Electric cars and cryptocurrencies are joining forces to offer a hitherto unique service. Car manufacturer Daymak is behind the project to mine cryptocurrencies from parked cars.
A cooperation between crypto and electric cars that is not so unique…
On the other hand, however, this is not the first time that a car company has collaborated with cryptocurrencies. Tesla, the famous electric car company, offered Bitcoin payments for a while. This initiative has now been halted by Elon Musk himself, as it was deemed too energy-consuming. So we wonder whether this very important factor will hold Daymak back in his own project. Before that, let's take a closer look at the company's ambitions, its creation and its activities.
Daymak and its electric cars
Daymak's project is to build unique electric cars. The idea is that when we park our car, it will be able to produce cryptocurrencies. The car created by the company is called Spiritus. This revolutionary little model is not yet on sale, but Daymak is still offering pre-orders. Spiritus is presented as a small, lightweight vehicle. Many customers have already spent $350 million on this electric car.
As for its other models, Daymak presented the Spiritus Ultimate earlier this year. On the same date, the carmaker also announced the release of six new electric car models. What's more, you have to pay almost $100 to register in order to pre-order the vehicle. Spiritus is unique in that it offers cars with three wheels. Below is a photo of the model.
Ultimate model
The model is billed as "the fastest three-wheeled electric car in the world". Light and surprisingly light, Spiritus Ultimate weighs just 160 kilos. Its capabilities rival those of Tesla models such as the Tesla Roadster. In fact, Spiritus Ultimate takes just 1.8 seconds to accelerate from 0 to 100 km/h.
The Ultimate model costs $149,000. For a smaller, more affordable version, there's the Spiritus Deluxe model. Pre-orders are only available until July. This pre-order campaign allows customers to benefit from lower prices, which the brand's founder has said he can guarantee.
Developments in the company's crypto
So Daymak is, as previously mentioned, a company that designs electric vehicles. The company is Canadian and was founded by Aldo Baiocchi. The Spiritus model has been integrated into Daymak Nebula. This is a crypto platform created by Daymak itself. So the involvement of cryptocurrency in the company's activities is nothing new.
The company's founder has already expressed his opinion on the subject: "We see a future where motorway tolls and drive orders will be paid for directly with cryptocurrencies. […] While most vehicles lose value when they sit idle in your garage, the Nebula miner makes you money when your car is parked."
Cryptocurrencies have been mentioned many times by Daymak, but no project had really involved them. That's now the case, as several cryptocurrencies can be mined using vehicles. So much so that Daymak's models will also be able to be paid for using cryptocurrencies such as DOGE, ETH, Cardano ADA and BTC.
How crypto and cars work
More specifically, each of the Spiritus electric cars will be a node in the blockchain. A node is a mechanism in the blockchain network that is essential for it to function properly. Nodes are present throughout the network and ensure that operations are carried out correctly. In addition, there is a miner and a wallet. A wallet is simply a wallet. Wallets are the ultimate security in the network. Without a good wallet, all your tokens risk being lost forever. In short, we're counting all the elements present in a classic cryptocurrency network… in the car!
The wallet will support all the currencies mentioned above, offering drivers staking services. Staking is a widespread process in the cryptocurrency world for storing funds. It involves the blocking of funds, by the cryptocurrency holders themselves, in order to obtain a reward in exchange. These rewards are very generally interest. This mechanism is also known as "Proof of Stake".
Mining with an electric car
Mining is a key stage in using cryptocurrencies in a network. Mining involves validating transactions and adding them to a block. Subsequently, several transactions are combined into a single block, which is then added to the central blockchain network. Mining is not a straightforward activity; it involves solving a multitude of highly complex mathematical operations. As far as equipment is concerned, mining is carried out using high-performance IT tools and a very good Internet network.
In short, mining can be done easily if you know how. We do not yet know the definitive list of currencies Daymak is offering for mining. However, the company's CEO has stated that these currencies range "from Dogecoin to Bitcoin". As the saying goes, time is money. According to Daymak, Nebula will make it possible to earn money while recharging your parked car.
The ecological challenge
Mining is a very power-hungry activity. This is one of the main reasons why Elon Musk and other major investors are reluctant to use networks and cryptos. So combining mining with the activities of an electric car raises a lot of questions about this carbon footprint. But don't worry about that! The cars can be recharged using solar energy. The aim is to limit the environmental impact. The fact that mining is powered by solar energy is a major first in the cryptocurrency world.
While solar power is a key element of this project, it is also the cause of some concern. Indeed, a large majority of commentators have noted that this electric car has multiple flaws. Not the least of these concerns the profitability of the product. Insofar as the amount of energy needed to fully recharge the vehicle is taken into account, profitability may be lower.
However, manufacturers still have some time to wait, as Spiritus will only go on sale in 2023. Although the announcement of the project on Tuesday 1 June raised many questions and concerns, the crypto market and technological advances may well erase them.
