What is MLV Chain?
MVL Chain is a vehicle data collecting ecosystem based on blockchain technology. It is a blockchain-based ecosystem that connects all services, like the car dealer shops, mechanic shops and car rental companies, that touch your car to collect its lifetime data. Participants from automobile-related companies, services or trade industry will be connected and they will insert core data related to driving, traffic accidents, repairs and other car-related transactions into the blockchain. Participants who provide data related to automobile will receive MVL Point (MVP), a reward system used to encourage contribution to the ecosystem.
MVL team will apply blockchain based incentive systems to existing mobility services. It is because the MVL protocol can be effectively implemented to a mobility service platform which is accessible to many people in a short period of time.
* The MVL protocol refers to the whole communication protocol that can combine MVL blockchain system and token economy to already existing mobility and car related services. It includes all forms of techniques that can implement and apply MVL protocol such as SDK and API. The MVL ecosystem with the MVL protocol allows users to receive incentives in return for data sharing and to use MVL Coin as means of payment for mobility and other affiliated services.
Our team plans to implement the MVL protocol to mobility services such as TADA which our team operates on our own in Singapore and also to existing mobility services of affiliated companies later in the future. As such a large number of users starts to utilize the MVL protocol, our team plans to incorporate various business models where the MVL Coin can be used. The reason for implementing the MVL protocol to mobility services first is because the project will take too long if we start with car management business with devices such as OBD. OBD is difficult to supply to many people in a short period of time.
The MVL team launched the TADA ride-hailing service in Singapore on July 26, 2018. The TADA app collects car data of drivers and riders in real time, and this data will be used to implement the System Optimum pursued by the MVL Ecosystem. Therefore, we have designed a new mobility economic ecosystem by applying a blockchain technology based the MVL protocol to the TADA app for the first time. This allows the MVL Ecosystem participants to earn points based on participation contributions and exchange them for coins to use as a means of trading like cash. The core of the MVL mobility economic ecosystem is to provide appropriate incentives.
The ML team with a number of mobility experts designed the incentive logic in the following ways to provide appropriate incentives and maintain its incentive value:
- Estimating mobility data value
- Allocating the estimated data value
- Introducing MVL point logic design (mileage point, behavior point) and rating system
- Providing benefits to participants according to their level
The most important part of the MVL Ecosystem is to invite all kinds of users who use various mobility services with MVL incentive protocol implemented. In order to gather all users together, we need to build the MVL app. Our team plans to let users exchange the MVL Point to the MVL Coins and to withdraw coins to outside our ecosystem only through the MVL app. The MVL App will be a gigantic platform where all individual participants of our ecosystem gather, many kinds of business models are implemented, and great value is created.
- Links to Affiliated Mobility Apps
- Car Management