Polkadot parachain peaq helps achieve "on-chain TSL"

Recently, Polkadot announced that TSL and Jaguar will showcase a demonstration of charging and parking fee payments using peaq technology at the IAA MOBILITY 2023 auto show. As a Polkadot parachain, peaq aims to connect the digital and real worlds, allowing users to collectively own assets that generate income based on real-world services and goods.

Although the concept of real-world assets ( RWA ) has gained wide attention, effective application cases in real-world scenarios are still limited. This article will delve into how large automotive companies leverage peaq technology for empowerment, as well as the specific implementation of "on-chain TSL". This is also a further exploration of the Economy of Things (.

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. The Polkadot network primarily consists of three types of blockchains:

1. Relay Chain: As the core of the Polkadot network, it integrates all parachains and bridges into an interoperable ecosystem.

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

3. Bridge: Responsible for connecting Polkadot with other networks to enable cross-network token and functionality transfers.

![How peaq utilizes the Polkadot architecture to create an "on-chain TSL"?])https://img-cdn.gateio.im/webp-social/moments-e1811ef3f03d5dd4feab6dd957f5c818.webp(

Implementation of "on-chain TSL"

The Vienna car-sharing service company ELOOP owns 100 tokenized TSL. peaq provides a peaq ID for each vehicle, making it part of the decentralized physical infrastructure )DePin(.

These vehicles are "fragmented" and jointly owned by multiple shareholders. Investors can become token holders, and the fleet's rental income will be distributed monthly at a 1:1 ratio between ELOOP and the holders.

Currently, these 100 TSL have completed over 7000 trips, with each transaction recorded on the peaq testnet. The official statement indicates that this data will soon be migrated to peaq's Kusama parachain krest.

TSL Autonomous Payment Demonstration

In the upcoming demonstration, the vehicle will showcase how to use the Self-Sovereign Machine Identity ) to pay for charging and parking fees. When the user puts the car in charging mode, the vehicle will automatically register with the charging station or parking space and pay the related fees from its decentralized wallet.

The peaq testnet and the Fetch network based on Cosmos SDK will serve as the transaction and identity layer, supporting these interactions. The Gaia-X and moveID projects are also involved, dedicated to creating standards and digital infrastructure for the future mobile ecosystem.

Fetch.ai and Autonomous Economic Agents Architecture

Fetch.ai is a decentralized smart economy that aims to provide more efficient, secure, and intelligent transaction methods for businesses and consumers. At its core is the autonomous economic agent architecture (AEA), which includes four main components:

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

2. AEA Communication: A blockchain-based peer-to-peer communication protocol that enables information exchange between agents.

3. AEA Skills: Pluggable modules that extend agent capabilities, such as natural language processing, machine learning, etc.

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

On the Fetch.ai network, data owners and demanders interact through their respective agents in the open economic framework (OEF). In this demonstration, Fetch.ai provides an autonomous AI agent framework that enables communication between the peaq network and the Fetch ecosystem through multi-chain IDs, facilitating interaction between devices and providing users with high-quality charging and parking experiences based on SSI.