhance security for token custody. A Tier-1 bridge will also facilitate cross-chain transactions, with plans to introduce stablecoin functionality on the platform, backed by partnerships with exchanges to bolster trading for Peaq tokens and its native DePIN applications.
Frequently Asked Questions
What is the primary purpose of Peaq's layer-1 blockchain?
Peaq's layer-1 blockchain aims to provide decentralized infrastructure networks and support decentralized applications efficiently.
How does Peaq integrate with different blockchain networks?
Peaq connects with major blockchain networks including Polkadot, Ethereum, Cosmos, Binance BNB, and Solana to enhance its operational capabilities.
What is KREST and what role does it play in Peaq?
KREST is Peaq's native token on its test network, Kusama, and helps simulate operations prior to the full blockchain launch.
What economic model does Peaq utilize?
Peaq adopts a disinflationary economic model that starts with an inflation rate of 3.5%, decreasing annually until it stabilizes at 1%.
What funding has Peaq secured for its development?
Peaq has raised a total of $35 million this year from various investors to support its growth and development initiatives.
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