What is Mass Vehicle Ledger?
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[6], where safe drivers, friendly chauffeurs, honest mechanics and other diligent data providers are fairly rewarded.