UPDATE: the peaq project
Amid the chaos of the crypto-bubble, the media hype and expectation-reality chasm, we’ve chosen to work on peaq in ‘stealth mode’, as you may well have noticed. Doing so allows for the tech and research teams to build the foundations for the project in peace without pressure from the outside world, something which may be considered a rarity nowadays. Despite the silence, the peaq project has been moving forward.
A few months ago we released a draft version of our white paper. Since then we’ve realised there were a number of technical problems we still had to address. These past months have been focused on addressing these problems, growing the peaq team and working on finding solutions to the most pertinent problems DAG based DLT structures are currently facing.
This article will systematically explain what we’ve worked on in the past few months, where we stand and what to expect over the next weeks and months — but first, here’s a quick run-down.
Tech & Code
The standard way of approaching projects in this space is to create a white paper and then begin working on the code. We’ve done things a bit differently. We have our own DAG architecture up and running. Documentation will follow.
There is currently no fully-functional, decentralised DAG (Directed-Acyclic-Graph) infrastructure capable of supporting smart-contracts. As previously stated in Advanced Blockchain AG’s most recent letter to investors, we want to create both the base-layer DAG protocol as well as the smart-contract capabilities ourselves.
Having a functional DAG means we no longer need to rely on external partners for their base-layer architecture. Rather, we are in complete control of how the protocol functions and can tweak it when and where needed. This is especially important given Advanced Blockchain AG’s close ties, and subsequently good understanding, of what kind of qualities and features would best suit certain industries.
Advanced Blockchain AG’s main focus, besides the peaq project, is to connect the world with the power of Distributed Ledger Technology through developing and deploying DLT solutions for companies seeking a competitive edge. Since the technology is versatile and widely-applicable, the company has adopted an industry-neutral approach. This has given us insight into a number of different companies, markets and industries, allowing us to refine our approach and in turn, our technology. We do this for our software development efforts, but this also applies to peaq — a protocol we envision to be a portal into the world of DLT for all kinds of businesses.
Advanced Blockchain AG are also paving the way for peaq’s implementation into the real world through a separate project, a second layer solution which will greatly assist the adoption of peaq by companies. We’ve created the peaq architecture with ease of industry integration and application in mind — important steps if DLT is to be properly adopted any time soon.
Our priority for peaq from a tech perspective has now shifted to trying and testing consensus algorithms. In a similar fashion to how we approached the peaq architecture, we are working on creating our own consensus mechanism and running network tests to find the optimal solutions. In the future we plan to release parts of our code, but for now we will continue to work on it behind closed doors for reasons previously stated.
We are in the process of appointing another technical lead, Pavel Fomenko. Pavel will begin work with us next month, and you’ll be informed when he does. The team has also been bolstered by the additions of Cody Gregoryk, William Nester, Jan-Philipp Ottmüller and Alex Lisenko.
Pavel has been developing software and managing projects for over ten years. His most recent position was as Technical Project Manager for Suntechsoft, after having lead the tech team at LimpidArmor as CTO. He’s a seasoned developer, capable of programming in a number of languages such as C, C++, Assembly, C#, Java, Visual Basic, Pascal, Delphi, ASP.Net, PHP and Python, among others. Pavel is also a leader with a knack for bringing people together to work towards common goals. He will lead our development team with the goal of adding smart-contract capabilities to our DAG structure.
Cody has been in the blockchain space for over two years working in different aspects from marketing to investor relationships. He also has a background in professional international sales in a variety of industries. Cody will be focusing on Global Partnerships for the peaq project, you’ll find him at key blockchain and crypto conferences throughout the year.
William began as a Software Developer and new technologies advocate in San Antonio, Texas, gaining experience with website development and server maintenance during his time at college. He’s now studying for his Bachelors Degree in Computer Science with a specialization in cloud computing and cybersecurity. Driven by his knowledge of distributed systems, he found his true calling as a blockchain and DAG architect and looks forward to implementing the tech in the real world through peaq.
Jan-Philipp is fluent in several programming languages, such as C++ and Java, with a keen interest in anything web related. While at high school, Jan-Philipp worked as a freelancer for small businesses and franchises and also took up a role on the software architecture team of a publicly listed company. Jan Philipp is most comfortable writing web applications, mobile apps and setting up serverless backends. He’s currently studying Computer Science in Hamburg, Germany.
Alex has over three years’ experience in the cryptocurrency scene due to his passion for trading, investing and his entrepreneurial spirit. He understands that DLT will completely transform the world as we know it, and has joined the team with an eye on being an active participant in the transformation. He’s joined peaq as a Business Development/Marketing intern.
We initiated the peaq project with the help of well-known national and international contributors. We are looking forward to hosting investment rounds in the near future where we can discuss peaq, it’s potential and a fair valuation with a firm focus on the tech side, unaffected (as much as possible) by hype.
We’d also like to take some time to introduce you to some of our strategic advisors. Each brings a world of value and experience to the table which we have every intention of utilising to ensure peaq is a success.
Very few VCs invest early in companies that exit worth billions. Fewer do it more than once. Michael Jackson forms part of this group. He’s best known for his work with Skype, having had a big hand in building the company up and selling it to Microsoft for $8.5 billion. Michael is a Partner at Venture Capital firm Mangrove Capital Partners, a Director at AXA Insurance UK, Director at Volvo Cars AB and Director at Blockchain, the largest provider of cryptocurrency wallets world-wide.
Stas is responsible for architecture design, R&D and biz-dev of the Wings.ai DAO platform for the Wings Foundation. Stas also co-founded Neo IT Solutions Ltd and serves as its Chief Technology Officer. He has years of experience in IT engineering, development and management of enterprise products. Stas also participated in multiple high-profile software projects, consulting such organizations such as BeeContact, Dead Sea Labs, and Ministry of Defense, and was a co-founder of Comoona, the first Israeli social network.
Sebastian is a co-founder of the Wings Foundation, a successful crowd powered evaluation, funding promotion, and early adopter engagement for ICOs. He is also the CEO of ChainLab, a Tel Aviv based company focused on bringing blockchain technology mainstream. Sebastian has amassed a wealth of knowledge and experience in the fields of decentralized solutions and blockchain technology, having been in the space since as early as 2013.
Oron spent over two years as Business Development Director at BDO-l2l, an Indo-Israeli business consulting and investment firm, before moving on to Mangrove Capital Partners where he’s taken up the role of Deal Flow Manager.
Michael is a software engineer with an M.Sc. Business Mathematics in Combinatorial Optimization & Graph Algorithms from the Technical University of Berlin. He has over 10 years of consulting experience in the field of cloud services and enterprise business application platforms.
You can expect a few peaq events at Advanced Blockchain AG’s headquarters in Berlin over the next weeks and months. These events will be great opportunities to meet the peaq and Advanced Blockchain AG teams and ask any questions you may have.
Here’s a link to the Meetup group if you’d like to attend: https://www.meetup.com/Blockchain-peaq-and-beyond-Berlin/
We realise that we have previously left the peaq community in the dark on what was going on behind the scenes. Although much of this was intentional for the good of the project, we understand this may well have been unpleasant if not quite confusing for our community.
We’ll be making an active effort to prevent or at least minimise this from happening in the future by publishing more frequent updates as the peaq project begins to materialise. You can stay up to date on the following channels:
You can expect some major updates in the next weeks and months as the team continues to grow and more deadlines are met. Such updates include a new website which will include more details on the peaq project, and you can also expect the first peaq wallet release.
We’d like to thank you for allowing us the time to work in silence and look forward to sharing all the exciting progress ahead of us with you.