Mass Vehicle Ledger Ecosystem (MVL Ecosystem, pronounced as “em-buh l Ecosystem”) is a new blockchain-based ecosystem for all vehicle related services. 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. Participants of different roles will be rewarded for providing accurate and transparent data related to vehicle management, driving, repair, transportation service and so on. MVP can be used for marketing purposes, as points will show how well businesses are doing; or can be exchanged to MVL Coin (MVL).
MVL can be traded in exchange for MVP(and vice versa) or used to trade with other participants in the ecosystem. Blockchain data will be used by used-car dealers, self-driving car makers, insurance companies and more. This also means that contributors will earn MVL if their data is sold.
Finally, MVP and MVL will be used for the blockchain’s agreement protocol (mining). We have improved the existing agreement process that mainly credits those with expensive mining tools (proof of work) and large capital (proof of stake). We are practising a distributed economy, or deconomy, where safe drivers, friendly chauffeurs, honest mechanics and other diligent data providers are fairly rewarded.
Mass Vehicle Ledger is a groundbreaking blockchain for the automotive industry. Through this ecosystem, participants will see the whole history of a car, including previous car owners, manufacturers, repairs, service providers, car insurance companies. Car owners’ participation in the ecosystem will ensure downloading key relevant data, including information on traffic accidents or repairs, to the blockchain. Therefore, blockchain data will be used by sellers of used cars, car manufacturers, insurance companies and many others.
Basic information about the vehicle will be stored on the blockchain. Such data will include the vehicle identification number (VIN), owner information, driving data, repair history.
If the car is sold, the associated account holder will be transferred to the account of the new owner. After the new owner registers in the MVL ecosystem, all the previous data collected will be added to the blockchain and stored in it.
Data on repairs or accidents will be available for other users in order to ensure the transparency and reliability of the participants. To achieve reliable data collection, the MVL ecosystem will use a mutual control system.
In addition, repair history usually includes many supporting documents, videos and photos that take up too much space on the blockchain. In order to maximize the efficiency of the blockchain, only the summed-up information will be displayed there, while the detailed data, including accompanying documents, videos and photos, will be stored in external storage.
All data related to trading in the ecosystem using MVL coins will be stored in the blockchain. When the car owner changes, it will be reflected there as well. In addition, when participants use MVL Coins to buy spare parts or gas, or pay for wash service, the transaction will be recorded. The movement of coins between different accounts will be kept separately from other details, like personal data of account holders. The owner will have to allow access so that others can see transaction details.
The project’s CEO, Kay Woo, is also a founder of esi6, and the CTO, Jaehw Han, worked as a programmer at TmaxData and cooperated with IBM Research as a visiting scholar. In general, all team members and advisors have a reach experience in the dedicated areas and have participated in several successful projects.
Users can participate in the ecosystem by providing accurate and transparent data related to vehicle management, driving, repair, transportation services and so on. Participants providing data related to the machine will receive MVL Points (MVP), which are part of the reward system used to encourage contributions to the ecosystem. MVL Coins can be exchanged for MVL Points (and vice versa) or used to trade with other members of the ecosystem. MVL can be exchanged with other participants for goods and services, such as gas, repairs or car rental.
Price: 1 ETH = 240,000 MVL
Platform: ERC 20
Hard cap: 8.7 billion MVL
Soft cap: 1.5 billion MVL