Dovu plans to make a new circular economy using data as the fuel. Find out how the blockchain-based platform works today in our Dovu review.
What Is Dovu?
Dovu is an ecosystem fueled by data. The blockchain-powered platform aims to create a new circular economy where data is used as the fuel.
The idea behind Dovu is simple: we have access to more data today than we’ve ever had before. However, we have trouble sharing and transferring that data efficiently. Dovu wants to change that by breaking down borders, making it easier to share data, while also maintaining a high level of security over that data.
Dovu uses a unique cryptocurrency to fuel its ecosystem. That cryptocurrency will allow for the seamless transaction of data between consumers and mobility services.
One of the proposed ways in which Dovu can be used is to share your mobility data. You could share where you drive, for example, and allow companies to access that information. Effectively, this means you’re being paid to drive your car. You can then spend those rewards on travel, services, and transport around the world.
The end result is a circular economy involving free movement of goods and people within our cities. Dovu is the ecosystem binding transport data to the new economy.
In more straightforward terms, Dovu is a data sharing platform. The company’s first product is a mobility-based data sharing API marketplace, where users can share mobility data in exchange for DOV tokens.
How Does Dovu Work?
Dovu is the ecosystem that connects transport data – like how our vehicles move and where they move – with an economy.
Some of the key features of that ecosystem include a Dovu-connected vehicle, the Dovu coin, the consumer, the Dovu protocol, and the Dovu marketplace (and future DApps created for that marketplace).
We’ll talk more about each of these components below.
Dovu makes numerous mentions of its “circular economy”. Basically, that means Dovu is applying blockchain technology that will transform our thinking about data and mobility. The blockchain can be used to verify value contributed independently whether you’re a corporation or an individual, which means everybody will be fairly rewarded for their contribution to the mobility ecosystem.
The Dovu Ecosystem:
There will be four crucial components of the Dovu platform, including the Protocol (which will govern how data is exchanged and how value is attributed to data), the DOV token (which allows for payments within the platform), and the Dovu API marketplace (which is the first DApp developed by Dovu). The Dovu protocol itself is open source. It facilitates the development of mobility-related DApps. The DOV token, meanwhile, is based on Ethereum and is used for transactions within these decentralized apps.
Getting Data Moving:
Dovu envisions a future where every company is a data company. As an example, ride sharing companies like Uber collect data like weather and demand data to calculate pricing. They also access mapping data for routing and geolocation data for planning. Dovu envisions an ecosystem where this data is shared and sold between companies and users, helping to create a more efficient data-driven world.
Greater access to data accelerates innovation across the economy. Through the use of blockchain technology, everyone can participate in the mobility ecosystem and receive rewards for their contributions. Participants receive rewards in the form of DOV tokens.
The World’s First Mobility Cryptocurrency:
The DOV token can be spent in decentralized applications (DApps) built on the Dovu protocol. Transactions are facilitated with seamless payments across mobility services. For example, the same secure global token can be used whether you’re riding the bus or train, renting a bike or car, or sharing your own vehicle or vehicle data.
Dovu API Marketplace:
The Dovu API marketplace is the first decentralized application built on the Dovu protocol. This marketplace aims to simplify access to transport-related data. The marketplace will be accessible to three parties, including data owners (an individual or organization that owns some data); data providers (an individual or organization that takes owned data and supplies it through some type of documented API), and data consumers (an individual or organization that interacts with the Dovu platform to consume data from data providers – these people would most likely be developers).
Who’s Behind Dovu?
Dovu is a London-based company founded in 2016. The company is led by CEO Irfon Watkins (Founder), CMO Arwen Smit (Founder), COO Krasina Mileva (Founder), and Head of Product Alex Morris.
Watkins is a serial entrepreneur who has founded and sold companies across the API spectrum. Before founding Dovu, Watkins was founder and CEO of Coull, a programmatic video advertising company processing over 15 billion requests a month from over 118 countries. He has 20 years of experience as an executive.
The company has received investments from InMotion Ventures (the investment arm of Jaguar Land Rover) and Creative England (a government-backed fund from the UK).
The Dovu Token Sale
The Dovu token sale is launching at the beginning of September. Users can purchase DOV, an ERC20-compliant Ethereum token.
The DOV token is the only method of exchanging value in the DOV ecosystem. The value of the token is expected to increase as more users join the platform and demand for the token increases.
Users can also earn DOV tokens when participating in the ecosystem. When users contribute quality data to the Dovu platform, they’ll be rewarded with DOV tokens.
DOV tokens can be spent within the Dovu API Marketplace. However, they could also be spent on mobility-related services outside the Dovu marketplace.
There will be a total supply of 1.2 billion tokens. 25% of the total supply will be made available for the token sale. There will be a lock-in period of 2 years for any unsold tokens.
The hard cap for the token sale is approximately 95.520 ETH. The pre-sale is scheduled for September 4 to September 29, with the token sale scheduled for October 3 to October 31.
Dovu is a data exchange marketplace that is currently focused on transport-related data. The protocol’s first decentralized app is the Dovu API Marketplace, which simplifies access to transport-related data. It allows companies and individuals to share data in a collaborative environment and earn DOV tokens for their contributions.
Ultimately, Dovu is yet another blockchain technology that aims to bring blockchain to the masses – including individuals and corporations who rely on transport-related data. You can learn more about Dovu by reading through the company’s whitepaper. Otherwise, the company’s ICO is scheduled to begin in early September.