Infrastructure technology remains in high demand. We compare two major projects — Chainlink and Peaq, and assess their impact on the industry.
What Do Chainlink and Peaq Do?
Chainlink serves as a bridge between blockchains and the real world by providing access to data needed for the accurate execution of smart contracts. Projects like Aave and MakerDAO heavily utilize data from Chainlink. Peaq, on the other hand, focuses on creating decentralized physical infrastructure networks, enabling devices to interact and transact autonomously.
Technology: How They Work
Chainlink uses decentralized oracles to fetch data from external sources and supports the CCIP protocol for interoperability across different blockchains. Peaq is built on Substrate and implements self-sovereign machine identities, allowing devices to operate independently.
Comparing Use Cases and Opportunities
Chainlink finds applications in financial technology, gaming, and insurance thanks to its robust infrastructure. Peaq targets transformations in sectors like EV charging networks and smart cities, implementing technologies that allow devices to transact without intermediaries.
Both projects have strong sides and offer unique opportunities across different segments. Chainlink has established itself in the DeFi space, while Peaq positions itself as a promising player in decentralized physical infrastructure.
