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

A Vienna-based car-sharing service company has equipped nearly half of its 200+ fleet of cars with blockchain-based self-sovereign IDs for tokenization purposes.On June 27, the car-sharing service Eloop and the Peaq Network– a Web3 environment for the economy of things– revealed that 100 Teslas had been tokenized by means of Peaq. The blockchain integration enables users to own a portion of the fleet and share the revenue the vehicles produce from daily rideshare operations. Cointelegraph talked with Nico Prugger, the co-founder of Eloop and Leonard Dorloechter, the co-founder of Peaq, in Vienna, about decentralized cars and truck sharing, mass adoption of Web3 and the future of blockchain-based high-value assets. An Eloop tokenized Tesla on the streets of Vienna. Source: CointelegraphPrugger explained to Cointelegraph that when a user owns a token, they hold a portion of the whole carsharing fleet, depending upon just how much theyve invested into the token. The tokenization then creates direct income when the automobiles are leased, which is instantly distributed back to the token-holding community. “We call it vehicle sharing 2.0 due to the fact that the neighborhood who owns the vehicles also rents them out.” “We wanted to get as close as possible to genuine ownership, but make it as easy as possible for everyone to buy the cars and truck without any responsibility,” Prugger said. “We do all the legal work concerning the cars and trucks.”In 2019, Germany-based commercial production company Siemens likewise mentioned the usage case of blockchain for carsharing purposes via one of its subsidiaries Siemens Mobility. Dorloechter highlighted the need for blockchain combination in real-world possessions to assist with mainstream adoption and understanding of the innovation. “For Web3 to go mainstream, we need a connection in between the digital and genuine worlds, which enable people to co-own properties that produce earnings based on actual services and items.”The transaction and data storage layer for the decentralized physical infrastructure network (DePIN) of the tokenized Teslas is hosted by the Peaq blockchain network, constructed on Polkadot. Related: Siemens problems $64M digital bond on a public blockchainDorloechter stated the company selected Polkadot due to the “interoperability” element and has developed an economic design to “specifically incentivize those IoT [Web of Things] usage cases.”He stated, “This is possible due to the fact that we contract out security to Polkadot. It brings a lot of item worth.”An Eloop tokenized Tesla driving through the streets of Vienna. Source: CointelegraphBoth Prugger and Dorloechter commented that carsharing is just the beginning, and many business are interested in things such as decentralized electric lorry charging, decentralized Uber and a decentralized electronic camera network. “Its possible now that users and likewise machines own and manage their own information, and users can sell it and make it readily available if they wish to,” said Dorloechter. “Its not a Big Tech company in the middle with all the data and monetizing it. Its people and individual cars and trucks– people owning and controlling the data and having the ability to share it.”He linked this advancement to an EU effort called Gaia-X, which aims to create a sovereign data facilities, and requirements for identity and data sharing to assist develop “real wise cities.”Prugger discussed the EUs total position on emerging innovations and digital properties, stating the clarity provided by the MiCA guidelines has actually allowed them to think about “scaling the concept” across Europe. Related: Italy sets aside millions for employees at risk of AI replacementTeslas are known for their combination of synthetic intelligence (AI) for self-driving and tracking surroundings. As the age of automation is nearing, some quotes state that almost 50% of todays work activities could be automated by 2045. Dorloechter mentioned that AI-capable vehicles like Teslas could be automated to become robo-taxis, and for that reason, tokenization of such vehicles would “make it possible for the democratization of the age of automation.””All the value that those self-governing cars produce could end up in the pockets of a few big companies,” he stated.”This is a way to decrease inequality by making all of those self-governing value-generating properties open for individuals to invest and make from.”As more physical high-value items are placed on the blockchain and tokenized for public ease of access, Dorloechter says the ability for “communities to fund and construct facilities, and also earn from it” ends up being real.Magazine: Moral duty: Can blockchain really improve trust in AI?

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A Vienna-based car-sharing service business has outfitted nearly half of its 200+ fleet of automobiles with blockchain-based self-sovereign IDs for tokenization purposes.On June 27, the car-sharing service Eloop and the Peaq Network– a Web3 ecosystem for the economy of things– announced that 100 Teslas had actually been tokenized via Peaq. The blockchain integration enables users to own a fraction of the fleet and share the profits the vehicles create from daily rideshare operations. Cointelegraph spoke with Nico Prugger, the co-founder of Eloop and Leonard Dorloechter, the co-founder of Peaq, in Vienna, about decentralized vehicle sharing, mass adoption of Web3 and the future of blockchain-based high-value assets. “We wanted to get as close as possible to real ownership, however make it as simple as possible for everybody to invest in the vehicle without any responsibility,” Prugger stated.”All the value that those autonomous automobiles produce might end up in the pockets of a couple of big business,” he said.