peaq and Fetch.ai Release Polkadot and Cosmos Multichain IDs

Summary:
• The multichain ID enables vehicles, robots and devices on Polkadot and Cosmos to share data, in a move by peaq to unlimited interoperability.

Peaq, the Web3 network which supports Polkadot’s Economy of Things—has introduced multi-chain Self-Sovereign Machine Identities facilitated by autonomous AI agents at Fetch.ai. This is a cutting-edge infrastructure for running AI- and automation-enabled P2P programmes. Decentralised physical infrastructure networks (DePINs) are a big trend in the Web3 sector, and thanks to this integration, which is currently live on peaq’s Github, peaq brings a chain built to power DePINs into the Cosmos ecosystem.

Understanding Multichain IDs and the benefits

In order to create a more interconnected and accessible Web3, Polkadot and Cosmos are two of the leading Web3 initiatives pioneering native interoperability. The decentralised data exchanges between the two multi-chain ecosystems are made possible by the multi-chain Machine IDs on peaq, furthering this effort for interoperability.

Maria Minaricova, the Director of Business Development at Fetch.ai said: “To maximize the potential of our AI Agents, we believe in utilizing multichain communication across devices. By bringing together the Polkadot and Cosmos ecosystems, we create value for everyone involved.”

A distributed address book implemented in the peaq data warehouse is crucial to the system’s operation. Users will be able to include their machine’s network address in their peaq contact list when setting up a Machine ID. If the user chooses to do so, a self-sufficient agent will be built on Fetch.ai’s Agentverse, and the machine’s peaq ID and its address and wallet in the Cosmos IBC ecosystem will be added to the address map on peaq.

The agent then repeatedly pings the peaq blockchain in search of data about the peaq address linked to its Cosmos address in the address book. This makes it possible for vehicles, robots, and devices on the Polkadot and Cosmos ecosystems to share data with one another across several chains.

In addition, the use of a multi-chain Machine ID enables the management of various identities across several blockchains, as well as the crowdfunding of fleets of connected vehicles, robots, and devices using peaq’s Machine DeFi suite. Soon to be available through peaq’s SDK, these features establish peaq as the multi-chain hub for DePIN projects in the Polkadot and Cosmos ecosystems.  

The development will promote more interoperability in the Economy of Things by facilitating multi-chain machine communication and interactions. This moves peaq closer to realising its goal of a worldwide interoperable multi-chain Economy of Things.