Why MVL? – 3. Why Incentive?

Hi again, we are MVL.


In previous articles, we learned about the goal of MVL, a project to solve the current problems of mobility system.

Previous Articles : What is MVL? / Current Problems of Mobility System / What MVL can Solve

Today we are going to talk about how MVL ecosystem works, especially about ‘Incentive.’


Necessity of Incentive : Encouraging Active Participation of Participants(MVLER™)

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There are still a lot of drunk drivers, regardless of many campaigns encouraging safe driving. It originates from negligent thoughts, that you’ll be okay unless you get caught. Current regulatory-oriented ecosystem is also adding negative thoughts to users.

This behavior can reduce the personal costs for ‘chauffeur driving’ in the short term, but it can lead to an increase in traffic accidents, resulting in an increase in overall social costs. Also, if someone is killed by the accident, it is a critical damage to the victim’s family that cannot be healed by anything.

People do not usually try to change their habits unless they make a big profit for themselves. In other words, people need to be motivated to change their habits.

MVL introduces incentives to solve these problems. With these incentives, we encourage MVLERs to actively participate in the MVL ecosystem.

For example, when MVLERs take taxi through MVL, they can earn MVL point by leaving a review. Drivers can earn MVL point for safe driving and getting a good rating for providing friendly service to the passenger.

This incentive circulation system can be applied in various markets, including rental car market, vehicle maintenance market, used-car market, and insurance market.

In current rental car market, Customers are only offered a ‘standardized’ contract when renting a car, and charged with a consistent rental rate based on statistics. Since there is no information showing whether the driver is driving abusively or safely, it is difficult to make difference in price.

So is the insurance market. MVLERs who actively participate in the MVL ecosystem can use their data to prove their driving propensity and can insist that they are driving safely. Rental car companies can adjust the rental rate, and insurance companies can offer more reasonable price to their customers based on an individual’s data.

In current maintenance services market, when a driver who has weak knowledge about cars is trying to repair his car, he could not know the broken part making problem, and so he was not able to realize the proper maintenance cost. As a result, it was common that the customer was overcharged by a maintenance shop, but he could not say a thing. Conscientious mechanic shops suffer damage because of some mechanics who overcharges the fee.

However, in MVL Ecosystem, extensive maintenance data and accident record data allow the driver to know the exact condition of his vehicle and pay the appropriate maintenance price. For mechanic shops, they can earn additional incentives by reviewing the car and adding accurate maintenance data to the blockchain. This method can be applied in similar context in a used-car market.

As a result, if MVL ecosystem actively circulates with this incentive method, it will meet the correct direction of development of the social community and selfish devotion can be manifested.

Simply, good behaviors such as safe-driving and providing friendly service will be the actions that people take to get their MVL coin.

MVLER will act in a good way to earn his incentive, MVL coin, in this MVL ecosystem. At the end, this will also lead to benefit of others, and MVL ecosystem will be a society of people who mutual benefit others.

So let’s figure out how this incentive, MVL point, can be converted into MVL coin.

Exchange between MVL Point / MVL Coin

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MVL point can be used as an indicator to show a company’s service quality. This MVL point can be exchanged to MVL coin, which can be traded between people. Conversion ratios between MVL points and MVL coins will be set differently each month, considering the total amount of MVL coins gathered to MVL every month. Also in future, MVL coin could be converted to cash at exchanges.

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https://blog.mvlchain.io/category/english/

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