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Web3 Startup peaq Says the Economy of Things Is the Future

You’re not alone if you ever fear that robots are gearing up to launch their subtle takeover.

While they may not be plotting to go all Terminator on us (yet), machines are taking over more human jobs each day.

Robots, AI, and machines are making many industries much more efficient. This is because they’re precise, objective, and happy to handle repetitive tasks that most humans aren’t into anyway. 

But it’s also tempting to wonder where their contributions will end. 

And if the workforce becomes too saturated with machines, how will humans make money in the future? 

Well, there are already several Web3 startups out there exploring possible answers. Among them is a German company called peaq, which is gearing up to help users embrace the many economic changes likely to come along with the robotic revolution.

But while peaq is all about embracing innovation, it’s also on a mission to ensure large companies aren’t the only ones who profit from it. 

Meet peaq, the web3 startup here to help

Judging by the $6 million worth of funding they recently scored, peaq already has plenty of fans. Based in Berlin, peaq aims to build a “decentralized machine economy that works for the world.”

What’s that mean exactly?

Much of it seems to go back to the fact that decentralization is in right now. Since crypto proved blockchain technology’s ability to buck the system, developers worldwide have been dreaming of its other endless possibilities. 

NFTs are already entering the worlds of art and gaming, granting everyday users property rights to their creations. Peaq argues that the same rights should apply to machines and dApps.

That’s why they’re out to use Web3 technology to create the “Economy of Things.”

What is the Economy of Things?

The idea behind the premise goes back to the fact that a handful of big tech corporations currently control most machines, robots, and other “smart” products. But peaq will serve as a place where developers can retain ownership of their creations and profit directly from them.

One of the most exciting aspects of peaq is that it can assign each machine a Self-Sovereign Identity (SSI). Simply put, an SSI is to a machine what an NFT is to a piece of digital art.

By slapping an SSI on your machine, you’ll enable it to identify itself and provide proof of ownership. 

It will also allow you to manage it easily and any payments it may accept for its services.

It will then be able to go out in the world and use p2p technology to interact with users, its environment, and other machines. So, in essence, decentralized ownership will be as accessible for machines and other “things” as it is for cryptocurrency and NFTs.

But peaq isn’t only about ownership. 

peaq also aims to provide a platform where anyone can build their own creation without relying on a third-party intermediary.

The only downside, of course, is that “anyone” really means anyone with the technical know-how to pull off such a venture. But there may also be opportunities for the less technically gifted among us.

Peaq will also allow creators to use DeFi and Machine NFT technology for shared ownership. This will come in handy not just for investors but for developers who are looking to do a little crowdfunding.

Regarding currency, peaq will run on its native token called $PEAQ. Users can use their $PEAQ power to generate NFTs, invest, crowdfund, and accept payment for their creations.

Now let’s talk use cases

What exactly does peaq envision its creators coming up with? Luckily, the platform has provided a few sample use cases to flesh out their vision of the future.

They include decentralized ride-sharing apps, which could cut out middlemen like Uber or Lyft. But why stop at cars when you can also design apps that allow people to rent anything from bikes to scooters?

Or why not create an app that lets people sell resources like wind and solar energy to either peers or distributors?

The possibilities are bound only by your imagination. But, given that peaq is still in its infancy, now seems like a pretty good time to get in on the ground floor if you’ve got a killer idea.

Whether you’d like the peaq community to build it or want help raising money to build it yourself, peaq encourages you to get in touch. They even offer to help developers convert Web2 apps to Web3 or future-proof their creations.

It’ll be interesting to see if peaq’s vision for a more decentralized future manifests in the coming years. 

And if history has proven anything, it never hurts to get in today on the trends of tomorrow. 

Sources

https://www.peaq.network/

https://www.coindesk.com/business/2022/06/28/web3-network-peaq-raises-6m-led-by-fundamental-labs/

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Ben Dawkins
Ben Dawkins

Ben Dawkins blends financial acumen and writing prowess to demystify DeFi and blockchain for his readers. Recognized for making complex topics accessible, Ben is a lifelong learner studying blockchain technology. With his words and a fresh cup of coffee, he transforms the intricate world of DeFi, while enjoying every step of the journey.

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