From engine telemetry and GPS logs to entertainment console preferences, modern cars have been dubbed data centers on wheels. DIMO allows users and developers to tap into the rich stream of data generated by modern vehicles. The team has chosen to build on Polygon for the Web3 aspects of their product roadmap which includes NFTs and a token launch.
Manufacturers and tech startups alike have been trying to turn that data into revenue the old-fashioned way, by selling it to insurance companies, retailers and city planners. This approach resulted in a market that gives users little incentive to share their private data and leaves the broader developer community on the sidelines.
DIMO’s answer is a user-owned ecosystem that allows drivers to reap economic benefits from their data and make possible applications like parametric insurance, peer-to-peer car sharing and vehicle marketplaces. The decentralized platform also gives developers the peace of mind, knowing their access to the data is not subject to the whims of a centralized gatekeeper.
“The automotive world is very much like that of traditional finance, it’s a very fractured market with its own silos and walled gardens,” said Alex Rawitz, DIMO co-founder. “With DIMO, we want to build something that is like the MetaMask for your car.”
The team has already completed the Web2 part of their product roadmap. In February, DIMO partnered with SmartCar whose APIs give drivers a software-only option to connect their cars to the network. The team also sold about 4,000 hardware dongles to mine vehicle data and add older vehicles to the development platform, and built a native integration allowing Tesla owners to add their vehicles directly. DIMO’s app is now available on iOS and Android and offers privacy-protected GPS, vehicle diagnostics and rewards.
Over the next couple of months, the team plans to launch a $DIMO utility token on Polygon, which will be used for governance, staking, and providing enhanced access to pro features. There are also plans for a Vehicle NFT, which will function as the anchor for all driving data, insurance information and mobility use cases. Further down the line is a Trip NFT that will let users take a subset of the data streaming from their vehicle and wrap it into a proof-of-movement token.
“We are big believers in Ethereum over other ecosystems, and among the EVM chains Polygon has the most well-thought out roadmap,” Alex said. “The sustainability aspect of Polygon is another major factor.”
Learn more about DIMO here and keep an eye on our blog for the latest news from the Polygon ecosystem!
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