January 16, 2024

penomo deploys its smart contracts on peaq’s testnet

What’s happening?

penomo deploys the smart contracts powering its business logic on peaq’s testnet agung and links its application with them, also completing its Investor Platform.

Why is it important?

In completing the third milestone of its Ecosystem Grant Program, penomo makes another stride towards launching on peaq as the ultimate tokenization mechanism for sustainable energy assets.

What does it mean for the community?

penomo’s launch on peaq will drive up network activity, creating more value for everyone, while also making peaq the backbone for a fast-growing market anchored in real-world demand and services.

penomo makes another stride toward launching on peaq

Even though the energy storage market is expected to grow to up to $150 billion by 2030, the humble battery isn’t something people usually get excited about. Unfairly so, one could say, given how much value they actually create. For once, the laptop this blog was written on runs on a battery, and so does the phone you could read it on. 

The batteries that penomo, the Web3 monetization platform for green energy assets, is all about are a bit bigger than the one in your phone, though. These are industrial-grade energy storage units collecting sustainable energy and providing it to anyone willing to pay for the juice. penomo joined peaq to become the ultimate engine for tokenizing real-world energy assets, enabling people and companies to offer the global Web3 community a chance to invest in their batteries. Now, it’s made another important step toward its launch.

The smart contracts powering penomo’s business logic are now live on the Ethereum Virtual Machine (EVM) side of agung, peaq’s testnet. These contracts let battery owners redistribute the revenues generated by their energy assets among the investors according to the preset conditions. For now, they are running on test tokens, enabling the project to streamline and troubleshoot its key mechanisms before launching on peaq. 

penomo has also updated the backend — the machinery under the hood, in coding terms — of its application, enabling it to interact with these contracts. It has tapped the peaq SDK to create unique multi-chain peaq IDs for batteries, making it easier for their owners to tokenize them and connect them with peaq. Customers will be able to purchase energy directly from batteries, with the full or partial revenues distributed between token holders automatically, in a transparent and trustless way.

In another major development, penomo has also completed the first version of its Investor Platform. The community-facing app enables people to set up a profile on penomo and go through user verification. With that out of the way, people can top up their funds on penomo, review and invest in tokenized batteries around the world, and withdraw the rewards earned from these investments.

Milestone 3 of the peaq Grant Program has been unlocked.

“We are thrilled to be making progress this fast. Soon enough, we expect to be able to launch the first version of our platform and begin proof-of-concept projects with a bevy of exciting partners. With peaq mainnet launch drawing closer by the day, this year will be crucial for penomo — and for the entire DePIN space.”

— Jasvir Dhillon, co-founder and CEO of penomo.

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