holoride, an extended reality (XR) tech firm creating in-vehicle XR experiences, recently announced its partnership with Elrond, a blockchain platform developer, to enable the deployment of blockchain technology and NFTs.
holoride is the first tech company in the world to build an “immersive in-vehicle media platform.” The firm does this by processing motion and location-based data such as haptic feedback from acceleration and steering in real-time, enabling the creation of content which can adjust in granular detail to a vehicle’s motion, travel duration, and route distances.
The partnership enters as the next phase in Holoride’s pre-launch initiatives. First unveiled at CES 2019, a tech industry showcase produced by the Consumer Technology Association, holoride is based in Germany and was founded in late 2018 by Nils Wollny, Marcus Kuehne, and Daniel Profendiner.
Audi, a European car manufacturer, holds a minority stake in the startup, and is one of the firm’s early investors after its spinoff in 2018. The tech firm recently closed $12 million through a Series A funding round in April.
“We’re excited to explore blockchain’s potential with holoride. We strongly believe that it is all about creating meaningful and customer-centered experiences. In the future this will become even more vital and a major differentiator. Audi’s investment in this initiative represents a step in that direction.” shared Sven Schuwirth, SVP for Digital Experience at AUDI AG.
The integration with Elrond blockchain into its tech stack is aimed at bringing blockchain-based transparency to its ecosystem of car manufacturers and content creators. The integration would see holoride deploying Elrond’s blockchain technology to its immersive media platform, highlighting the secure, immutable, and decentralized characteristics that such a fusion would bring.
The firm also disclosed that it plans to use NFTs (non-fungible tokens) as a way to incentivize developers and content creators on the holoride platform, opening a new revenue stream off of token purchases, as well as a means of attracting users and passengers who wish to customize their XR experience.
“As we look to expand across global markets, blockchain technology and NFTs help us scale while securing the integrity of our developer-centric and car manufacturer-agnostic approach,” shares holoride CEO and co-founder Nils Wollny.
“Our mission is to make transit time more valuable for everyone. Through NFTs, we envision the highest level of personalization for users while offering a one-of-a-kind XR experience with compelling monetization opportunities for our partners.” Wollny adds.
Elrond, the blockchain infrastructure development firm chosen by holoride as its partner for building this integration, provides speed, scalability, security, and energy efficiency to the initiative, creating an internet-scale network for holoride powered by a ‘Secure Proof of Stake’ which reduces and practically eliminates computational waste while bringing down transactional costs to negligible levels.
“holoride is in a unique position to reimagine digital media and mobility by bridging them using blockchain technology. The intuitive simplicity of Elrond will help every user to seamlessly and securely onboard this exciting new technology stack.” shared Elrond CEO and co-founder Beniamin Mincu.
Elrond’s blockchain platform also features adaptive state sharding, its proprietary blockchain technology which combines all three types of sharding (State, Transactions, and Network sharding) to improve chain communication through parallel processing.
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