MVL INCENTIVE-BASED BLOCKCHAIN MOBILITY ECOSYSTEM
Around 1.2 billion units of vehicles are driven all over the world today[7], a 2015-data by statista shows. They are an essential tool in our modern daily lives. Some hundred million new cars[8] are added to the streets every year, which triggers boost in related markets, such as the automobile parts and used-car markets. The vehicle market is also growing with technology which explains the many ride-sharing, cab-hailing and delivery apps. The car industry will further create jobs and show innovative ideas like the self-driving and eco-friendly cars.
What problems do we face in wake of the vehicle market’s rapid growth?
We all have rolled our eyes after encountering an unpleasant cab experience. Many of us were dumbfounded by the ridiculously expensive quotation provided by car mechanic shops. It’s worse because we have no way of knowing how well they did their job. We also know how you feel when you want to sell your car that you took so good care of, only to find out the price is way lower than what you think you deserve. We’ve all been there. We know your pain. Technology have flooded our lives, but it’s not quite there yet, is it? Below we will discuss the problems we want to address.
Building trust in the traditional used-car trade industry has always been difficult. A car owner has no way of proving that his or her car has been highly maintained and get a good price. On the other hand, the potential buyer has no way of checking if the repair history is accurate. This is where the dealers come in to minimize risk that comes from the lack of transparent information. But they are not the absolute solution. There are risks that still exist. A car that went under many rounds of repair will push away new buyers. We can’t say dealers will provide transparent data of a car.
Such hassle not only happens to individuals, but also to businesses. For instance, when car rental companies want to sell their fleet of vehicles, they can’t prove that their cars have been kept in good shape. Just because the car has been used by many customers, rental car companies get a lower price even if the car has been maintained well. They also have to compensate for the flaws inflicted by the previous owners because they can’t prove otherwise.
Chauffeured ride providers and taxi companies face problems concerned with service quality and customer satisfaction. Due to government regulation, drivers have to operate for a long period of time with low pay and they will try to get as many customers as they can which leads to careless driving and poor quality service. The return of each order is low, leading to a lack of motivation to provide safe and good service. Of course, customers will not want to tip them. This vicious cycle goes on and on.
Many problems still exist on the individual level. No matter how small your fault is in an accident, you’ll be charged high insurance and even if you drive safely, the insurance fee stays high. Also, government has been executing campaigns to reduce traffic death rate for decades, but still it is on the top of their agenda.
To address these issues, many IT services related to repair, insurance, carpool and cabs have been launched. These tools have connected suppliers and customers, but commissions occur to prompt higher customer price. Also, users have too many different apps to go about their business. What’s worse is that these centralized services that store data in their own servers do not bring balance to the market. When an app garners high daily users, it is only the makers who gain high return. These platforms do not radically lift the living standards of its participants. Also, these ride services are triggering dispute with the traditional cab services. It can do better to bring social change.
Integrated Blockchain-based Mobility Ecosystem
What’s the MVL Ecosystem?
Gathering the data of a vehicle’s lifetime is a great motive that brings separate car services into a single incentive-based ecosystem. Separate centralized services have their own server where data is managed independently and they were far from being able to collect a vehicle’s lifetime data effectively. Repair services only collected data related to repairs, navigation services only gathered driving data and so on. Also, different vehicle data were easily distorted, not being able to gain trust from the market. Data gathered by mobile applications falls into the ownership of the makers and the contributor were not given access to it.
MVL Ecosystem will tackle these problems down by applying the blockchain technology. With this, we can track a vehicle’s lifetime activities and continuously collect data safe from distortion. Only the owner will have the authority over his or her data stored on the decentralized blockchain. In the past, a limited number of centralized services monopolized data, but now the power of who owns the information is distributed evenly to the people. Various participants in the vehicle market can continue to add trustworthy data and be connected in one ecosystem.
MVL Ecosystem will motivate dedication of its participants with an effective reward system and solve many problems. The ecosystem will have a system that allows participants to evaluate each other to promote reliable data collecting.
Participants, like drivers, mechanics and car dealers, will get various rewards, called MVL Points (MVP), to promote accurate and active data collecting. Those who play their role and put in different types of data to earn MVP, which they can use to promote how well their business is doing or exchange it to MVL Coin (MVL). MVL can be used to trade with other participants to get gas, repairs, car rental and so on. Now people no longer have to rely on used-car dealers to get a good price. They have accurate data in their hands to prove a used car’s value. Now, people can earn MVL if self-driving car makers or insurance companies purchase their vehicle data through MVL Ecosystem.
