IM Motors, the high-end intelligent pure electric vehicle brand backed by China’s largest automaker, SAIC, and e-commerce giant Alibaba, announces it will officially launch its Drive-to-Earn Reward Scheme, with Mileage Mining mode starting on Aug. 7, 2022, for IM Valley, a metaverse built for its car owners to earn digital “Stones” as they drive. It indicates the completion of IM Motors’ Customer Share Option Plan, or CSOP, an initiative to bring the power of data back to its owners with rewards and incentives in real life.
According to the reward scheme, IM car owners can use up to 6,800 Stones plus 10,000 Chinese yuan for an autonomous driving system featuring lidars, radars and OrinX chips for their vehicles.
Drive-to-earn in the metaverse
What IM Motors is building in its metaverse — aka IM Valley — tells a story: how driving could be innovative, interesting and rewarding.
IM Valley, the virtual place where IM owners can explore new driving experiences, is powered by advanced blockchain technologies.
Mileage Mining 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 will drop in batches every 10 minutes in this mode. The total supply will not increase but halve every four years. Each Stone drop will be “shared” among participating IM owners. The idea behind this is that the more they drive, the earlier they participate with more contribution in mileage, and the more chances they will have at winning more Stones.
Educational Mining was first launched on Aug. 21, 2021, on IM App, with 30% of Stones available for this educational blockchain game-like mode. IM owners earn Crystals, the “in-game token,” through a series of tasks, such as signing up, posting articles, community idea sharing, and taking part in online or offline events.
IM Go! is a dedicated segment in IM App where IM owners can find more new fun ways to mine Stones. New scenarios, such as Moving Art, Best Highway and Citylife, will be rolled out soon.
Self-developed chain for data security and privacy protection
IM Valley Chain is where all Stones are generated, which is a self-developed blockchain by IM Motors to protect data rights and value for IM owners. The chain comprises nine nodes, with more to be added in the future. Adopting a consensus mechanism, each node works independently from one another, protecting data completion, while all transactions are compliant.
The chain ensures all transactions of Stones are recorded on-chain with a unique hash rate for each transaction, while all nodes are published for validation. The chain confirms each node with a ledger before it packages a certain amount of transactions into a block, which will be connected to the end of the IM Valley Chain to confirm the completion of a transaction. Data security, information privacy, immutability and unforgeability 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.
Mileage Mining is powered by a smart contract on the IM Valley Chain. For instance, in each batch of Stone drops, the batch code of mileage mining is used as input, while the mileage is as the sub-total. Based on random numbers (including snapshots of key data, hash rates of transactions, etc.) generated by the blockchain, outcomes will then show N series numbers of mileage that win Stones. Such data will be coherently measured before being used as a weight factor for driving data contribution.
Data acquisition and privacy are crucial nowadays. IM Motors publishes IDPP, a data and privacy protection plan, to strictly protect its car owners’ data security, using blockchain technologies. It also claims it will never use biometric technologies — facial recognition, fingerprint scans and voice recognition — for its vehicles.
Embrace the technology and innovate for future
Technology brings innovation and also fosters a highly engaged community.
Back in 2021, IM Motors worked with Totalab, collaborating artist Fei Yining to jointly launch its first NFT “IM Crossing: The New Totem,” a community-generated artwork with 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.
In order to promote a green yet rewarding driving experience, IM Motors will expand its Drive-to-Earn Reward Scheme to allow IM owners to redeem various rewards with Stones, including upgrades of hardware, premium services, limited editions, digital collectibles and Experience Day events, and more.
As IM Motors builds a leading public platform for data rights validation powered by blockchain for the Chinese auto industry, it will never stop exploring possibilities in embracing new technologies to inspire its community for a greener future.