Should Tesla’s Cars Have Their Own Cryptocurrency?
There have been a lot of unique ways in which blockchain is at work within our lives. From storing information to creating revolutionary smart cities across the globe, it’s making its presence known. But the more we, as a society, get to know it as a branch of technology, the more uses we’ll find.
When the average person thinks of blockchain, it’s highly likely they’ll think of bitcoin or cryptocurrencies. To find out more about alternative cryptocurrencies such as Litecoin, there are plenty of online resources available such as beincrypto and their articles covering the rise, fall and trends of this new currency. These have had a strange history on their own; with people using nuclear power plants to mine for them. But even cryptocurrencies have been incorporated into things like loyalty programmes and additional currencies.
And with the news that Tesla has its cryptocurrency for renewables, does it make sense for their cars to have coins?
Tesla Model-Coin – A Modern Crypto for a Modern Car
According to news from November 2017, one Tesla user managed to mine cryptocurrency from the comfort of his car. This custom set-up allowed the user to side-step the traditionally extortionate electricity bills associated with mining. But this alongside ongoing uses of tokens in the likes of DOVU makes the prospect of an in-car token for Tesla an incentive.
So what would a cryptocurrency token do for Tesla? Same thing it does for renewable energy. Encourage users to relay back information about traffic while allowing for the coins to be used for external transactions. Much like any crypto, they’d carry an exchange rate, creating a system of reward for helping others.
An insecure situation
Were there to be a cryptocurrency, Tesla would need a more secure network, as evidenced recently. In February, the company’s cloud-based resources were hacked and used to illegally mine cryptocurrencies. The security of its system remains a point of grave concern for users and its future drivers.
Whether Tesla would have a cryptocurrency in mind for their latest Models is unclear. But issues surrounding the ongoing cybersecurity of its cars and the opportunity in-car coins present are clear.