Innovations in the Polkadot Ecosystem: peaq Creates "on-chain TSL"

Recently, the Polkadot ecosystem has welcomed an impressive innovative application. A well-known electric vehicle brand and a luxury car company will showcase a demonstration of charging and parking fee payments using peaq technology at the IAA MOBILITY 2023 auto show.

peaq is a parachain in the Polkadot ecosystem, aimed at connecting the digital world with the real world. It is built on blockchain and IoT technology to create a Web3 ecosystem that allows users to collectively own and benefit from real-world services and assets.

This innovative application is an in-depth exploration of the IoT economy ( Economy of Things ). It demonstrates how major automotive companies leverage blockchain technology to empower real-world scenarios, providing new possibilities for future smart mobility.

Introduction to Polkadot Architecture

Polkadot is a cross-chain protocol designed to connect and secure different blockchains. It allows independent blockchains to securely exchange information and execute transactions without the need for a trusted third party, thereby enabling interoperability between blockchains.

The Polkadot network consists of three types of blockchains:

1. Relay Chain: As the core of the entire network, it integrates all parallel chains and bridges into a shared ecosystem.

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

3. Bridge: Responsible for connecting Polkadot with external networks to achieve cross-chain transfer of tokens and functionalities.

Implementation of "on-chain TSL"

ELOOP, a shared car service company based in Vienna, has 100 tokenized electric vehicles. peaq provides a unique ID for each car, making it part of the decentralized physical infrastructure (DePin).

These vehicles are "fragmented" and co-owned by multiple shareholders. Investors can become Token holders and participate in the rental income of the fleet. The profits generated from the rentals will be evenly distributed between ELOOP and the Token holders, settled monthly.

Currently, these 100 electric vehicles have completed over 7000 trips, with transaction records for each trip stored on the peaq testnet. The officials stated that this data will soon be migrated to peaq's Kusama parachain krest.

Innovative Payment Demonstration

At the upcoming auto show, a well-known electric vehicle brand will demonstrate how to utilize peaq technology to achieve autonomous payment for charging and parking fees. This demonstration is part of the Gaia-X 4 Future Mobility project moveID, aimed at creating standards and digital infrastructure for the future mobility ecosystem.

In the demonstration, when the vehicle is placed in a charging state, it will register with the charging station or parking space using its autonomous machine identity and pay the fees from its own decentralized wallet. The peaq testnet and a certain cross-chain network will serve as the transaction and identity layer to support these interactions.

Autonomous Economic Agency Framework

The autonomous economic agent architecture of a certain cross-chain network ( AEA ) plays an important role in this demonstration. AEA aims to build a decentralized intelligent economy to provide more efficient, secure, and intelligent ways for economic interactions.

The core of the AEA architecture includes four main components:

1. Agent (: Each node acts as an independent smart agent, possessing its own wallet address, identity identifier, and smart contract.

2. Communication ) Connection (: A blockchain-based peer-to-peer communication protocol for information transmission between agents.

3. Skill): Pluggable module for extending the capabilities of the agent, such as natural language processing, machine learning, etc.

4. Protocol (: Defines the rules and guidelines for communication between agents.

In this demonstration, a certain cross-chain network provided 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 cross-chain network, these agents will facilitate interaction between devices (including vehicles, charging stations, and infrastructure) to provide users with the optimal charging and parking experience based on SSI.

This innovative application demonstrates the practical application potential of blockchain technology in the real world, providing new ideas and possibilities for the development of future smart mobility and the Internet of Things economy.