|

Cryptocurrency Guide | Guides

What Is Krest Network (KREST)? All You Need To Know

Author

Rickie Sanchez

Tags

Tags Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice / Slider Posts

Reading time

3 mins
Last update

Author

Rickie Sanchez

Tags

Editor's Choice, Slider Posts

Reading time

3 mins
Last update

krest network

Join our growing community


Key Takeaways

  • Krest Network is a test environment built on the Peaq blockchain.
  • The project is like a practice space for developers, where they can experiment with their ideas before deploying them in the real world.
  • Krest Network uses real tokens and has a community of users, which helps developers get a realistic idea of how their applications would perform in the real world.
  • The project encourages experimentation in various areas, such as social-economic aspects, technical implementations, and even how communities and governance structures would function within the Peaq ecosystem.

What Is Krest Network (KREST)?

Krest Network is a test environment for the Economy of Things (EoT) built on the Peaq blockchain.  It allows developers to experiment with and launch applications and decentralized physical infrastructure networks (DePINs) in a simulated real-world setting with real tokens and a community, all without affecting the actual Peaq network.

How Does Krest Network (KREST) Work?

Krest Network (KREST) functions as a “canary network” for the Peaq network, designed specifically for the Economy of Things (EoT). Here’s a breakdown of how it works:

Simulation Environment For DePINs And dApps

Krest Network is a safe testing ground for developers building applications and infrastructure for the Economy of Things (EoT). It’s a simulated environment that uses a real public blockchain, allowing developers to see how their creations would function in the real world. They can experiment and make mistakes without any risk of causing problems in real-world systems.

Incentivized Participation

KREST, the native token of the network, fuels various functionalities within Krest. Users are incentivized with KREST for actions that contribute to the network’s growth, such as:

  • Connecting their IoT devices to the network.
  • Allowing developers to leverage their connected devices for simulations.

Real-World Benefit For Peaq Network

By testing and refining DePINs and dApps in the Krest Network’s secure simulation environment, developers ensure their creations are functional and minimize risks before deploying them on the main Peaq network and interacting with real-world infrastructure.

Krest Network (KREST) Token And Tokenomics

Tokenomics

The KREST token is Krest Network’s native cryptocurrency. It is used for:

  • Transaction Fees
  • Incentive Mechanisms
  • Reward Tool

Token Details

Total Supply 400,000,000 KREST

Circulating Supply 51.46M KREST

Current Price $0.5288

Market Capitalization $27.21M

This information is current as of April 24th, 2024, and the token’s price, market value, and available supply may fluctuate.

Distribution

  • Funding Reserve (12.5%)
  • Early Backers (5%)
  • Core Time Lease (20%)
  • Treasury (10%)
  • Adoption Programs (22.5%)
  • Community Initiatives (25%)
  • EoT Labs Team (5%)

Where Can I Buy Krest Network (KREST)?

MEXC – MEXC is a world-leading cryptocurrency exchange known for its user-friendly platform and various trading options.

XT.com – XT.com is a global cryptocurrency exchange headquartered in Dubai, calling itself the world’s first “social-infused” exchange.

Is Krest Network (KREST) A Good Investment?

Pros

  • Safe Testing Ground for DePINs and EoT – Krest is a simulated environment for developers to build and test Decentralized Physical Infrastructure Networks (DePINs) and other Economy of Things (EoT) applications without affecting the real world.
  • Supports Innovation – Krest’s features and functionalities encourage experimentation in areas like socio-economic models, governance structures, and smart contract development for DePINs.
  • Fast Prototyping – Developers can leverage Krest’s tools and the real-world environment with live tokens to quickly create prototypes and iterate on their DePIN and dApp ideas.

Cons

  • Newer Project, Higher Risk – As a newer cryptocurrency project, KREST might be more prone to volatility or even failure than established ones.
  • Unproven Technology – The “Economy of Things simulation network” is a novel concept, but its feasibility and potential benefits are not yet fully demonstrated.

Final Thoughts

Whether Krest Network (KREST) is a good investment depends on your risk tolerance and goals. Remember, this guide provides a starting point for your research. Always conduct your due diligence before making any investment decisions.