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peaq launches peaq verify, the DePIN data verification framework

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peaq, the blockchain for real-world applications, unveils the first version of its data verification framework, which is already being adopted by two decentralized physical infrastructure networks (DePIN) in the peaq ecosystem — NATIX and Silencio. peaq’s DePIN data verification framework will be broken into three tiers. Tier-1 verification, which enables devices to cryptographically sign any data with its own private key for others to verify provenance, is already live on peaq’s Github. The second tier, currently in development, leverages machine learning to review patterns in the data reported by devices and flag the abnormal readings. Tier-3 verification brings the concept even further and taps a trusted oracle to cross-reference the data sourced by devices. 

DePIN, a Web3 sector drawing all the eyes in the space, leverages thousands of community-owned devices to render real-world services. Whether it’s selling energy from solar panels or data from smart sensors, the process includes a lot of data exchanges — especially when data itself is the goods. It is thus crucial to verify that behind every datapoint is a real device that provides an actual service. In Web2, it would be baked-in controls and centralized platforms doing that, but in Web3, such verification is more of a challenge — so much so that it ended up on the Nakamoto Challenge by a16z.

At the core of the challenge is the fact that there is barely a solution to account for all possible use cases and scenarios when it comes to decentralized data verification. As an example, let’s consider a delivery truck with a cargo that’s supposed to be kept at a temperature below a certain level — a real use case shared by one of peaq’s enterprise partners. The temperature throughout the drive is usually measured with a sensor, which can collect the data and sign it with its private key. Sometimes, though, the driver would put chewing gum on the device to meddle with its readings and trick it into thinking the cargo is sufficiently cooled. In this scenario, the sensor will keep signing the data — but the records will be inaccurate. In this case, Tier-1 verification would sign the wrong data as authentic, but Tier-2 and Tier-3 verification is needed to recognize the anomalous data in the first place. 

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peaq’s framework for decentralized data verification includes three tiers, complimenting one another to make a robust system for trustless peer-to-peer data exchanges:

  • Tier-1 verification enables devices that are capable of supporting it to sign the data using its own private key and store the verification on the peaq blockchain. Anyone can use the device’s public key to verify the cryptographic signature, confirming that the data has indeed been signed by the device and hadn’t been tampered with. This enables DePINs to source data from millions of devices from around the world while ensuring its integrity.
  • Tier-2 verification leverages machine learning to seek out the patterns in the data and flag anomalies. It merges the blockchain and AI technologies, enabling the network to mark the data that fits into the pattern as tier-2 verified, adding another layer of security. This would help DePINs and their participants weed out anomalies and irregularities in their data flows, potentially spotting faulty hardware or malicious actors.  
  • Tier-3 verification includes a trusted oracle to cross-reference the data against. For example, a DePIN could set up a trusted sensor in a specific location to work as an oracle for temperature and humidity in the area and check the readings reported by community devices in the area. The data with an anomalous deviation wouldn’t be marked as Tier-3 verified, introducing an additional safeguard for the framework.

With the first release, Tier-1 verification is already available for projects within the peaq ecosystem to implement in their DePIN, both counting dozens of thousands of devices. The first two DePINs to get to work on integrating it are NATIX, a privacy-first company focused on AI and IoT real-world use cases, and Silencio, a community-powered network that rewards users for providing hyper-local noise pollution data. NATIX will implement the framework in its Drive& DePIN for AI-powered world-mapping, while Silencio will enable the sensors on its noise pollution measuring network to sign the data with their keys.

“peaq’s device data verification framework is a major boost for DePIN as it takes on one of the core challenges for the sector,” says Alireza Ghods, co-founder of NATIX Network. “It enables the devices on any given DePIN to act as providers of trusted data, making its easier to track the provenance of any data point to a specific device. It’s a nuanced and comprehensive system that embraces both security and the core Web3 values.”

“For many DePIN, data is both their lifeblood and their actual product, their value proposition,” says Theo Messerer, co-founder of Silencio Network. “Making sure that this data is verified, reliable, and trustworthy is thus an absolutely crucial condition for success — and peaq’s system enables builders to do just that, in a transparent way and with multiple layers and safeguards.”

“peaq’s approach to data verification offers builders a lot of versatility while being cryptographically-secure and reliable,” says Till Wendler, co-founder of peaq. “It’s inspiring to see its adoption among builders so early — that is the ultimate testimony proving how needed the feature was in the sector.”

The post peaq launches peaq verify, the DePIN data verification framework appeared first on HIPTHER Alerts.

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Daily Crypto News: BlockchainReporter Empowers Crypto Enthusiasts and Traders with Critical Information to Make Informed Decisions

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Alpha Sigma Capital Research Releases May Report on ASC AI Index

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Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet

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Squad Labs announced that its Series A funding round, led by Electric Capital with participation from RockawayX, Coinbase Ventures, L1D, Placeholder, and Mert Mumtaz, will propel the launch of its Fuse smart wallet. The company aims to establish Fuse as a premier solution for securing and compounding personal digital wealth amid the growing onchain economy.

According to the company’s news release on June 12, smart accounts and smart wallets are gaining traction across blockchains as they offer a more intuitive, secure, and programmable user experience. Fuse abstracts seed phrases and provides features like wallet recovery, 2FA capabilities, and enterprise-level security for personal custody, simplifying the choice of storing digital wealth on-chain.

In addition to securing funding, Squad Labs also announced the public testing launch of Fuse on iOS. This move is part of their strategy to expand accessibility and refine functionality ahead of a full market release.

Meanwhile, a recent report from PYMNTS Intelligence explores blockchain’s role in enhancing cross-border payments. It suggests that integrating blockchain can streamline payment processing, enable digital-to-fiat currency conversion, and introduce stablecoins for faster and cost-effective cross-border transactions. Business-friendly decentralized finance (DeFi) solutions further automate and secure transactions via smart contracts, reducing dependence on traditional payment systems and enhancing security and transparency.

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The report underscores the significance of educating businesses and end-users about the benefits of blockchain-based cross-border payments. It advocates for partnerships with FinTechs and proactive engagement with financial institutions to drive adoption and improve industry-wide support for blockchain technologies in payments.

Overall, Squad Labs’ funding round and Fuse’s development represent strategic advancements in blockchain technology aimed at enhancing digital wealth management and transforming cross-border payment landscapes.

Source: pymnts.com

The post Blockchain Firm Squad Labs Raises $10 Million for Smart Wallet appeared first on HIPTHER Alerts.

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