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In this post, we are going to explain in detail about ‘Ride-Hailing Service’ which will be launched in Singapore on the 26th of this month (July 26th, 2018).
First of all, there are those who are not familiar with the word ‘Ride-hailing’. You can think of a ride-hailing service as a call-taxi service, but it is not really the same service.
Ride-hailing service is a platform that connects people who want to move to a specific area and people who want to provide a ‘moving’ service. There are companies that offer a variety of ride-hailing services around the world, including Uber in the United States and Grab in the Southeast Asia.
So why is MVL trying to provide a ride-hailing service in Singapore, even when we know there are many other giant platforms already?
Before we get to know the reason why MVL is launching the ride-hailing service, let’s first find out the goals that MVL aims to achieve.
First. MVL is not just a company that only provides the ride-hailing service. MVL is a blockchain-based company, and we aim to connect all vehicle-related services and collect all the data regarding to vehicles. For instance, we aim to connect all fragmented services such as used-car market, vehicle maintenance market, rent-a-car market, and gather all the vehicle data to record them into the blockchain. MVL does make a connected vehicle management system.
MVL collects these data and aims to build a incentive-based blockchain mobility ecosystem. Within an ecosystem called MVL, people could use their collected vehicle data such as driving, fuel, maintenance data to suggest a reasonable insurance fee, maintenance fee, and a used-car price to service providers. They can become a ‘smart consumer.’
In this MVL ecosystem, data producer has the privilege of the data. Currently a vehicle owner cannot get an exact data of his vehicle. Since he cannot know the exact status of his vehicle, he could not always pay a reasonable price, and might be deceived in car maintenance market and used-car market.
By the insufficient, incomplete data, the customer has no choice but to accept the price offered by the service provider. You buy a used-car from a dealer but you are still concerned whether you’ve been scammed. But if there is an undamaged, complete data including the vehicle’s driving, accident data, you will be able to purchase a vehicle at a reasonable price.
To bring this into real life, complete data should be maintained in an undamaged condition. MVL introduces blockchain and incentive at this part. We will discuss blockchain later, and here we are going to talk about incentive.
There are two kinds of currencies in MVL ecosystem, MVL Coin and MVL Point.
With MVL Coin, people can use it to pay in various services such as fueling, getting repairment, buying a used-car, etc. You can make payment through MVL Coin. MVL Point is an incentive within the MVL ecosystem, which could be exchanged to MVL Coin.
For example, if people drive safely using navigation built-in the MVL App, they can receive MVL Point. In addition when car-related companies provide good service and get good reviews from customers, they can also receive MVL Point. This collected point could be exchanged to MVL Coin and this coin could be used in oiling the vehicle or buying a used-car.
We call this process a “Cycle” of MVL ecosystem. MVL ecosystem will have a more active cycle as the number of people using reasonable service gets bigger. The value of MVL will increase as the cycle within the ecosystem is actively circulated and more people become a part of the ecosystem.
Consequently, MVL becomes more valuable as more participants thrive in the MVL ecosystem and make a bigger community..
MVL Ride-Hailing Service
Aiming for this goal, MVL has launched its Ride-hailing service, “TADA,” on July 26th in Singapore to let more people know about MVL.
Currently ‘Grab’ is exclusively providing ride-hailing service in Singapore. It’s a common sense that when it comes to a monopoly in any market, the price goes up. Now there are many complaints from platform users, especially drivers, mostly about the high commission fee. However the problem is that there is no alternative for them. Singapore Government realized the seriousness and is now encouraging other platforms to compete the monopoly.
In current situation MVL thought “Incentive-providing Method’, which is the fundamental point of MVL ecosystem, could be well developed in this market. This ride-hailing service, “TADA,” has requires no commission for drivers. Drivers within the MVL ecosystem, MVLERs(Participants in the MVL ecosystem), do not have to pay to the platform. Therefore they can get more income and users also can get a better service for a lower price.
MVL is not aiming to compete with giant platform companies and capture the market in current Singapore mobility market. MVL is not a business making profit. MVL is focusing on providing reasonable service to MVLERs and deliver MVL’s message to mobility market, while making people to participate in the MVL ecosystem. “TADA” is also a first service to test MVL ecosystem in the real world.
Within MVL ecosystem, anyone who produces the data will have the ownership over “their” data, and they will also be able to earn incentive, which will be their financial asset.
The beginning of MVL ecosystem is “TADA,” launched in July 26th. Thank you for your interest and support.