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peaq is a Web3 network powering the Internet of Things (EoT) on Polkadot. The network can scale to over 10,000 transactions per second (TPS) while maintaining minimal transaction costs of approximately $0.00025. The peaq network also offers a broad range of ready-to-use backend functionalities, equipping DePINs and dApps with essential core features including autonomous machine IDs, role-based access control, seamless machine payment processing, machine data storage, machine NFTs, data indexing, autonomous AI agents, and more. peaq's multi-chain capabilities enable seamless interaction with Polkadot, cross-chain machine identity with Cosmos, and a bridge to Ethereum.
The platform employs a purpose-built economic model to incentivize users and machines within the IoT economy. It rewards machines and builders that connect, contribute, and generate transactions on the network, fostering an active and beneficial ecosystem.
$PEAQ is the native token of peaq's mainnet, and $KREST is the token of peaq's canary network krest. Fees on both networks are paid in PEAQ/KREST tokens when users interact with them.
On June 28, 2022, peaq completed a $6 million funding round led by Fundamental Labs.
