March 19, 2024

100 Teslas on peaq: ELOOP brings car-sharing to the Economy of Things

What’s happening?

ELOOP has outfitted 100 Teslas in its car-sharing fleet serving almost 100,000 registered users with peaq IDs, connecting them with the peaqosystem and the wider Web3 and allowing anyone anywhere to invest in these Teslas and earn from their revenues.

Why does it matter?

There are literal Teslas — T-E-S-L-A-S! — on peaq, providing real-world mobility. This project proves that the decentralized physical infrastructure network (DePIN) model works even for costlier hardware… You know, such as Teslas.

What does it mean for the community?

You can now drive a Tesla via a Web3 car-sharing app on peaq and earn for it! Think about that for a second: You earn for driving a Tesla — not Tesla, not Uber. With a new DePIN in town, there is more activity on the network, and more liquidity driven by real-world demand and value coming into the ecosystem, as well as more opportunities to earn rewards for peaq and ELOOP users. It also means you’re part of the community with the first Web3 Teslas in it. 

Imagine buying a cool new smartphone and using it once a day to play one Angry Birds level. That’s a comparison that comes to mind when you hear that cars spend about 95 percent of their time in parking spots.     

Well, Elon Musk, Tesla’s CEO and crypto Twitter’s darling, is having none of that. The ability to rent your Tesla out when you aren’t using it has been part of the company’s promise for years. Elon recently recommitted to it, discussing an upcoming new robo-taxi Tesla model. 

The logic is simple and sound. Your self-driving car should be able to provide services when you’re not using it. If it does, it’s only fair that whoever uses it pays you your due. Well, Tesla also gets a cut — a substantial one — and there is the anxiety and the risks of renting out an expensive vehicle to a stranger…

ELOOP, a Vienna-based carsharing provider and blockchain startup, spares you the headache of checking in on your Tesla through the app every two minutes. For that matter, you don’t even need to buy an entire Tesla. You still get to earn rewards from the rides it provides, though. 

Already live in Vienna, a whopping 100 Teslas from its fleet of more than 200 are now coming to peaq. The goal: providing the most Web3 car-sharing services that Web3 or car-sharing has ever seen. 

Tokens that go vroom    

So here’s what it’s all about: as part of the integration, ELOOP has set up self-sovereign peaq IDs for 100 Teslas, linking them with the peaq network. Thanks to the Multi-Chain Machine IDs unveiled earlier and powered by Fetch.ai’s AI agents, the Teslas will be compatible with multiple Web3 ecosystems from the get-go.

peaq’s blockchain will provide the backend layer including identity, data storage, transactions, and more for this DePIN. It will enable users from all over the world to invest in tokenized Teslas and get a share of the revenues they generate. For now, it’s car-sharing, but one day, these vehicles could also take on ride-sharing (like Uber) or autonomous delivery.

The integration upgrades ELOOP’s asset tokenization model, which it has already used to raise some €1.6 million via sales of tokens that grant their holders a cut in Tesla revenues. The new version of this model leverages peaq to decentralize its underlying tech stack. It brings the car-sharing service deeper into Web3 — deeper than any car-sharing service has been to date. Further down the line, it will also enable Teslas to provide their services in a fully autonomous manner. These vehicles will be able to work as AI-powered robo-taxis, couriers, and more.

As part of the initial integration, the Tesla IDs are already live on peaq’s testnet, and the transaction data they generate is available on a dedicated dashboard. With krest, peaq’s sister network on Kusama now live, the IDs will migrate there.

How is this different from regular carsharing?

With traditional (Web2) carsharing apps, the only entity turning a profit is the company behind the app. It’s a simple equation: You rent out what’s theirs and pay for that.

ELOOP’s approach makes this much more democratic. It enables anybody anywhere in the world to buy tokens that reward holders with a cut of revenues generated by the Teslas. Thus, if you’re a token holder, you can even earn from your own ride on one of the tokenized EVs. How crazy is that?

As the project develops, ELOOP is planning to decentralize it even further, unlocking more rights and earning opportunities to token holders. peaq IDs and other core Modular DePIN Functions will prove to be a helpful tool in that. They will give Teslas more autonomy as they enable them to transact and distribute user token rewards on their own. 

peaq’s network rewards will also allow for these increasingly autonomous Teslas to become fully self-sufficient, independent economic actors. A portion of network rewards is distributed to machines on the network. The better they perform, the more votes from the community they get, and the more they’ll earn. 

With the peaq integration, ELOOP is the most Web3 car-sharing platform out there, one that not only enables you to earn from Teslas providing real-world services, but also leverages  peaq to decentralize its inner workings. ELOOP’s fleet of tokenized Teslas outfitted with Self-Sovereign Machine IDs is clear-cut, tangible proof of how much DePINs have to offer to the $48+ billion mobility industry. 

A new model for DePINs

ELOOP’s car-sharing DePIN is the first project tokenizing and decentralizing ownership over major infrastructure hardware to this extent. ELOOP’s approach enables individuals and businesses to invest directly into assets and earn rewards based on their performance. 

Now, ELOOP aims to bring this mechanism to an array of industries like sustainable power grids, harnessing the power of blockchain to unlock community-driven hyper-scaling. That is to say: It enables you to get your energy and other services in a decentralized and legally-compliant way.  

“A Web3 EV car-sharing is only the beginning. It is a harbinger of all-around, foundational change in how we manage and own the infrastructure powering our daily routines. Just as an example, a wind turbine is too cumbersome for an individual to set up and run as part of a DePIN, but our business model makes it possible and legally-feasible for them to invest in one and earn rewards for the energy it provides. We’re not stopping at car-sharing.” 

- Leroy Hofer, CEO and co-founder of ELOOP

“ELOOP offers a functional and effective solution to the challenges around building DePINs for costlier infrastructure. I have tried ELOOP’s car-sharing myself, and I have to say, the experience of driving around in a Web3 Tesla is nothing short of groundbreaking. We are excited to see this model extended to more industries and markets.”

- Leonard Dorlöchter, co-founder of peaq

About ELOOP

ELOOP is a pioneering mobility and blockchain startup from Austria that redefines the concept of car sharing with a zero-emission focus. Setting an unprecedented milestone, ELOOP leverages the power of blockchain technology as the world’s first company to tokenize shared vehicles, enabling both individuals and businesses to invest directly into assets and earn rewards based on its performance. Beyond its own operations, ELOOP also empowers other companies by providing cutting-edge tokenization software, fostering seamless integration with Web3 networks. By connecting diverse industries such as mobility and energy, ELOOP paves the way for revolutionary collaborations and unlocks new possibilities for the transformation of the economy.

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