Is ridesharing the key to unlocking Web3’s potential for the masses? Eloop, a Vienna-based car-sharing service, has partnered with Web3 ecosystem Peaq Network to explore this idea further. Their latest venture involves tokenizing a fleet of Teslas, bridging the gap between blockchain technology and transportation. Eloop has integrated blockchain-based self-sovereign IDs into nearly half of its 200+ car fleet, enabling users to own a fraction of the vehicles and share in the profits generated through daily ridesharing activities.

Decentralizing Car Ownership
Eloop’s tokenization process is simple yet groundbreaking. Holding a token grants users partial ownership of the entire fleet, with the extent of ownership determined by their investment in the token. Any revenue generated from renting the cars is promptly distributed back to the community. Eloop handles the administrative tasks related to the vehicles, allowing token holders to enjoy the benefits of ownership without the associated burdens.

Co-founder Nico Prugger referred to this model as “car sharing 2.0” in an interview with Cointelegraph, highlighting its unique blend of community ownership and revenue sharing.

The Peaq blockchain network, built on the Polkadot platform, serves as the transaction and data storage layer for the tokenized Teslas within the decentralized physical infrastructure network (DePIN). The choice to utilize Polkadot was driven by its interoperability and ability to incentivize Internet of Things (IoT) use cases.

Transforming Transportation Through Tokenization
The tokenization of transportation and the subsequent democratization of vehicle ownership exemplify a model in which individuals can truly own, control, and even monetize their data—a fundamental principle of the Web3 movement. While the transportation industry has yet to fully explore the potential of Web technologies, manufacturing giant Siemens briefly explored the concept of tokenized car-sharing back in 2019.