Peaq, a blockchain platform focused on decentralized infrastructure networks (DePIN), is set to launch its layer-1 blockchain between September 22 and September 30, according to an announcement on its official X account.
Secured by Polkadot, peaq is geared to power its native token, bringing over 1,000,000 devices across 45+ dapps on-chain with its launch.
In addition to Polkadot, peaq integrates with several major blockchain networks, including Ethereum, Cosmos, Binance BNB, and Solana. The platform currently includes over 850,000 machines, vehicles, and devices, managing over $25 million in tokenized assets and supporting over 30 projects.
The platform has also launched KREST, the native token of its test network on Kusama, to simulate operations before the full rollout. KREST holders will be eligible for a PEAQ airdrop upon its launch.
The blockchain's economic model is disinflationary, with an initial inflation rate set at 3.5%, which will decrease annually until it stabilizes at 1%.
Founded by entrepreneurs Till, Leo, and Max, peaq plans to integrate blockchain technology with the Internet of Things (IoT). After collaborating with companies such as Audi, NTT, and Gucci, the founders developed peaq as a dedicated layer-1 blockchain to support unique decentralized applications.
By 2021, peaq was established to support DePIN applications. Earlier this year, it raised $15 million from investors, including Animoca Brands and Borderless Capital, and an additional $20 million from a CoinList launch in May.
peaq employs a dual consensus mechanism that includes Delegated Proof of Stake (DPoS) for block production and Nominated Proof of Stake (NPoS) for verification. Block production is handled by collators, who create blocks and maintain the network's state, while delegators stake tokens to ensure collators’ reliability.
The platform also features unique modular functions tailored for DePIN applications, including self-sovereign machine identities, machine access control, payment features, and data verification.
Earlier this year, peaq released a detailed roadmap as it prepares for its mainnet launch. The network’s pre-launch version is live, but several technical enhancements are planned, including integration with multi-signature wallet MetaMask and the release of the Ledger peaq app for token storage.
Key updates also include launching a decentralized exchange (DEX), a staking dashboard for peaq nodes, improved user interface for campaigns, and integrations with Galxe, Particle Network (LON:NETW), and Fireblocks for secure custody.
Furthermore, a Tier-1 bridge will be integrated to support cross-chain transactions, while stablecoins will be enabled on the platform. Partnerships with exchanges are set to facilitate peaq token and native DePIN trading.