Video Recap: Connected Devices, the Economy of Things, Web3, and peaq
Last week, Leonard Dorlöchter, co-founder of peaq Network, spoke to Subsquid’s Anand Houston about how peaq is leveraging the Economy of Things (EoT) and machine automation to build an ecosystem that shares the benefits of the Internet of Things (IoT) and directly rewards owners of connected products.
Subsquid partnered with peaq last month, implementing its data processing solution into various aspects of peaq’s IoT-focused and EVM-compatible smart contract platform. As a result of this collaboration, Subsquid will play an integral role in helping peaq build the EoT in a Web3 environment. EoT describes the monetization of devices that have IoT capabilities, with users able to benefit financially from the information their devices provide.
Dorlöchter began by speaking about peaq’s success at the 2021 Breakthrough Awards in Germany, where it picked up an award in the e-mobility category for its decentralised electric vehicle charging app. He also expanded on the scope for the platform, for example, a decentralised car rental service where anyone can operate as a taxi driver and leading into the possibility of automated cars creating entire new revenue streams within the machine economy.
One of the benefits of a project such as peaq is that it ensures that everyone will get a slice of the rewards that will be on offer, not just the corporate monoliths that have hoovered up the Web1 and Web2 profits so far.
Dorlöchter and Houston then discussed how Subsquid has helped peaq scale its data needs, with Dorlöchter saying that Subsquid’s presence as a middleware layer in between the front and back ends was “essential” in terms of handling and organising the data workload, adding that it was a “no brainer” that Subsquid would be the right fit.
Dorlöchter also offered a fascinating insight into the challenges of building products in a world that moves as fast as crypto, from picking up enough insight to be able to critically assess the different blockchains in the space to the acquisition and training of talent within the nascent Web 3.0 space. Dorlöchter also offered insights into the projects that have inspired peaq and shared his vision for the future of Web3, both inside and outside the Polkadot ecosystem.
peaq also plans to run for a Polkadot parachain slot, with Dorlöchter citing the increased level of security a parachain offers as a reason for running for one, as well as the lower transaction fees associated with operating through this method. He also offered a glimpse into his vision for a future where there exists a “network of networks” and explained peaq’s potential role in this.
Click here to check out the full interview on YouTube.
Subsquid is an blockchain data processing solution that enables Web3 builders to gain access to on-chain information on their own terms. Featuring multi-layer architecture and decentralised governance, this is the most developer-friendly and resource-efficient way to build, test, and deploy customised APIs for all blockchain-facing applications.
peaq is the decentralized Web3 network powering the Economy of Things (EoT). peaq is designed to solve some of our biggest societal and economic challenges, ensuring that the incentives of people and increasingly intelligent machines are aligned. peaq users will be the driving force of a new sustainable economic model, beginning by disrupting the automotive industry. peaq empowers individuals, enterprises and governments to build, earn and govern on the network via EoT dApps. The peaq network is purpose-built for the EoT, enabling the secure, fast and frictionless transfer of value and data between machines and their users, at a low cost. peaq’s use of machine NFTs allows users to buy and sell stakes in the machine economy on the peaq network, effectively facilitating the monetization of machines. The network also allows developers to build a range of dApps on the network, creating the foundation for the EOT.