The number of cryptocurrencies is increasing. If we design a system that cannot accept multi- cryptocurrency, it would be disappointing to users. We allow EVPAY to perform quick redemption in the system without the user's perception, and successfully complete the payment. As the BTC and ETH blockchain architecture can below,it might be hard to complete the transactions on BTC and ETH mainchains. As a solution we use the following process for rapid payment across cryptocurrencies.
1. EVPAY Wallet generates shadow tokens for each cryptocurrency, such as BTCX, ETHX.
2. EVPAY and the external Exchange set up an exchange rate inquiry and settlement agreement.
3. EVPAY will use the exchange rate to achieve the desired currency quote in the trading system. If you wish to pay with BTC, you will see the BTC quote.
4. Taking BTC payment as an example, the buyer triggers the smart contract to lock the BTC under the multi-signature mechanism, and the system 1:1 converts the shadow token BTCX.
5. BTCX will be exchanged to ETHX according to the exchange rate and pays the seller to complete the payment. All this transaction is verified and approved by the DAG layer and finally summarized in the blockchain layer.
6. The external Exchange will simultaneously complete the real transactions of BTC to ETH on their main net.
7. After the exchange is completed, ETHX is replaced with ETH.
In order to ensure a 1:1 exchange rate between the shadow token and mortgaged token, a smart contract ensures that the mortgaged tokens cannot be unlocked. All transactions are verified and approved by peers as shown in the image below.
For further information on EVAIO’s software ideas such as smart contract implementation, shadow token and more, please refer to our whitepaper
Once the cryptocurrency based on vehicle -generated data is created, EVAIO will implement the first EVPAY application: the vehicle private charger-sharing system. A third-party company will develop it with support of the EVAIO organization. Both hardware and software of the chargers will be upgraded. As a result, EVAIO software connects the charger to the internet. . The charger will have its own wallet and EVPAY, which will allow the charger to receive the cryptocurrency payment by vehicle users. Meanwhile, the chargers can become a self-serve “gas-station”, providing the opportunity of a solid source of profit. Key in this new business model is this new form of vehicle generated income for the EV owners. . It will increase the physical density of electric vehicle chargers and accelerate the global transition to sustainable energy consumption. The following chart and steps demonstrate our system using a Tesla Model S and a home charger (Wall connector) as an example.
1. A home charger will be upgraded on both hardware and software to enable connection with internet and EVPAY will also be added to the charger. By doing this the charger will be able to receive the expected cryptocurrency for charging.
2. The vehicle will communicate with the vehicle home charger to confirm its availability.
3. The battery management system will determine the State of Charge and transfer the charging request data to CAN bus
4. The Vehicle EVPAY which is connected with Tesla CID gets the data from CAN Bus through the gateway.
5. Vehicle EVPAY sends the cryptocurrency that the vehicle home charger owner expected, such as EVA or BTC to the charger through 4G module.
6. The Vehicle home charger starts charging once the transaction is confirmed and approved by EVAIO peers within a second.
7. When the Level 5 vehicle self-driving is achieved, a Snake charger as shown in figure 11.2 (this might be the replacement of current Vehicle home charger) will automatically find the location and plug-in for charging.
Our goal is to complete this decentralized vehicle charger sharing system first, so that the EVAIO system is proven to function as intended. After this, EVAIO will open APIs to third parties, allowing more auto- based express services to exist in EVPAY, which could pay for car washes, parking fees etc.
As a public chain, EVAIO can support many decentralized applications for future vehicles. One example is decentralized car radio applications. Since the car radio system is user-based content, decentralized car radios will bring more variety of content. The token system is great in redistributing the profit generated by content. The token will be a natural incentive to encourage content creators to keep providing content and receive money in return. It will make the business model more attractive and at the same time, shorten the process of content trade.
Another interesting application may be the car to car driving social tools based on distance and driving habits - a driver can chat while driving as long as they are hands-free. For this application, when driving, users can form a group chat. Users will be rewarded tokens based on their input. This activity has advertisement value. Such a business model is more viable than traditional, because there will be no centralized operating company and the profit will be sent to content contributor as the form of token reward.
Once level 5 Self-driving is achieved, decentralized applications in the car can thrive. Also, there will be great opportunities for decentralized gaming, information and social media applications. Due to the natural advantages of this decentralized business model, the development of vehicle DAPPs can move beyond our imagination, which makes the EVAIO platform and token more valuable.