Mass Vehicle Ledger Ecosystem (MVL Ecosystem, pronounced as “em-buh l” Ecosystem) is a new blockchain-based ecosystem created for use in the vehicle industry. Participants of the ecosystem are expected to be individuals familiar with the vehicle industry – for example, car owners, motor vehicle manufacturers/retailers, motor vehicle repair and/or modification service providers, motor vehicle insurance companies - and their participation in the ecosystem will allow them to upload core data relating to a specific car, including information regarding traffic accidents or repairs, into the blockchain.
Participants who provide data related to a car will receive MVL Points (MVP), which are an element of a reward system used to encourage contribution to the ecosystem. Participants of different roles can participate by providing accurate and transparent data related to vehicle management, driving, repair, transportation service and so on. Therefore, blockchain data will be used by used-car dealers, self-driving car makers, insurance companies and more. 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 Coins can be traded for MVL Points (and vice versa) or used to trade with other participants in the ecosystem. This also means that contributors will earn MVL Coins if their data is sold by providing data to others. 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.