"peaq: The blockchain built from scratch with a full focus on the real world"

PEAQ token will be available on Bitvavo from 12th of November. We spoke with Max Thake, co-founder of peaq, and delved into the vision behind the peaq network, what sets it apart, and its overarching mission.

Max Thake is an entrepreneur, writer, and co-founder of peaq. Max has built multiple organizations, teams, and brands during his years in the blockchain space. He operates at the intersection between the humanities and sciences and enjoys explaining technological complexity in simple terms and using it to solve problems.

Hi Max, to begin with, could you explain the idea behind the peaq network? How did the concept for peaq come about, and what makes it unique?

peaq is the layer-1 for DePIN, or decentralized physical infrastructure networks, and Machine RWAs (real-world assets). In other words — peaq is changing the way we run and earn from connected devices. 

The concept for peaq took root back in the mid-2010s, when Web3 was just beginning to realize its immense potential. My co-founders and I recognized it as a transformative shift — a groundbreaking change poised to return power to the people. Simultaneously, we observed the rapid advancement of automation, where ever-smarter machines were putting pressure on the job market. 

Progress was unstoppable, so we found a solution in empowering individuals to own these machines and benefit from the value they produce. Blockchain was the ideal technology to achieve this, but we didn’t think a regular layer-1 would cut it for smart machines delivering real-world value. That vision led to the creation of peaq — the blockchain built from scratch with a full focus on the real world.

Could you break down what DePIN and the Machine Economy entail, and how they connect to peaq’s mission?

A DePIN is a decentralized application that uses tokens to incentivize people to crowdsource and build connected real-world physical infrastructure. Imagine a network of community-owned electric vehicle chargers that anyone can use for a fee — that’s a great example of DePIN, already being built on peaq. While DePINs have been around for some time, they’re now in the spotlight, and they are precisely what peaq was designed to empower.

On peaq, machines evolve into active real-world assets (RWAs) that create value for the community. I’m pleased to announce that businesses and communities will have several ways to leverage the DePIN model via RWA tokenization platforms on peaq. Adding to this is the ongoing AI boom, which allows machines to become smarter and operate as independent economic agents, driving value for their owners. The DePIN model empowers communities to co-own these intelligent machines, collectively sharing in the revenue they generate.

All of this together makes up the Machine Economy — the economy where people and machines co-exist, exchanging value in the form of goods and services between themselves, peer-to-peer. It’s a vision of a future where everyone, not just the 1%, gets to benefit from automation, and this vision is what peaq is bringing to life.

What would you say is peaq’s biggest advantage as the home of DePIN?

First is the ecosystem itself — with 50 DePINs building on peaq at launch, you can explore all sorts of synergies and collaborations with fellow-minded builders. Then, there are peaq’s enterprise connections, which include joint projects with giants like Bosch and participation in Mastercard’s prestigious Start Path program. The community around peaq, counting some 350,000 DePIN enthusiasts, is another major advantage, and its vision, laser-focused on real-world applications, is yet another one. peaq offers builders all-around support, from grants to investor intros and marketing, and gives their projects a nurturing environment to develop and scale.  

Are there any notable projects currently powered by peaq that you’d like to highlight?

It would take too much space to list all of them, so here are two. Let’s start with Silencio, which is a DePIN, that rewards people for collecting local noise pollution data with their smartphones. Silencio has 360k users, and almost 20 billion data points across more than 180 countries.

There is also MapMetrics — a drive-to-earn DePIN enabling people to monetize their navigation data while powering a Web3 alternative to services like Google Maps. MapMetrics currently has 60K users who map 600,000 kilometers daily and flag locations for 90,000 speed cameras across 167 countries. 

Which purposes will the PEAQ token serve within the peaq ecosystem and can you briefly explain its economic model?

The $PEAQ token is the lifeblood of the peaq ecosystem and greater Machine Economy, serving several crucial functions. First of all, it’s the transaction fees: The $PEAQ token is used for paying all transaction fees on peaq. Secondly, it’s staking — by staking their $PEAQ, people can set up validator nodes or support their preferred validator and earn rewards for keeping the network running. And, finally, $PEAQ will be used for on-chain governance, with holders jointly deciding the project’s future. There will be other utilities too, but those are too early to reveal — but be sure, it’s all very peaq and very real-world focused.