How does peaq utilize the Polkadot architecture to create an "on-chain TSL"?

Recently, Polkadot announced that TSL and Jaguar will showcase a demonstration using the Polkadot parachain peaq technology for charging and parking fee payments at the IAA MOBILITY 2023 auto show. This news has attracted widespread attention from the industry, let's delve into how peaq utilizes the Polkadot architecture to achieve this innovation.

peaq is a parachain in the Polkadot ecosystem, sharing security and interoperability with Polkadot. peaq is committed to building a Web3 ecosystem based on blockchain and IoT technology, aimed at connecting the digital and real worlds, allowing users to jointly own assets that generate income from real-world services and goods.

Polkadot is a cross-chain protocol designed to connect and secure different blockchains. It allows independent blockchains to securely exchange messages and execute transactions without a trusted third party, thus providing interoperability and interconnectivity between blockchains. The Polkadot network mainly consists of three types of blockchains: relay chains, parallel chains, and bridges.

In the implementation of "on-chain TSL", ELOOP played an important role. This car-sharing service company based in Vienna owns 100 tokenized TSL vehicles. peaq provides a unique peaq ID for each vehicle, making each vehicle a decentralized physical infrastructure (DePin). These vehicles are "fragmented" and jointly owned by multiple shareholders. Investors can become token holders and share in the profits generated from the fleet's leasing.

At the upcoming auto show demonstration, peaq will showcase how vehicles can autonomously pay for charging and parking fees. When users place their vehicles in charging mode, the vehicles will use their autonomous machine identity to register with the charging station or parking space, and pay the associated fees from their decentralized wallet.

To support this innovative application, 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 provides its autonomous AI agent framework, facilitating communication between AI agents through multi-chain IDs between the peaq network within the Polkadot ecosystem and the Cosmos-based Fetch ecosystem, promoting interaction between connected devices.

In addition, the EU-supported Gaia-X alliance and its moveID project are also involved, aiming to create standards and digital infrastructure for the future mobility ecosystem. These efforts collectively promote the realization of innovative applications, such as electric vehicles being able to pay for charging fees from their own digital wallets.

peaq's attempt to create an "on-chain TSL" using the Polkadot architecture demonstrates the enormous potential of blockchain technology in real-world applications. This not only brings new possibilities to the automotive industry but also provides a strong practical case for the development of the Economy of Things. As technology continues to evolve and improve, we can expect to see more similar innovative applications emerge in the future.