peaq, the Web3 network powering the Economy of Things (EoT), unveils the first version of its peaq pay function. The release of the payment utility for machines on Polkadot is the last of peaq’s three core functionalities, following peaq access, the role-based access control function for machines, and peaq ID, the Self-Sovereign Machine Identity (SSMI) function.
peaq pay sets out an effective and scalable peer-to-peer framework for payment and settlement transactions without the involvement of trusted third parties. It enables developers building on peaq to create a secure process between two parties by utilizing multisignature escrow wallets for supporting in-dApp payments for goods and services. The end user would move funds into the wallet from their existing one to pay for a good or service, such as charging their electric vehicle, and the function would sign off and transfer the spend or refund transactions once the process is complete or interrupted, respectively. This brings extra security into the vendor-buyer interaction, guaranteeing that any goods or services a machine provides, such as energy or a parking space, will be fairly compensated by the buyer, making peaq pay a great basis for any pay-per-use services and applications. The future versions of peaq pay will leverage a stable medium of exchange to power the sustainable growth of the ecosystem comprising people, machines, and other Web3 projects and protocols.
peaq pay offers developers in the Polkadot and Kusama ecosystem a payments function geared toward leveraging machines as value-generating economic agents. It enables a vast array of future use cases, such as allowing a smart vehicle to pay for using a charging station or charging a person for having their parcel delivered.
“peaq pay is the final piece of the puzzle that brings our core network functionalities to life,” says Leonard Dorlöchter, co-founder of peaq. “This function will enable value to flow like blood through the veins of the Economy of Things which the peaq network powers. It will facilitate any economic activities that builders want to introduce into the peaq ecosystem and bring healthy yields backed by real-world value into the larger DeFi ecosystem.”
Live on peaq’s Agung testnet, the peaq pay function currently supports transactions in its native $AGUNG token. With future versions, the function will support stable means of payments in the form of stablecoins, integrating them into the peaq network to put its economy on a solid footing with a stable unit of account and medium of exchange. The integration will enable a seamless transition between fiat currencies and on-chain tokens, bringing the real-world and digital economies closer. It will also enable industry-grade decentralized services on the network, guaranteeing all participants of the Web3 Economy of Things a bulwark against market fluctuations.
The release marks a major milestone as peaq continues to develop its network with supervision from Parity Technologies’ Substrate Builders Program. peaq earlier officially joined the program, announcing the successful completion of the first milestone, with peaq pay as a crucial next step in the process.
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