Mass Vehicle Ledger ICO (MVL Token): Blockchain Mobility Coin?
Mass Vehicle Ledger, found online at MVLChain.io, describes itself as an “incentive-based mobility ecosystem”. Find out what that means today in our review.
What Is Mass Vehicle Ledger?
Mass Vehicle Ledger aims to connect all vehicle-related services in one ecosystem. That ecosystem incentivizes safe driving and good services while placing vehicle-related data on the blockchain.
In “legacy” vehicle management systems, drivers face heavy regulations, centralized systems, and siloed services. Mass Vehicle Ledger, or MVL, aims to fix this model by delivering unlimited incentives for participants, with all trusted interactions backed by blockchain for continuous data management. The long-term goal is to motivate quality and safety in the mobility industry.
As an introductory video explains the platform, “MVL connects services that touch your car and collects your ride’s lifetime data. We give points to those who help out along the way, like your sales guy, you for driving and giving service reviews, repairmen, used-car dealers, and scrappers. We want everyone to build trust when they interact in the MVL ecosystem.”
All transactions and interactions on the Mass Vehicle Ledger will be recorded on the blockchain for maximum transparency.
How Does Mass Vehicle Ledger Blockchain Mobility Coin Work?
Mass Vehicle Ledger aims to connect three main participants together, including individual drivers, ride sharing service providers, and mechanics. Here’s how each participant will interact with the platform:
- Individual drivers can earn MVP points in exchange for their safe driving activity
- Ride sharing providers can earn MVP points in exchange for safe driving and good service
- Mechanics can earn MVP points in exchange for providing accurate repairs as recorded on the blockchain
All participants interact with the Mass Vehicle Ledger ecosystem through the MVP app. That app allows mechanics to accurately record their repairs. Individuals can use the app to track safe driving data. Passengers in ride sharing services can use the app to give a review of their driver, and ride sharing providers can track safe driving behavior and good service using the app.
There are two tokens in the Mass Vehicle Ledger platform, including MVP and MVL tokens. MVL tokens function as payments between service providers and customers. You pay MVL tokens to a mechanic in exchange for repairing your car, for example, and you pay ride sharing providers MVL tokens in exchange for driving you somewhere.
MVP points, meanwhile, are like a reputation-based incentive system distributed through all participants in the ecosystem. MVPs are not transferable and not available for trading. You can only use MVP to purchase MVL coins, which are transferable and are available for trading in the MVL ecosystem.
The ecosystem can be used by more than just drivers, passengers, and mechanics. Anyone who provides services to cars and drivers can participate in the Mass Vehicle Ledger ecosystem.
For example, certain participants can pay to collect data from the ecosystem. With the consent of each individual MVP app user, a company like a self-driving car manufacturer, an insurance company, a government organization, or a research organization could access driver data.
Other participants can pay to post advertisements on the platform. Car dealerships, for example, can post advertisements on the platform, as can car rental companies and mechanic shops.
How Does Mass Vehicle Ledger Use Blockchain Technology?
Mass Vehicle Ledger uses blockchain technology to track a car as it goes through various phases – from the new car phase to the final “scrap” phase. Here’s the basic process outlined in the whitepaper:
New Car Phase –
Beginning of the Block: Ownership of a vehicle is finalized for the first time through car and insurance registration. Participants that add a car’s serial number and the owner’s account information to the Mass Vehicle Ledger blockchain will receive MVPs in exchange. Car dealerships will also be rewarded for encouraging drivers to add their ownership information to the Mass Vehicle Ledger ecosystem.
Driving Phase –
Continuous Recording on Blocks: The driving phase is the most important part of the Mass Vehicle Ledger ecosystem. This phase rewards drivers who allow the Mass Vehicle Ledger app to collect data as they drive. Participants are motivated with tokens to allow the app to track driving habits. They’re also rewarded for recording accidents and other incidents into the app. Rental companies can also give tokens to drivers who opt into this program, making it easy for rental car companies to track safe driving habits.
Non-Driving Phase –
Discrete Recording on Blocks: This phase is where different service providers participate. Mechanics might add data to the vehicle’s blockchain entry, for example.
Trade Phase –
Change of Ownership: Changes of ownership can be recorded on the Mass Vehicle Ledger marketplace. Used car buyers can purchase a vehicle, then check the vehicle’s MVL entry to ensure it’s well-maintained.
Scrapped Phase –
End of Blocks (Infinite Incentive): Vehicles will continuously go through phases two, three, and four above until they can no longer run, at which point they will be scrapped. The company involved in the scrapping will receive tokens in exchange for recording the end of the car’s lifespan in the driving record.
Who’s Behind Mass Vehicle Ledger?
Mass Vehicle Ledger began life in Q4 2014 under the name the Easiway Project, which was led by a company called easi6 Inc. In 2015, Easiway, a ride booking app, launched in Hong Kong before expanding across Asia, including to Taiwan, Indonesia, and South Korea.
Key members of the team include Kay Woo (founder and CEO), Jaehwa Han (CTO and Blockchain Developer), and Woosung Son (CSO).
Mass Vehicle Ledger’s team, which continues to be organized under the name easi6, is based in Singapore.
Mass Vehicle Ledger MVL Token ICO Details
Mass Vehicle Ledger is launching a token sale for its MVL token. MVLs are ERC20 tokens on the Ethereum blockchain. During the token sale, you can purchase tokens at an exchange rate of 1 ETH = 240,000 MVL.
There’s a total supply of 30 billion MVL tokens, with no further tokens being created in the future. The hard cap for the token sale is 8.7 billion MVL.
Of the total supply of tokens, 29% are allocated for supporters during the token sale (hard cap). The remaining tokens are allocated to R&D (20%), a reserve pool (16%), the team (15%), marketing and PR (10%), and advisors and partners (10%).
The token sale was originally scheduled for March/April 2018. However, the pre-ICO is now scheduled to begin on April 26, 2018, with the main ICO occurring soon afterward.
Mass Vehicle Ledger Conclusion
Mass Vehicle Ledger was created by an existing ride booking app based in Singapore and available throughout Korea, Hong Kong, and other Asian regions. The company seeks to create a blockchain-based marketplace that brings multiple participants in the “mobility economy” together – including mechanics, ride sharing providers, ordinary drivers, insurance companies, and car dealerships. These participants will interact with each other over the MVL mobile app. Transactions will take place using MVL tokens, which are available during an ICO in late April 2018.
To learn more about Mass Vehicle Ledger and its ICO, visit online today at MVLChain.io.