The Economy of Things (EoT) provider on Polkadot, Peaq network, has recently announced the release of the final pillar of its core functionalities; peaq pay. Now that the last piece of the puzzle is complete, dApp builders can seamlessly bring their web3 Economy of Things (EoT) ideas to life.
This is coming a few weeks after Peaq joined Parity’s Substrate builders program, an initiative providing technical, strategic as well as funding support for promising Substrate-based projects within the Polkadot ecosystem.
The first of the core functionalities, Peaq ID, was released earlier in January of this year. The Peaq DID standard is part of Self-Sovereign Machine Identities (SSMIs), which are digital identities that enable vehicles, machines, robots and devices to identify themselves; with each other, with people and with their environment. The endeavor was a produce of a long term partnership of peaq with Fortune 100 companies such as NTT for secure data access. You can read about it here
Later in March, the second pillar was released, Peaq Access which is a Role-Based Access Control (RBAC) logic. The working methodology proposed by Peaq is that each machine needs to have role identified before access is either granted or denied. To have a role, a machine first needs to be identified, that is the strategic reason for the Peaq ID pilot release earlier. More on Peaq Access here
With peaq DID specifications, peaq pallet DID, peaq access smart contract and now peaq pay, developers from around the world have everything they need to build dApps for machines, vehicles, robots, and devices on the peaq network.
About Peaq Network
peaq is the decentralized Web3 network powering the Economy of Things built with Substrate and designed to solve some of societies’ biggest economic challenges. It ensures that the incentives of people and increasingly intelligent machines are aligned.
peaq enables people and organizations to build dApps for users of vehicles, machines, robots and devices, while empowering both app builders and users to govern and earn from them by leveraging DeFi and Machine NFTs. peaq’s use of Machine NFTs allows users to buy and sell stakes of machines on the peaq network, effectively facilitating the monetization of machines.