A machine on the peaq network is assigned an SSI, a machine owned decentralized identity granting full control over how they are used while enabling them to interact with their environment. A machine’s ID allows it to securely authenticate itself when interacting/transacting with other machines, people, organizations, & environments. This allows machines to securely and autonomously pay and be paid using traditional currencies and cryptocurrencies.
Example: User needs to charge their electric car.
- Pre-IoT: User has to manually look for a charging station, make sure the charging station is compatible with her car, verified with provider, and manually pay for the charging.
- IoT: User’s App gives a list of compatible charging stations and if they are available to use. Authentication, verification, payment processes are still manual.
- EoT: User can visit any charging station, car autonomously verifies and authenticates itself, and pays for the electricity.
$PEAQ – Utility token on the Peaq Network
- Total supply: 4,200,000,000
- Use cases: Machine DEFI, NFTs, Economy Operations, and Deployment
- Detailed info not released yet.
Fully doxxed core team (25 employees as of today), coming from a company called Advanced Blockchain AG (based in Berlin, Germany) which has been working on Blockchain solutions since 2017. In addition, it was the first crypto business listed on the Frankfurt SE.
- Till Wendler (Co-Founder); CEO/Co-Founder of EoT Labs, Head of Operations at Advanced Blockchain AG.
- Leonard Dorlöchter (Co-Founder); CPO/Co-Founder of EoT Labs, Head of Product Development at Advanced Blockchain AG.
- Max Thake (Co-Founder); CMO/Co-founder of EoT Labs; Head of Marketing at Advanced Blockchain AG.
- Muhammad Faisal (Head of Engineering); Experienced software engineer, PM, management experience.
- Javier Wassermann (Operations); Head of Operations at EoT Labs, Product Manager and Full Stack Developer.
$6m (Seed Round) – Led by Fundamental Labs, Hashkey, Delta VC, GSR, Mulana Capital, Cypher Capital, GravityX Capital, Waterdrip Capital, Ceras Ventures, Master Ventures and Moonrock Capital, Wami Capital
RESEARCHER OPINION #1
Jesse | Sr. Research Analyst (non VC perspective) on 08/11/22
The premise is great as it’s not based on people paying other people but on selling products and services. Simultaneously they are giving power back to small machine producers and end users. Their team + advisors are good, the backing is great, and they already have put significant effort into the project. However, I have doubts about their seamless blockchain integration, which could be an entry barrier for new users. Another thing is that the token price highly depends on their ability to attract users and companies providing “machines”. So my overall bias is more on the positive side for the long run, but I remain skeptical.
RESEARCHER OPINION #2
Andy | Sr. Research Analyst (Tech industry and non VC perspective) on 08/12/22
I believe that the team is capable of developing this platform. I’m also convinced that the Economy of Things is inevitable. The only big question mark is the time horizon. It could take a long time until the full vision of autonomous machines becomes a reality. Short term goals like a unified charging solution for electric vehicles and ride sharing are achievable. Their partnerships with industry leaders from the automotive industry and governmental bodies will significantly help them establish themselves in the European market first. Some legal aspects need to be solved to realize the concept of a crowd financed machine infrastructure. In my opinion, peaq is a hot candidate for a long term infrastructure play with tremendous growth potential.
RESEARCHER OPINION #3
Jess | Chief Research Officer (Science/Medical/Compliance industry, non VC perspective) on 08/12/22
The thesis and premise of this project is very strong. The world is moving toward a world where AI and autonomous machines will become more established and commonplace. This project has embraced that vision and has already taken the initiative to establish itself in the growth and development of this sector (VDA, gaia-x). However, this project is not without its risks. This project is building on DOT, therefore any positive or negative development in the Polkadot ecosystem will have an impact. Also, government and regulatory criteria regarding web3/crypto are still not clear and constantly evolving. And the final point, the whole concept of an EOT is still theoretical. There is still much infrastructure that needs to be developed before this idea can be fully realized. But long term, this project has positioned itself to be one of the leading players in this sector.