Specifically, its foundation lies in edge computing, artificial intelligence, and decentralized data networks.
But what we havent talked enough about, is the massive impact Web 3.0 will have on mobility.
And in the mobility space, there are lots of things happening.
Um, but how does Web 3.0 relate to mobility?
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So lets dive into one of the ways Web 3.0 has already begun to alter mobility.
I spoke to founder Nicolaus Nagel, who founded the company in 2019 with brother Caspar Nagel.
He told me the bike was a convergence of his passions for ebikes and blockchain tech.
Growing up in Berlin, we always wanted the capability to move around the city quickly and easily.
Sounds promising, so lets take a quick look at the bikes functionalities.
So where does the blockchain come into it?
Pretty cool overall… but where does the blockchain come into it?
Well, according to Nagel there are several central tenants:
1.
Secure ownership
Pave Bikes connect to a private blockchain web connection.
When you get your bike, you receive a non-fungible token (NFT).
This is effectively a private key or token-based onERC721.
It is used to unlock the ebike via the Pave+ App.
To be exact, the Pave mobile app is technically a dApp, adecentralized applicationconnected to the blockchain.
Youve probably heard those stories of peopleusing Tileto locate a missing bike?
Even when they find it, they usually need a bunch of documentation to prove they are the owner.
The team at Pave Motors is betting on blockchain to get rid of the unnecessary hassle.
Further, the digital key helps stop bike theft.
Okay, it doesnt chain your bike to a lamppost.
But the private key means that any theft leaves the offender with an unusable dumb motorbike.
However, there are few services available that enable you to rent out your own ebike.
Pave is creating an easy way to share your bike with others.
They can create their own custom smart contracts.
Users can also complete challenges to earn Pave rewards, and receive discounts and special offers.
Pave rewards are ERC20-based tokens to use within the Pave data pipe.
This capability has attracted a lot of interest, Nagel told me.
Each bike runs on a light Streamr node which unlocks the Pave bikes V2X (vehicle-to-everything) functionality.
Theres a future capacity for decentralized fleets.
Building on Streamr removes the need to use centralized message services like AWS or Google Cloud for data transport.
What if this data could be part of a larger machine economy?
IoT-connected devices could trade between them storage, computation, analytics, sensor data, and even electricity.
Streamr has developed a newmarketplaceand data economy where IoT data can be bought and sold.
This provides the capacity for Pave users to share and potentially monetize their transport data.
Bikes generate data such as routing, road congestion, and mechanical feedback.
Pave owners could hypothetically sell this data.
Further, more and more bike companies are looking at the idea ofthe circular economy.
In these, the relationship between materials suppliers and bike makers is evolving.
And the value of data becomes even greater in design and material innovation.
Its been a long road for Pave.
According to Nagel, there have been seven prototypes and over 50 concepts.
But now, they are in pre-production and open for pre-orders.
Pricing starts at $108 a month or $3,900.
This is the first part of a series Im writing about Web 3.0 and blockchain technology in mobility.
Im attempting to reduce the jargon and focus on the problems the tech aims to solve.
Check outthe second piecewhere I dive deep into how one motorbike company uses blockchain technology for P2P trading.
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Story byCate Lawrence
Cate Lawrence is an Australian tech journo living in Berlin.
