"Electric Vehicle Chargers as Web3 Physical Assets" ··· Park Se-jin, CEO of Gorae Protocol, "One Charger Will Become a Financial Unit"

Transforming charging records into "verifiable assets" on-chain

Integrating blockchain without replacing existing chargers using C2C technology

Building a verification infrastructure based on Sui... Aiming to expand the global CPO network

Park Se-jin, CEO of Gorae Protocol, expressed strong confidence in an interview with Block Media on the 7th. Park, originally not from the blockchain industry, naturally transitioned into the Web3 space while running an electric vehicle charging business. The Gorae Protocol, created by Park and his team, is a decentralized physical infrastructure (DePIN) protocol that converts electric vehicle charging infrastructure into Web3 assets.

Electric Vehicle Charger Market

Chargers generate cash flow daily. From the perspective of decentralization and Web3 that blockchain pursues, they are perfectly suited as real-world assets (RWA). However, under existing methods, it is difficult to transparently verify how much a single charger has charged and how much revenue it has generated from the outside. Park persistently focused on this issue.

Park stated, "Records remain in the operator's database, but there is no external 'evidence' that the financial sector can trust, making it difficult to combine finance on a per charger basis. Gorae was born to solve this 'measurement gap' and 'lack of evidence.'"

In fact, according to a report by ChargerHelp, a U.S. electric vehicle charging diagnostics and analytics company, the operational utilization rate of chargers reported by operators reached 98.7% to 99.9%, but the success rate of drivers charging on their first attempt was only 71%. This highlights the importance of whether external verification can confirm that actual charging took place, rather than just having records.

Gorae Protocol

Gorae Protocol serves as the "Verification Layer" for electric vehicle charging infrastructure. It transforms charging session records into on-chain records known as "Proof of Charge," which can be verified externally while maintaining the existing operator system.

Park described it as "an infrastructure that creates a reliable environment for finance to combine by transparently proving charging data."

So, should the existing charging system be changed? Gorae Protocol can proceed with on-chain integration while keeping the existing chargers intact. This is made possible by utilizing its self-developed C2C (Charger-to-Chain) node technology. Electric vehicle chargers already generate data on when a machine starts and stops charging, and how much power has been transferred. The problem is that these records are only stored in the operator's database. Gorae Protocol has solved this issue.

Gorae integrates with the operator's existing control system in software form without replacing chargers or changing wiring, normalizing session records. All records are stored in a decentralized repository, and a unique value compressing the location and content of the records is uploaded to Sui. If the original is altered, the unique value changes, allowing external verification of whether records have been secretly modified.

Park noted, "Most similar attempts in the charging industry involve creating and installing new chargers with blockchain functionality, which can take years to build infrastructure on the scale of thousands. In contrast, Gorae can utilize existing chargers, which is a significant difference."

Reasons for Choosing Sui and Walrus

Gorae Protocol chose Sui while searching for the optimal blockchain. Park cited three reasons.

First, Sui's object model allows one charger to correspond to one on-chain object, enabling records to continue even if parts or the main body change.

Second, the cost of recording. To record tens of thousands of sessions daily, gas fees must be sufficiently low. They confirmed that the cost structure is viable for business through gas profiling with engineers from Mysten Labs.

Third, the Walrus storage. It allows anyone to re-query the entire record at cloud storage-level costs, ensuring the economic feasibility of data verification.

How Can Charging Operators Participate?

Park stated, "Charging operators clearly have motivation to participate in Gorae Protocol when considering the commercial aspects. Verified chargers can lower financing costs. The charging business requires significant initial capital and has a long payback period, but by accumulating verifiable data through Gorae, not only large operators but also small charging businesses can establish a basis for proving the asset value of individual chargers. The data itself remains with the operator, and what is publicly disclosed is evidence of that data."

Large operators already have various ways to secure funding. For instance, EVgo, a U.S. electric vehicle charging network operator, secured a loan limit of $1.25 billion through guarantees from the U.S. Department of Energy. However, such transactions require scrutiny from federal lending institutions, lengthy due diligence processes, and audited financial statements. Since this method is tailored to large-scale operators, it is challenging for assets of dozens of chargers to undergo the same procedures. Ultimately, it is difficult for an individual charger to become a financial unit in itself.

Gorae provides the infrastructure to make records readable but does not engage in direct lending, funding mediation, or assume credit risk.

Future Roadmap

Gorae Protocol is currently in the phase of registering 50,000 chargers on the Sui testnet and testing real-time session integration with actual operators. They plan to significantly expand the integration scope within the fourth quarter of this year and officially launch the mainnet after completing security audits.

In October, they are preparing for a stage presentation and booth operation at the Sui Basecamp in Singapore, demonstrating direct queries using physical chargers and electric vehicles. Park stated, "Our goal is to secure an additional 100,000 chargers by 2027 and expand beyond Korea to the CPO (charging operator) networks in Asia, Europe, and the U.S."

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.