100 tokenized Teslas ‘democratize’ and ‘decentralize’ Web3 ride sharing

Eloop and Peaq Network Tokenize Teslas

A Vienna-based car-sharing service company has equipped more than half of its over 200 vehicles with blockchain-based self-sovereign IDs for tokenization purposes.

On the 27th of June, Eloop, a car-sharing service, and Peaq Network, a Web3 environment for the economy of things, declared that 100 Teslas had been tokenized by Peaq. This blockchain integration permits users to own a portion of the fleet and partake in the proceeds the cars make from their daily rideshare activities.

Cointelegraph had a conversation with Nico Prugger and Leonard Dorloechter, the co-founders of Eloop and Peaq respectively, in Vienna, covering topics such as decentralized car sharing, the widespread acceptance of Web3 and the potential of blockchain-based high-value assets.

Prugger informed Cointelegraph that when somebody has a token, they possess a portion of the whole carsharing fleet, depending on the amount of money they have invested in the token.

The tokenization process then generates income when the cars are rented, and this revenue is quickly shared with the token holders.

“We wanted to provide the feeling of real ownership while also making it effortless for everyone to invest in the car without any obligations,” Prugger stated. “We handle all the legal matters with regards to the cars.”

Blockchain Integration for Car-Sharing Applications

In 2019, Siemens Mobility, a subsidiary of the Germany-based industrial manufacturing company Siemens, also discussed the use of blockchain for car-sharing applications.

Dorloechter emphasized the importance of incorporating blockchain into tangible assets in order to facilitate wider acceptance and comprehension of the technology.

The Peaq blockchain network, based on Polkadot, is hosting the transaction and data storage layer for the tokenized Teslas’ decentralized physical infrastructure network (DePIN).

Siemens has released a digital bond worth $64M on a public blockchain.

Dorloechter stated that the business selected Polkadot because of its “interoperability” feature and has created an economic system to “specifically reward those IoT [Internet of Things] applications.”

He stated, “We are able to do this due to outsourcing security to Polkadot, which provides a great deal of product value.”

Democratizing the Era of Automation

Prugger and Dorloechter both stated that carsharing is only the start, and that numerous firms are interested in decentralized electric vehicle charging, decentralized Uber, and a decentralized camera network.

Dorloechter commented that it is now feasible for both users and machines to possess and manage their own data, and users can choose to sell or make it accessible if they desire.

He attributed this progress to Gaia-X, a European Union initiative that seeks to build a sovereign data infrastructure, as well as identity and data sharing standards, to bring about “real smart cities.”

Prugger remarked on the European Union’s general attitude towards new technologies and digital assets, noting that the clarity given by the MiCA regulations has enabled them to consider “expanding the concept” across Europe.

Italy has allocated millions of euros for employees who may be at risk of being replaced by artificial intelligence.

Tesla vehicles are renowned for their integration of Artificial Intelligence (AI) for autonomous driving and monitoring the environment. As the era of automation is fast approaching, some projections suggest that up to 50% of current work activities could be automated by 2045.

Dorloechter suggested that Teslas and other AI-capable vehicles could be programmed to act as robo-taxis, and tokenization of these cars would open up the possibility of democratizing the era of automation.

He warned that the profits generated by autonomous cars could be pocketed by only a few large corporations.

As more physical items of high value are tokenized and made available to the public through the blockchain, Dorloechter believes it is possible for communities to both fund and construct infrastructure and also benefit from it.

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