Vienna-Based Car-Sharing Service Embraces Web3 with Tokenized Teslas
In an exciting development, a car-sharing service headquartered in Vienna has taken a leap into the world of Web3 by implementing blockchain-based self-sovereign IDs for their vehicle fleet. Eloop, in collaboration with the Peaq Network, a Web3 ecosystem focused on the economy of things, recently announced the tokenization of 100 Teslas using the Peaq platform. This innovative integration allows users to own fractional shares of the car fleet and receive a portion of the revenue generated through daily rideshare operations.
Nico Prugger, co-founder of Eloop, and Leonard Dorloechter, co-founder of Peaq, discussed the potential of decentralized car sharing, the widespread adoption of Web3, and the future prospects for blockchain-based assets of significant value.
Prugger explained that when users acquire tokens, they gain ownership of a fraction of the entire carsharing fleet, proportional to their investment in the tokens. Through this tokenization process, users directly benefit from the revenue generated by renting out the cars, with the earnings promptly distributed among the token-holding community.
Dubbed “car sharing 2.0,” this novel approach strives to offer users a sense of genuine ownership while minimizing their responsibilities. Prugger added that Eloop handles all the legal aspects related to the cars, aiming to make investing in vehicles as effortless as possible for everyone.
Interestingly, Siemens, a Germany-based industrial manufacturing company, previously highlighted the potential use case of blockchain for carsharing through one of its subsidiaries, Siemens Mobility, back in 2019.
Dorloechter emphasized the necessity of integrating blockchain technology into real-world assets to foster wider adoption and understanding among the general population. He stressed the importance of bridging the gap between the digital and physical realms, allowing people to co-own revenue-generating assets based on tangible services and goods.
The Peaq blockchain network, built on Polkadot, serves as the transaction and data storage layer for the tokenized Teslas’ decentralized physical infrastructure network (DePIN). Dorloechter explained that Polkadot was chosen for its interoperability features, and Peaq has designed an economic model tailored to incentivize Internet of Things (IoT) use cases specifically.
According to Dorloechter, carsharing is just the beginning of a broader movement, as various companies express interest in decentralized electric vehicle charging, decentralized ride-hailing services similar to Uber, and even decentralized camera networks. This trend reflects a shift in control and ownership, with individuals and machines now having the ability to own and manage their own data, thereby empowering users to sell or share it as desired, without the dominance of Big Tech corporations.
Dorloechter drew a parallel between these advancements and an EU initiative called Gaia-X, which envisions a sovereign data infrastructure and sets standards for identity and data sharing, ultimately contributing to the establishment of true smart cities.
Prugger also commented on the EU’s regulatory landscape, acknowledging the clarity provided by MiCA regulations, which has enabled them to contemplate scaling their innovative concept across Europe.
Recognized for their integration of artificial intelligence (AI) in self-driving capabilities and environmental monitoring, Teslas are poised to play a pivotal role in the age of automation. Some estimates predict that nearly 50% of current work activities could be automated by 2045.
Dorloechter highlighted the potential for AI-capable vehicles like Teslas to serve as robo-taxis, and he emphasized that tokenizing such vehicles would democratize the benefits of automation. By enabling the general public to invest in and profit from these value-generating autonomous assets, the initiative aims to reduce wealth inequality and offer opportunities to individuals that would otherwise be monopolized by large corporations.
As more high-value physical assets find their way onto the blockchain and become tokenized for public access, Dorloechter believes that communities will gain the ability to fund and construct infrastructure while simultaneously reaping financial benefits.
In summary, Eloop’s embrace of Web3 through the tokenization of Teslas represents a significant step toward revolutionizing car sharing, fostering blockchain adoption, and unlocking the potential for inclusive ownership and revenue generation in the age of automation.
