peaq will run for Polkadot Parachain
Bringing DeFi to the Machine Economy on Polkadot
Interoperability is vital to success in Web3. At peaq, we think of Polkadot as a layer zero which provides the critical layer of interoperability and security which grants access to an ever-growing user-base, increasing liquidity and all kinds of innovative projects.
Polkadot allows for seamless interoperability between all kinds of Web3 projects, bringing additional traction and liquidity to peaq while peaq brings millions of machines and their associated liquidity to Polkadot. The Substrate framework plays a big part in enabling this. peaq is built using Substrate.
In terms of security, Polkadot provides a shared security structure in which a network of thousands of validator nodes compete to maintain network security and integrity. Hundreds of validators are active at any given time and are automatically selected based on performance.
What does it mean for the Polkadot ecosystem?
peaq is a network powering the Web3 Economy of Things by providing decentralised infrastructure and tools to builders and users of machine applications.
peaq empowers people to build decentralized applications for machines and incentivises the conditions for an economy that works for all people and machines. Much like Ethereum exists to enable the creation of decentralized applications of all kinds, peaq exists to enable decentralized applications specifically for machines, with an economic model specifically designed for the machine economy.
Bringing Machine DeFi and Machine NFTs to Polkadot
peaq leverages what Web3 is all about — decentralized ownership — in the form of Machine NFTs. peaq is also introducing Machine DeFi to maximize returns for stakeholders and enable machines to become fully self-sufficient. Through Machine DeFi and Machine NFTs, peaq is bringing a whole new category of liquidity to the Polkadot ecosystem — access to a multi-trillion dollar market.
Bringing Self-Sovereign Machines to Polkadot
peaq also provides identity, access and payment capabilities (smart contracts and pallets) as core functions for people to develop dApps for the Web3 Economy of Things. Through peaq ID, millions of machines will be given their own Self-Sovereign Machine IDs on peaq, on Polkadot — bringing millions, and one day billions, more sovereign economic actors to the Polkadot ecosystem.
More information on peaq’s parachain strategy will follow in the coming weeks. Our incentivised test-net just went live, complete with both Substrate and EVM Blockchain Explorers. Join our Discord for more information on the test net and tokens, and follow us on Twitter for all major updates.
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Originally published on www.peaq.network