Blockchain networks peaq and Fetch.ai are collaborating with Bosch to create crowdsourced physical data networks. It uses a Bosch multi-sensor device to collect IoT information. That data could be for weather stations, noise monitoring or various other applications. The web3 angle is device owners will earn crypto rewards for monetizing their data. The combination of monetization and IoT data is often referred to as the economy of things (EoT).
The concept is not dissimilar to another web3 offering, the Helium Network which also supports Internet of Things (IoT) devices and has almost a million hotspots. Helium is backed by the likes of Tiger Global, Andreessen Horowitz, Goodyear Ventures, Liberty Global and a division of Deutsche Telekom. It also has a token worth around $700 million.
Both the peaq consortium and Helium talk about Decentralized Physical Infrastructure Networks (DePINs) – the network of devices used to collect data. Often the data will be environmental, not just weather. The Bosch XDK110 device has eight sensors including ones to measure magnetic fields, temperature, pressure, light, noise and a gyroscope. For any particular application, only the necessary sensors will be used.
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