Lastly, the ecosystem uses MVL Points (MVP), which can be mainly earned by active participation, and MVL Coin (MVL), which can be earned in the exchange of goods and services, within the MVL Ecosystem to prove validity of the data on the blockchain (agreement protocol). This solves the existing problems caused by existing agreement protocol of POW and POS method. Basically, this means that those who work hard will be fairly credited and trusted. Friendly ride service providers, safe individual drivers and honest mechanic shops will be motivated to fuel the growth of this ecosystem and get incentives for doing so. MVL changes the old ways where only the investors and makers see the highest returns. We want to create a world where participants who persevere can share wealth and see the distributed economy system.
MVL Ecosystem’s Scope
This integrated mobility ecosystem covers car makers, transportation operators, used-car dealers, rental car companies, insurance firms, car owners, automobile providers, passengers and other related parties. Different rules apply to different participants that a vehicle will meet over its lifetime which can be broken down into sections as follows:
First of all, in the New Car Phase, a newly manufactured vehicle is handed over to an individual or business owner. It will be first time the car will interact with other participants in the ecosystem, like the maker, dealer, buyer and insurance company
Next, the Driving Phase is where the participants use their cars to drive. It can be used for personal use or business, like a cab. The car owner (private or company), driver (individual or professional) and passenger will be the participants here and any activities, like a car accident, can happen.
Thirdly, there is the Non-driving Phase where a vehicle is evaluated, fixed and maintained. Here, other participants like the insurance company and mechanic shop who are not the owners or driver get involved. These participants put in data that is important when claiming the value of a vehicle. Gas stations or car washers can also contribute minor data to the ecosystem in this phase.
The fourth is the important Used-car Trade Phase where the owner of a car changes. The vehicle can be switched to a car rental from an individually owned one. The car can be correctly priced based on accurate data. This is why collecting a vehicle’s lifetime data is essential in the first three phases.
In the final phase, many vehicle-related transactions occur among many individuals and businesses. After a vehicle finds a new owners, the vehicle goes through the driving, non-driving, used-car trade phase again until it gets scrapped.
MVL Incentive System
MVL Coin (MVL) and MVL Point (MVP)
MVL Ecosystem issues MVL Coin (MVL) to reward blockchain node (miner) who manage and record vehicle data. It is also used to interact with other MVL participants. MVL is used to trade goods and services in the ecosystem. Participants can pay a car-sharing service, purchase automobile parts, pay for repair or gas or even buy a new vehicle.
Before MVL-developed mainnet is ready, the ecosystem will temporarily issue MVL Token that follows widely-used Ethereum-based Token Standard (ERC20)[20]. It is designed to be used seamlessly to trade on the ecosystem. Later when the MVLmade blockchain is ready, the token given to early users will be exchanged to coins.
At the beginning, the first way to get MVL Coin is to purchase MVL Token from the coin exchange market. After the MVL mainnet and blockchain network is ready later on, participants can get coins through the mining system and contributing to the blockchain network. Businesses in the ecosystem can get coins by providing service and car owners can get coins by allowing access to his or her data. Also, participants can get MVP by active contributions and exchange it to coins.
All participants will get accounts and MVPs, which shows how much they have dedicated to the platform. Participants who have different roles will follow MVL regulations, aimed at encouraging behavior that solves problems in the vehicle market, while doing their daily operations as always and earning points.
MVL Points act as a barometer that show how much they have done well and how influential they are in the ecosystem. If a service provider delivers good service and get positive remarks, it will get points. Points can be purchased by using coins up to a point to promote business. Promoting in this ecosystem will accurately target vehicle-related businesses and customers. Of course, MVL will create an environment where there is a limit to how much a business can be promoted using coins. This way, ultimately hard work, good service and consistency will be the main indicator of how well a business is doing in an ecosystem.
MVL, which can be bought in the market or exchanged with MVP, can be transferred from one owner to another in a bid to boost economical activities. But MVP can only be gained by using coin or contributing to the ecosystem. MVP cannot be transferred to another user.
Timeline
Kicking off with the token issuance event, MVL will follow the timeline below to trigger interactions and dedication from the participants.
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