In a nutshell: krest, peaq’s canary chain and the world’s first Economy of Things simulation hub, wins the 72nd parachain auction on Kusama with the support of the community. With the total contribution of 5,522 $KSM across 311 contributors — one of the most widely-backed of recent crowdloands on Kusama — and the slot secured, the next stage is bringing the network online and connecting krest to Kusama as a parachain. So finish off the cookies and head for the airlock: This rocket ship is about to take off.
Guess who is awesome? Okay, sure, Elon Musk is cool, but we know someone even cooler — yourself. Pat yourself on the back, crack a cold one open, or pour yourself a glass of wine (maybe it’ll be as red as the picture?), because you did it. We at EoT Labs tip our collective hat to you, because you really made it happen.
It’s official: krest is coming to Kusama!
What is coming where?
Let’s start with this: krest, peaq’s canary network and the world’s first Economy of Things simulation hub, won Kusama’s parachain slot auction #72. In this, it had the backing of a community-powered crowdloan, which saw users lock in 5,522 $KSM, Kusama’s native token, to support it. WIth a total of 311 contributions, this makes for one of the most widely-backed recent crowdloans on Kusama.
If you are familiar with the Polkadot ecosystem, skip the next two paragraphs. For everyone else, here’s a quick explainer of what that actually means. Polkadot features a hub-and-spokes ecosystem, with a relay chain — the layer-0 network — at the core. Connected to this chain are the parachains, specific layer-1 blockchain networks. To link up with the relay, and thus go live within the Polkadot ecosystem, a parachain must secure itself a slot on it, which is done through these auctions.
Kusama is Polkadot’s canary network, a wild make-it-to-break it environment for daring experiments, trials and errors, and other exciting ventures. It features pretty much the same architecture and also makes use of slot auctions to enable parachains to connect. Thus, krest’s win at the auction is a crucial step toward bringing the network online within the Kusama ecosystem.
A slot is now allocated for krest for the period from March 7, 2023, to February 15, 2024 — a 48-week lease that leaves enough room for the network’s deployment. It also sets the projects building on peaq on track to deploying their works on a production network instead of a testnet and testing them in a live digital economy — and, importantly, with live Internet of Things connectivity.
Once live, krest will be the new home to the Raspberry Pi decentralized physical infrastructure network (DePIN), announced recently. The devices connected to krest, including the mini-computers, will be earning part of the network revenues allocated for machine rewards. The Raspberries on krest will simulate the activities of various connected devices, such as electric vehicles, charging stations, or drones, which the developers building in peaq will be able to leverage for testing DePINs and dApps.
Well, first of all, for everyone who has contributed to the crowdloan (a massive thank you again!) — your tokens will remain locked for the duration of krest’s parachain slot lease. Once it expires, you will receive them all back automatically, with no further inputs needed. On top of that, of course, you will be receiving the krest tokens in line with the vesting schedule once the network goes live, which should take place in the coming months.
Also when the network is live, we will do the airdrop we announced earlier alongside the Raspberry DePIN initiative. Those with connected Raspberries will receive rewards in krest’s token, released in two batches, one at the Token Generation Event, another one a bit later off. The rewards depend on how long your Raspberry has been connected, so if you have one lying around, it’s time to plug it in!
Well, that’s it, really. From now on, it’s building, then building some more, and then mixing it up with some more building. But we guess you’ve figured as much, and if you’ve stuck around for this entire blog, here’s a small spoiler to reward your staunchness: It’s time to start unstaking your $DOT tokens, cause Polkadot’s where we’re heading next! The crowdloan is live, and we’re gearing up for the upcoming auctions.
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