Alibaba and IM Motors open IM Valley to embrace blockchain technology
IM Motors, the advanced intelligent pure electric vehicle brand backed by China’s largest automaker, SAIC, and e-commerce giant Alibaba, announces that it will officially launch its Drive-to-Earn reward scheme, with Mileage Mining mode starting on August 7. , 2022, for IM Valley, a metaverse built for its car owners to earn digital “Stones” while driving. It marks the completion of IM Motors’ Customer Share Option Plan, or CSOP, an initiative to bring the power of data back to its owners with real-life rewards and incentives.
According to the reward scheme, IM car owners can spend up to 6,800 Stones plus 10,000 Chinese Yuan for an autonomous driving system with lidars, radars and OrinX chips for their vehicles.
Drive-to-earn in the metaverse
What IM Motors is building in its metaverse – also known as IM Valley – tells a story: how driving can be innovative, interesting and rewarding.
IM Valley, the virtual place where IM owners can explore new driving experiences, is powered by advanced blockchain technologies.
Mining of kilometers allows IM owners to drive to earn up to 210 million stones or 70% of the total supply of 300 million available for mining.
Once launched, Stones drop in batches every 10 minutes in this mode. The total offer will not increase but will be halved every four years. Each Stone drop will be “shared” between participating IM owners. The idea behind this is that the more they drive, the earlier they participate with more contributions in mileage, and the greater the chances they will have of winning more Stones.
Educational mining was first launched on August 21, 2021 on the IM app, with 30% of Stones available for this educational blockchain game-like mode. IM owners earn crystals, the in-game token, through a variety of tasks, such as registering, posting articles, sharing community ideas, and participating in online or offline events.
IM Go! is a dedicated segment in the IM app where IM owners can find more fun new ways to mine rocks. New scenarios, such as Moving Art, Best Highway and Citylife, will be rolled out soon.
Self-developed chain for data security and privacy
IM Valley Chain is where all stones are generated, which is a proprietary blockchain developed by IM Motors to protect data rights and value for IM owners. The chain consists of nine nodes, and more will be added in the future. By adopting a consensus mechanism, each node works independently, protecting data completion, while all transactions are compatible.
The chain ensures that all transactions of Stones are recorded on the chain with a unique hash rate for each transaction, while all nodes are published for validation. The chain verifies each node with a ledger before packing a certain amount of transactions into a block, which is attached to the end of the IM valley chain to confirm the completion of a transaction. Data security, information protection, immutability and unforgettability of transactions are all ensured based on an elliptic curve algorithm and hashing algorithm through a public key cryptographic algorithm to protect all users’ data rights and equality.
Mining of kilometers is powered by a smart contract on the IM Valley Chain. For example, in each batch of rock drops, the mileage mining batch code is used as input, while the mileage is as the subtotal. Based on random numbers (including snapshots of key data, hash rates of transactions, etc.) generated by the blockchain, the results will then show N series numbers of mileage that win Stones. Such data will be measured continuously before being used as a weighting factor to drive data contributions.
Data collection and privacy is crucial today. IM Motors publishes IDPP, a data and privacy plan, to strictly protect car owners’ data security using blockchain technologies. It also claims it will never use biometric technologies – facial recognition, fingerprint scanning and voice recognition – for its vehicles.
Embrace the technology and inward for the future
Technology brings innovation and also fosters a highly engaged community.
Back in 2021, IM Motors worked with Totalab, collaborating with artist Fei Yining to launch its first NFT “IM Crossing: The New Totem”, a community-generated artwork featuring IM car owners. The totem of IM Valley’s community features users’ profile pictures as part of the artwork. IM Motors also plans to collaborate with more emerging artists, designers and its community to launch new digital collectibles in the future.
To promote a green yet rewarding driving experience, IM Motors will expand its Drive-to-Earn rewards scheme to allow IM owners to redeem various rewards with Stones, including hardware upgrades, premium services, limited editions, digital collectibles and Experience Day events and more.
As IM Motors builds a leading blockchain-powered public data rights validation platform for the Chinese automotive industry, it will never stop exploring opportunities to embrace new technologies to inspire society for a greener future.
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