May 23, 2024

JuiceUp joins the peaqosystem

peaq

Community

What is happening?

JuiceUp — a DePIN of community-owned power bank stations — has chosen peaq as its layer-1 blockchain.

Why is it important?

The rise of the power bank rental market has led to overblown prices in certain areas of the world. JuiceUp is set to level out the market and help provide cheaper and more convenient power bank sharing for all.

What does it mean for the community?

You will be able to set up a power bank station on the JuiceUp DePIN and collect rewards for renting power banks out to those in need of a recharge.

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Out of juice?

Ever run out of battery in the middle of an important business call? Or even worse, just before the big reveal in your favorite Netflix show? We’re all so reliant on our mobile devices that the power bank rental market is blossoming like a well-tended garden. But with blooming markets come greedy companies (shocker, right?). In fact, in China, the overblown prices some businesses charge for an hour of power have already sparked controversy.

Enter JuiceUp — a DePIN of community-owned power bank stations aiming to level out the market. The JuiceUp team is currently working on their app, which will soon enter the testing phase. Once released, the app will let anyone set up their own station with four or more banks in a hotel, restaurant, bar, or other popular public location and start earning from renting the power banks out. Best of all, once the station is added to the network, you don’t even have to worry about maintenance. JuiceUp will handle it all for you.

On the user side, those looking for a charge will easily be able to locate nearby power banks and start a charging session through the app. Once their devices are all juiced up, they can simply drop off the power bank at the next nearest JuiceUp station. Payments will initially be conducted via credit card, but crypto options will be added in the future.

If this sounds great to you, that’s because it is. Besides giving businesses an alternative way to retain power-thirsty customers, the JuiceUp DePIN will help create a more democratic, peer-to-peer power bank marketplace where centralized entities can’t simply decide to hike up prices without rhyme or reason.

JuiceUp has chosen peaq as the home of its DePIN. It will leverage peaq’s Modular DePIN Functions, developing and deploying the necessary smart contracts for rentals and revenue sharing, as well as minting its token and implementing its token reward system on peaq mainnet. It will also use peaq IDs as the identification standard for its network.

“The power bank rental market is taking off, but it’s torn apart by power imbalances and diverging interests of the stakeholders. JuiceUp changes the game with a more equitable business model that aligns everyone’s interests and puts the community in charge. With its Modular DePIN Functions and DePIN-friendly economics, peaq is the perfect home for such a project — one that enables JuiceUp to build and scale faster than on any other network.”

— Danny Joosten, CCO at JuiceUp

“JuiceUp leverages the DePIN model to bring an in-demand real-world market into Web3. It is an exciting use case, and we’re happy to see it choose peaq to power this endeavor as its layer-1 blockchain, bringing thousands of prospective devices and transactions on the network.”

— Till Wendler, co-founder of peaq

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