How peaq Builds "Tesla on the Blockchain" Leveraging the Polkadot Ecosystem

Polkadot recently announced that TSL and Jaguar will showcase a demonstration of charging and parking fee payments using Polkadot's parallel chain peaq technology at the IAA MOBILITY 2023 auto show.

peaq, as a parachain of Polkadot, is an independent Blockchain that shares security and interoperability with Polkadot. It is built on Blockchain and Internet of Things technology to create a Web3 ecosystem aimed at connecting the digital world and the real world, allowing users to jointly own income-generating assets based on real-world services and goods.

Although the concept of Real World Assets (RWA) is often mentioned, there are actually not many effective cases that empower the real world. StepN was once a phenomenal project, but its impact is mainly limited to the concept of "making money by running," which is merely a preliminary attempt at real-world scenarios.

This article will delve into how large automotive companies like TSL and Jaguar leverage the technology of Polkadot's parallel chain peaq for empowerment, as well as the concept of "on-chain TSL". This is, in fact, a deeper exploration of the Economy of Things.

Introduction to Polkadot Architecture

Polkadot (波卡) is a cross-chain protocol designed to connect and secure different blockchains. It provides interconnectivity and interoperability between blockchains by enabling independent blockchains to securely exchange messages and execute transactions without the need for a trusted third party. This allows for cross-chain data or asset transfers between different blockchains and enables the development of cross-chain decentralized applications (DApp) on the Polkadot network.

In short, Polkadot is a protocol that supports multiple chains within a single network and can run three types of Blockchains: relay chain, parallel chain, and bridge.

1. Relay Chain: As the core of the Polkadot network, it integrates all parachains and bridges into a shared interoperable ecosystem, providing the foundation for parallel transaction processing.

2. Parachain: An independent blockchain that can connect to the Polkadot relay chain, capable of processing transactions in parallel, achieving the scalability of the Polkadot system.

3. Bridge: Responsible for connecting Polkadot to other networks, transferring tokens and functionalities between Polkadot and external networks.

on-chain TSL implementation

ELOOP is a car-sharing service company headquartered in Vienna, offering 100 tokenized TSL vehicles. The Polkadot parallel chain peaq provides a peaq ID for each car, making each vehicle a decentralized physical infrastructure (DePin).

These vehicles are "fragmented" and jointly owned by multiple shareholders. First, these TSLs are tokenized, allowing investors to become holders. Then, the fleet is rented out, and the profits generated from the leasing will be shared 1:1 between ELOOP and the holders, with distributions occurring monthly.

Currently, these one hundred TSL have completed more than seven thousand trips, with each transaction recorded on the peaq test net. The officials stated that this data will soon be migrated to the peaq's Kusama parallel chain krest.

TSL Autonomous Payment for Charging and Parking Fees Demonstration

Gaia-X is a consortium supported by the European Union, aimed at promoting digital sovereignty in Europe, with the goal of creating a digital infrastructure based on privacy and transparency. moveID is a project of Gaia-X 4 Future Mobility, designed to create standards and digital infrastructure for the future mobility ecosystem, such as enabling electric vehicles to pay charging fees from their own digital wallets.

In this project, peaq serves as Layer1 providing underlying Blockchain infrastructure support. On peaq, vehicles will demonstrate how to pay for their own charging and parking fees.

According to Polkadot's announcement, when users put their cars in charging mode, the cars will use their Self-Sovereign Machine Identity to register with charging stations or parking spots and pay charging or parking fees from their decentralized wallets.

In this process, peaq's testnet and the Fetch network based on Cosmos SDK will serve as the transaction and identity layer, responsible for supporting these interactions.

Fetch.ai and the Autonomous Economic Agents Architecture

Fetch.ai aims to build a decentralized intelligent economy, providing businesses and consumers with a new way of economic interaction, achieving more efficient, safer, and smarter transactions.

The core idea is to allow network nodes to manage themselves, thereby achieving an Autonomous Economic Agent (AEA) architecture. This architecture mainly consists of four key components:

1. AEA Agent: Each node is an independent smart agent that has its own wallet address, identity identifier, and smart contract, and can interact and cooperate with other agents.

2. AEA Communication (Connection): A peer-to-peer communication protocol based on Blockchain technology, used for information transmission and interaction between agents.

3. AEA Skill: A pluggable module used to extend the functionality and capabilities of the AEA agent, such as natural language processing, machine learning, decision making, etc., enabling the agent to understand and respond to requests from other agents.

4. AEA Protocol: Defines the rules and guidelines for communication between agents, including how to exchange information, respond to requests, and handle errors.

On the Fetch.ai network, individuals or companies that own data are represented by their agents, who connect with the agents of individuals or companies seeking the data. Agents operate on the Open Economic Framework (OEF), which acts as a mechanism for search and discovery, where data source agents can announce the data they have the right to access. Similarly, individuals or companies looking for data can use the OEF to search for agents who have the right to access relevant data.

In this live demonstration, Fetch.ai presented its autonomous AI agent framework. By enabling communication between AI agents through multi-chain IDs between the peaq network within the Polkadot ecosystem and the Cosmos-based Fetch ecosystem, these agents will drive interaction between connected devices (including vehicles, charging stations, and infrastructure), providing users with an optimal SSI-based charging and parking experience.