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If Tesla is to be tokenized in the future, what kind of process should it be?
Written by: Zuo Changbai, Cobo VP, former co-founder of TokenInsight
Two days ago, I had a drink with an early supporter of MakerDAO. The big guy answered a question I never thought about. The ability of financial institutions should be to create credit and optimize capital allocation. However, excess pledges like MakerDAO are closer to pawns. In the form of shop, the efficiency of capital utilization is not high, which is inconsistent with his vision of a decentralized central bank. The big guy said, if you think about it another way, MakerDAO now only supports collateralized Ethereum and Bitcoin, but his imagination is to allow all assets to be issued coins and generate liquidity. With the diversification of collateral, currency issuance. Power will slowly be transplanted into the hands of private enterprises and individuals, and this is the most powerful. Look at this bottle of beer. If everyone recognizes its value, then its owners and production companies can carry out a certain amount of monetization without the participation of centralized financial institutions.
So, I opened my mind, if in the future, Tesla mortgaged and issued coins, what kind of process should it be?
The first step is to estimate the price of the vehicle
The evaluation of vehicle prices is already a very mature system. Existing car dealers have a mature database. Enter the vehicle id (VIN) to know the specific model, age, whether it has undergone overhaul, etc. The most important valuation basis. The actual condition of the car inspection can be completed by a very simple algorithm. As long as the fixed position of the car is photographed and scanned, the existing machine learning model can easily determine the paint and interior conditions of the car, and verify the authenticity of the vehicle mileage. If Tesla releases the permission of the sensor chip inside the vehicle to the valuation tool, it can better read the machine’s operating status and accurately determine the value of the vehicle. Assuming that ten years later, Tesla is still the top-selling new energy vehicle in the market, and the second-hand car market is very transparent, then this valuation model can be very accurate.
The second step is to NFT the vehicle
It is necessary to tokenize the ownership and control of the vehicle. As long as Tesla is willing to open the interface, it is very easy. Enter the evaluated vehicle information (asset information) into a token. This NFT token represents the ownership of the vehicle. The transfer of the token is equivalent to the transfer of the ownership of the vehicle, and each token is equivalent to the unique car key of the vehicle. After the Token is transferred, the original owner loses the ownership of the vehicle, and the new owner obtains the key to the vehicle.
The third step, vehicle pricing, trading, mortgage and investment
Imagine that OpenSea or other NFT trading platforms in 10 years will already support Tesla used car NFT transactions. At this time, car owners can have two choices. On the one hand, they can directly trade. With the sale of NFTs, ownership transfers directly. After the car owner gets the funds and the buyer gets the NFT, the vehicle can automatically drive to the buyer’s door 🐶 and activate the car door with the token in the digital currency wallet.
On the other hand, car owners can also mortgage the NFT of the vehicle, provided that the DAO agrees to add a certain model in a certain year to the pledge asset category. An NFT corresponds to the proportion of the value of this standard model. The car owner pledges himself on MakerDAO or other pledge lending platforms The NFT of the car obtains stable currency equivalent to USD to meet the daily expenses. The car is still owned by the car owner, and funds can be invested in various DeFi interest-bearing assets and transactions. The car mainly pays an interest on the platform on a regular basis. It is equivalent to renting out the right to use the car again.
The biggest problem for the pledge lending platform here is how to make an oracle to obtain a reasonable asset value, which is neither manipulated by companies nor controlled by car dealers. It is estimated that there will be a set of centralization of Tesla maintenance at that time The price of second-hand tesla-u on the exchange and the price of second-hand tesla-u on the decentralized exchange maintained by car dealers. If, with fixed depreciation, the car owner does not return the borrowed funds, or the car has a major accident, the sensor on the car alarms, and the value of the car plummets, the ownership of the car will not belong to the owner at all, and the car will automatically drive back to a certain foundation of the foundation. , Complete the liquidation of pledges.
For Tesla owners and Tesla, the whole process is actually a mortgage loan without a bank, completing the process of creating money, and does not rely on the participation of any centralized financial institution (except for Tesla itself). Almost no wear and super high efficiency. In addition to policy reasons, Tesla’s support cannot be guaranteed, and the autopilot part of the journey is somewhat illusory. The basic technology used in the whole process is already very mature, and it may be a matter of time before actual commercial use.
If the blockchain is to be accepted on a large scale, the first is to make money, and the second is to be standardized, with very simple valuation logic. For example, the public chain used to look at TPS, DeFi, and TVL. The third is convenient operation. NFT is now focusing on artworks, earning enough traffic and eyeballs, and satisfying the short-term money-making effect. However, due to the particularity of artworks, the valuation logic gap is relatively large, and the confirmation and circulation of offline artworks are more complicated.
Personally, I am more optimistic about the NFTization of native digital assets such as game props, domain names, icon designs, etc., and use DeFi to complete currency creation. And if you can further introduce asset packages like Tesla’s right to use, the blockchain will really subvert centralized finance step by step.
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