Alibaba partner to launch app for ‘Mining on the Go’

The Zhiji Auto electric-vehicle maker, backed by internet giant Alibaba, has developed an app that enables drivers to earn digital currency for the distance travelled. This was reported by journalist Colin Wu.

Immotors, an electric vehicle company invested by Alibaba, announced that its APP has launched a mining function. Users can obtain «stones» by providing driving data. A batch of stones will be dropped every 10 minutes, halving every four years. https://t.co/F8qtS3Vrz6 pic.twitter.com/fpzcAr9vWb

— Wu Blockchain (@WuBlockchain) August 27, 2021

The IM Zhiji app is designed for owners of IM-branded electric vehicles that are due to be released.

To join the mining pool, drivers must submit data for each kilometre driven. In return they will receive the digital currency Stone. Initially the company plans to issue 500 coins 144 times a day. To maintain liquidity, the emission will be halved every four years.

The asset can be exchanged for various software updates or other company services. When the vehicle’s mileage reaches 5,000 km, its owner will be able to purchase with the coins a next-generation LiDAR Fusion autonomous driving system or increase the battery capacity to 120 kWh after three years of operation.

The IM electric car is set to go on sale in 2022. According to the manufacturers, the model should be a worthy competitor to Tesla, with a range of 1,000 km.

Earlier in June, the Canadian automaker Daymak announced the release of a three-wheeled electric Spiritus with a mining option. In the same month it began a test mining of Bitcoin, Ethereum, Dogecoin and other cryptocurrencies in a live stream.

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