Peaq Is To IOTA (MIOTA) What ERC-20 Is To Ethereum (ETH) And More
A combined effort from nakamo.to and Advanced Blockchain AG attempts to bring into life an innovative platform run inside IOTA‘s (MIOTA) Tangle Network. Peaq is essentially a new base-layer for tokenization, acting similarly to Ethereum's ERC-20 Protocol.
The German “industrial empire”, which advanced dramatically during the WWII and after, has made clear that German's ain't playing around when it comes to disruption and technological marvels. Brands like BMW, Volkswagen, Bayer, BOSCH, and the fresh but significantly important IOTA Foundation are here to showcase the Deutsch approach when it comes to technological advancement and innovative critical thinking.
So what exactly is Peaq and how it works?
Peaq claims to be the first truly decentralized tokenization and exchange platform, built on the most advanced form of Distributed Ledger Technology (DLT) currently available, IOTA's (MIOTA) Tangle Network, a Directed Acyclic Graph (DAG).
As prementioned, Peaq is similar to Ethereum's ERC-20 standard, providing a framework by which people can tokenize their ideas and assets and have them listed and traded on the exchange instantly.
Peaq carries all the specifications and characteristics that IOTA has, including infinite scalability, 0 transactions fees, no miners to confirm transactions, quantum proof protocol, offline transactions and almost instant confirmations, among other aspects that come with the Tangle.
As we already know, distributed ledger technology and blockchain-based projects, in general, are here not only to disrupt the way we're interfering with technology but also to shape it towards brand new levels of functionality.
A huge portion of industrial fields, if not all of them, will be affected and transformed by this innovative approach, having decentralization as its basis. Some of the applications that come with distributed ledger technology include Digital Identity, Notary, Internet Of Things (IoT), Distributed Cloud Storage, Loyalty Programs, Industry 4.0 (Fourth Industrial Revolution), Smart Contracts, Payments & Monetary Value Transfer, and Supply Chain.
A real-life use case example by BOSCH, suggests a “Mileage Authenticity Certification” for the automobile industry.
Now, we know that BOSCH has already invested heavily in IOTA, by purchasing a significant amount of MIOTA (currently the most common native currency of IOTA) as well as joining the board of advisors of the Berlin-based Foundation, implanting Dr. Hongquan Jiang as a representative of Robert Bosch Venture Capital (RBVC).
Of course, BOSCH is the not the only corporate entity invested in IOTA, as many other major industrial titans as well as governmental organizations are already hooked on the new technology and are planning to, or already, working with IOTA on various projects mostly focused around the Internet Of Things sector and Smart Cities.
Up until now, we all imagined that all these partnerships will be using MIOTA as their main currency for their respective services developed under the Tangle Network, but Peaq comes to put a different perspective on the matter.
With Peaq, each brand, and/or, an organization could simply create their own token model, tailored and suited for their needs, while at the same time being able to benefit from everything IOTA has to offer with the Tangle. That way they can set their own token supply, indicator, and symbol, as well as a price per token unit, according to their needs, services, and client database.
Peaq won't be just another ICO creator but a base to accept physical assets and traditional stock market products into the digital era, using distributed ledger technology. You can do the math and imagine the potential of an economical merge of that kind on your own.
Blockchain-based monetary systems have found a way to upscale the economy in a significant way, exactly like the loan economy did when it was first introduced.
When you hand over a $20 dollar bill to purchase Ethereum (ETH) for example, what happens is that the buyer gets a $20 dollar bill he can normally use after you and you end up with a portion of Ethereum, equal to $20 dollars, that again, you can normally use. That would make us a total of $40 dollars, with the $20 of them generated out of nowhere.
If we manage to put all our physical assets into the blockchain world, we will essentially double our money.
What do you guys think of Peaq and their vision to create tokenization models on the Tangle? It definitely sounds better than ERC-20 tokens due to IOTA's characteristics, but could it disrupt the economy as we know it? Let me know your thoughts in the comments below.
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