What is Peaq (PEAQ)? How does it work?

Bittime - Peaq (PEAQ) is an innovation specifically designed to optimize Decentralized Physical Infrastructure Networks (DePIN) and Machine RWAs (Real World Assets). This platform combines cutting-edge technology with a revolutionary concept. 

This creates new opportunities for developers and communities to build efficient decentralized ecosystems. What is Peaq (PEAQ), and how does it work? Let's discuss it in depth in this article.

What is Peaq (PEAQ)?

Peaq (PEAQ) is a Layer 1 blockchain designed to support DePINs and Machine RWAs. This blockchain has the ability to handle more than 10,000 transactions per second (TPS) and the potential to increase to 100,000 TPS after technology upgrades. 

Peaq also has very low transaction fees, around $0.00025 (around Rp. 4). This makes it one of the most efficient and environmentally friendly blockchains.

Peaq supports developers with smart contracts based on EVM (Solidity) and WASM (Rust). It provides flexibility for creating decentralized applications (dApps). 

Additionally, Peaq provides a variety of modular functions designed for DePINs, such as autonomous machine identity, role-based access control, machine payment processing, and autonomous AI agents.

Read also: Peaq Airdrop Listing Today

How Does Peaq (PEAQ) Work?

Peaq utilizes a hybrid Delegated Proof of Stake (DPoS) and Nominated Proof of Stake (NPoS) consensus mechanism via the Polkadot Relay Chain. This mechanism ensures high efficiency in block production and transaction finalization.

Key Role in Ecosystem:

1. Collators: Responsible for creating blocks and maintaining network state. They generate evidence of the state of the network to ensure data integrity.

2. Delegators: Ensure block validation by selecting trusted collators through token staking. Delegators play an important role in filtering reliable collators to maintain network security.

Peaq Technology (PEAQ)

Peaq incorporates cutting-edge technology to ensure efficiency and interoperability. The following is an explanation of the technology of blockchain layer 1:

1. Peak ID

Provides independent identity for machines to interact with each other and with humans. This system uses Decentralized Identifiers (DIDs) And Verifiable Credentials (VCs) to ensure each device has a unique identity that can be trusted.

2. Peaq Access

Allows developers to configure device access based on specific roles within the application. This technology helps developers manage access control systems without having to build a system from scratch.

3. Peaq Pay

This feature supports payments between machines and between machines and users. With multi-sig wallet technology, Peaq ensures that transactions are secure and transparent.

4. Peaq Verify

Data verification is performed at three levels: direct authentication from the device, data pattern validation, and oracle-based authentication. This ensures the integrity of data transmitted on the network.

5. Multichain Interoperability

Peaq integrates with Polkadot, Ethereum, Cosmos, Binance, and Solana, allowing applications on Peaq to interact with a variety of major blockchains.

Read also: How Will Teneo Protocol and Peaq Revolutionize the Future?

Tokenomics Peaq (PEAQ)

The platform's native token, PEAQ, designed for a variety of functions in the ecosystem, including:

• Staking: To ensure network security and block production.

• Payment of transaction fees: Tokens are used to pay the fees for each transaction.

• Governance: Token holders have voting rights in the network's future decisions.

In the future, PEAQ will also be used to build a machine's reputation within the ecosystem. The machine owner can staking PEAQ to guarantee the quality and reliability of their devices.

Conclusion

Peaq (PEAQ) is an innovative blockchain that combines advanced technology with the concept of decentralization. This blockchain creates a suitable ecosystem for DePINs and Machine DeFi. 

With features such as autonomous identity, role-based access control, and cross-blockchain interoperability, Peaq paves the way for a more efficient and inclusive future of decentralized physical networks.

As a platform designed to support developers and communities, Peaq not only offers superior technology but also great opportunities for anyone who wants to join the blockchain revolution. With new milestones, Peaq is poised to become a leader in the world of DePINs and Machine RWAs.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.