PEAQ
PEAQ is the native cryptocurrency of the peaq network, a Layer 1 blockchain designed to support Decentralized Physical Infrastructure Networks (DePINs) and the Economy of Things (EoT). The peaq network enables devices, machines, and physical assets to operate and communicate within decentralized networks, facilitating applications in sectors like the Internet of Things (IoT) and machine-to-machine (M2M) interactions.
Use Cases of PEAQ:
- Transaction Fees: PEAQ tokens are required to pay for transactions on the peaq network, ensuring the processing and validation of network activities.
- Staking and Rewards: Users can stake PEAQ tokens to participate in the network's consensus mechanism, either as validators or delegators. Validators secure the network and propose new blocks, while delegators support chosen validators by staking their tokens. Both roles earn staking rewards in PEAQ tokens, incentivizing active participation in network security.
- On-Chain Governance: PEAQ token holders can participate in governance decisions, including protocol upgrades and resource allocation, allowing the community to influence the development and future direction of the platform.
- Support for DePIN and EoT Applications: PEAQ tokens facilitate the operation of decentralized applications within the Economy of Things, serving as a medium of exchange in applications like autonomous car-sharing, IoT-based logistics, and other M2M transactions.
In summary, PEAQ serves as the foundational currency within the peaq network, enabling transactions, staking, governance, and the operation of decentralized applications in the evolving machine economy.