The MVL Chain ICO
What is MVL Chain?
MVL Chain is a vehicle data collecting ecosystem based on blockchain technology. The project aims to create an ecosystem wherein drivers, vehicle repair workers, vehicle scrap yards, and other participants in the automobile industry can earn and exchange cryptocurrency tokens and gain rewards. The project aims to connect all participants and create a method of reviewing car-related services to the mutual benefit of workers and drivers. The reviews help drivers choose the right business for them, and reviewers earn points which can be spent on services - businesses with good reviews gain customers and reputation. Vehicle operators would be able to get cheaper car insurance with the app’s proof that they have driven safely.
How does MVL Chain Work?
The MVL app gathers data from individual drivers, professional drivers, passengers and mechanics among other space participants. In exchange for providing good services, useful reviews, and driving safely, participants will earn MVL points (MVP). The app will continuously monitor the movement of the car and reward safe driving. The idea is to solve issues in the vehicle industry by connecting all related services and creating an economy around those services. Professionals are rewarded for providing good services, and penalized for providing poor quality services. Customers will be rewarded for providing accurate reviews, incentivising them to relay accurate service information that will ensure honesty on the part of the professionals.
The MLP can be exchanged for crypto tokens like MVL (and vice versa) or used for marketing purposes. The MVL token is an ERC20 token integrated into the MVL Chain ecosystem. A mainnet will be launched to handle the potentially high volume of data storage, and before the launch of the mainnet the MVL token will be the only way to purchase MVP. The MVL Chain team propose that the system will help create trust in the vehicle industry. By registering new cars on the blockchain, used car customers will have access to information about the car’s history that has previously required trust in the honesty of the used car dealer or former owner. By mapping a car’s history from construction to scrapping, the ecosystem will effectively monitor the status of a car such as whether it has been in an accident, what the true mileage is, and so on.
The core blockchain layer can be accessed through the service and component layer, enabling developers to create and implement DApps that will operate on a third layer called the "Application Layer."
Why is MVL Chain Unique?
MVL Chain seeks to unify the entire vehicle industry under one platform and create a huge ecosystem that will help and inform car users and professionals about other drivers and services, bringing trust to the space. With 1.2 billion cars in use on the planet, the project stands to disrupt and improve a major industry through the creation of their all encompassing ecosystem platform if adoption is successful. MVL Chain is a project with a very wide scope, and is unique in seeking to take on all aspects of a ubiquitous industry that’s thriving in almost every country on the planet.
Who makes up the team behind MVL Chain?
The CEO is Kay Woo, founder of easi6. He gained a B.S. in Electrical and Computer Engineering from Seoul National university, a B.S. in Mathematics/B.S. in Economics from the State University of New York Binghampton, and an M.A. in Statistics from Colombia University. The CTO and Blockchain Developer is Jaehwa Han who has a B.S. in Computer Science and Engineering and an M.S. in Computer Science and Engineering from Seoul National University, and a previous role as a programmer at TmaxData. Woosung Son is the CSO with a B.S. in Environment Material Science from Seoul National University and a Master of Business qualification from KAIST - Son was VC at LB Investment and was a business developer at NAVER.
More details about the MVL Chain ICO
The MVL Chain ICO is set to start in May with no set date as of yet. Round one of the Pre-ICO will begin on April 26 and end in May, and there will be a second round in May before the ICO begins. Anyone can participate and the tokens will be available after the ICO closes or the hard cap is reached.
1 MVL = US$0.002. The total supply is 30,000,000,000, with 29% available for the token sale. The soft cap is US$4.05 million and the hard cap is US$23.5 million. ETH will be accepted.
The token sale will comply with the following allocation strategy:
- Supporters 29%
- R&D 20%
- Reserve Pool 16%
- Team 15%
- Marketing and PR 10%
- Advisor and Partner 10%
Tokens not purchased in the ICO will be burned in the event of the soft cap being reached. If the soft cap is not reached, all funds will be returned to investors, and if the hard cap is reached at any time during ICO or Pre-ICO the offering event will end and the team will begin allocating project funds.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. It's a mere summary of the details of this ICO. Please conduct your own thorough research before investing in any cryptocurrencies.