What is MVL?
MVL stands for "Mass Vehicle Ledger." MVL is a blockchain-based ecosystem that collects vehicle data. The platform is designed for use in the automotive industry. It enables the transparent exchange of mobility data among all participants at a fair value. MVL is mostly suitable for participants who are familiar with the automotive industry.
The platform offers immutable storage for vehicle data. Users can record all activities related to a particular vehicle for its lifetime. The blockchain protocol protects this data from being corrupted. MVL gives only the data owner authority over the data stored on the blockchain.
Initially, only a few decentralized services monopolized data. However, MVL is now leveraging blockchain technology to distribute ownership of data to all network users.
Various participants in the automotive market can add reliable data to the network and connect to the MVL ecosystem. Users adding data to the network earn rewards given out in MVL points (MVPs). The reward system promotes contribution to the ecosystem. Users give different contributions such as accurate and transparent data about vehicle management, repairs, driving, and transportation services.
The data on the blockchain platform can be used by various parties, including car dealers, self-driving car manufacturers, and insurance companies. MVPs can be used for marketing purposes for various automotive products and services as they represent the company’s performance. The points can also be exchanged for MVL tokens.
MVL network has a native token also called MVL, which fuels the entire ecosystem. It has various use cases that ensure the platform remains sustainably active. MLV price is displayed on the live MVL price chart above.
Use Cases of MLV Tokens
MVL is a multi-utility token. Firstly, it supports the reward system in the MVL ecosystem. It rewards the blockchain miners who record vehicle data on the platform. Secondly, MVL coin is used to interact with other platform users. The primary utility of MVL crypto is to trade goods and services in the MVL ecosystem. Besides that, the digital asset can also be used in car-sharing services, acquiring vehicle parts, paying for gas and repairs, and even getting new vehicles.
If you plan to buy MVL crypto assets, note that the MVL price is volatile. Therefore, it is good practice to research the MLV price before making any decisions. You can find the information about the token price on the live chart above.
Who Founded MVL?
Kay Woo founded MVL in 2021. Other team members include Jaehwa Han (CTO), and Woosung Son (CSO). Full-stack engineers Myunkyu, Jiwoong, Park, Kim, and Jineok have also contributed immensely to the development of the project.
Tokenomics of MVL
MVL has a maximum supply of 30 billion coins. The project uses a fixed supply tokenomics model to hedge against inflation that might affect the MVL price.
