Alibaba and IM Motors open IM Valley to embrace blockchain tech

IM Motors, the high-end clever pure electrical car model backed by China’s largest automaker, SAIC, and e-commerce big Alibaba, publicizes it would formally launch its Drive-to-Earn Reward Scheme, with Mileage Mining mode beginning on Aug. 7, 2022, for IM Valley, a metaverse constructed for its automobile homeowners to earn digital “Stones” as they drive. It signifies the completion of IM Motors’ Buyer Share Choice Plan, or CSOP, an initiative to carry the facility of information again to its homeowners with rewards and incentives in actual life.

In response to the reward scheme, IM automobile homeowners can use as much as 6,800 Stones plus 10,000 Chinese language yuan for an autonomous driving system that includes lidars, radars and OrinX chips for his or her automobiles.

Drive-to-earn within the metaverse

What IM Motors is constructing in its metaverse — aka IM Valley — tells a narrative: how driving could possibly be revolutionary, attention-grabbing and rewarding.

IM Valley, the digital place the place IM homeowners can discover new driving experiences, is powered by superior blockchain applied sciences.

Mileage Mining permits IM homeowners to drive to earn as much as 210 million Stones or 70% of the entire provide of 300 million accessible for mining.

As soon as launched, Stones will drop in batches each 10 minutes on this mode. The overall provide won’t improve however halve each 4 years. Every Stone drop can be “shared” amongst taking part IM homeowners. The concept behind that is that the extra they drive, the sooner they take part with extra contribution in mileage, and the extra possibilities they are going to have at successful extra Stones.

Instructional Mining was first launched on Aug. 21, 2021, on IM App, with 30% of Stones accessible for this academic blockchain game-like mode. IM homeowners earn Crystals, the “in-game token,” by way of a collection of duties, akin to signing up, posting articles, group thought sharing, and collaborating in on-line or offline occasions.

IM Go! is a devoted section in IM App the place IM homeowners can discover extra new enjoyable methods to mine Stones. New eventualities, akin to Transferring Artwork, Finest Freeway and Citylife, can be rolled out quickly.

Self-developed chain for information safety and privateness safety

IM Valley Chain is the place all Stones are generated, which is a self-developed blockchain by IM Motors to guard information rights and worth for IM homeowners. The chain contains 9 nodes, with extra to be added sooner or later. Adopting a consensus mechanism, every node works independently from each other, defending information completion, whereas all transactions are compliant.

The chain ensures all transactions of Stones are recorded on-chain with a singular hash charge for every transaction, whereas all nodes are printed for validation. The chain confirms every node with a ledger earlier than it packages a certain quantity of transactions right into a block, which can be related to the top of the IM Valley Chain to substantiate the completion of a transaction. Knowledge safety, data privateness, immutability and unforgeability of transactions are all ensured primarily based on an elliptic curve algorithm and hashing algorithm by way of a public key cryptographic algorithm to guard all customers’ information rights and equality.

Mileage Mining is powered by a sensible contract on the IM Valley Chain. As an example, in every batch of Stone drops, the batch code of mileage mining is used as enter, whereas the mileage is because the sub-total. Primarily based on random numbers (together with snapshots of key information, hash charges of transactions, and so forth.) generated by the blockchain, outcomes will then present N collection numbers of mileage that win Stones. Such information can be coherently measured earlier than getting used as a weight issue for driving information contribution.

Knowledge acquisition and privateness are essential these days. IM Motors publishes IDPP, an information and privateness safety plan, to strictly shield its automobile homeowners’ information safety, utilizing blockchain applied sciences. It additionally claims it would by no means use biometric applied sciences — facial recognition, fingerprint scans and voice recognition — for its automobiles.

Embrace the expertise and innovate for future

Expertise brings innovation and likewise fosters a extremely engaged group.

Again in 2021, IM Motors labored with Totalab, collaborating artist Fei Yining to collectively launch its first NFT “IM Crossing: The New Totem,” a community-generated art work with IM automobile homeowners. The totem of IM Valley’s group options customers’ profile photos as a part of the art work. IM Motors additionally plans to collaborate with extra rising artists, designers and its group to launch new digital collectibles sooner or later.

So as to promote a inexperienced but rewarding driving expertise, IM Motors will broaden its Drive-to-Earn Reward Scheme to permit IM homeowners to redeem varied rewards with Stones, together with upgrades of {hardware}, premium companies, restricted editions, digital collectibles and Expertise Day occasions, and extra.

As IM Motors builds a number one public platform for information rights validation powered by blockchain for the Chinese language auto trade, it would by no means cease exploring potentialities in embracing new applied sciences to encourage its group for a greener future.