Cardano Unveils Launch Of First Automotive Project in Davos

The world’s first automotive project on the Cardano blockchain was unveiled on Wednesday on the World Economic Forum in Davos. The eTukTuk project announced that it is going to begin operations in Sri Lanka with the support of the local government. Present for the Cardano Foundation was CEO Frederick Gregaard and Global Head of Marketing David Taylor.

While quite a few attempts to convert the tuk-tuk to an electrical operation have failed up to now on account of an absence of sufficient charging infrastructure, eTukTuk goals to beat this hurdle by making a peer-to-peer (P2P) economy using the Cardano blockchain.

eTukTuk plans to deal with the dearth of charging infrastructure and the high cost of e-vehicles in developing countries by constructing a dynamic, multi-faceted revenue model. In doing so, the P2P economy is meant to incentivize the expansion of the highly scalable eTukTuk network of charging stations and eTukTuk-owned e-vehicles via the Cardano blockchain.

This, in turn, is meant to support the much-needed shift away from fossil fuels in regions where e-vehicle infrastructure is lacking, while addressing global issues equivalent to air pollution, CO2-related health problems, and financial inequality.

And alter is to start out with tuk-tuks, that are a logo of reasonably priced mobility in developing Asian and African countries. Nonetheless, also they are liable for greater CO2 emissions than cars, contributing significantly to global carbon emissions.

To kick off the project, eTukTuk is working with the Sri Lankan government and influential industry partners to be sure that the present 1.2 million internal combustion engine tuk-tuks are regularly replaced by electric-powered tuk-tuks.

In a statement, James Bowater, strategic advisor to the project, said eTukTuk is working closely with its partners in Sri Lanka to scale operations. CEO Ryan Fishoff said, “We’re making a uniquely revolutionary, reasonably priced, and accessible platform for drivers who, immediately, are excluded from making the transition to EVs.”

Mayor of Colombo, the capital of Sri Lanka, where 70% of all tuk-tuks within the country are on the roads, Rosy Senanayake, said:

Since eTukTuk’s solution makes EVs reasonably priced and accessible, Colombo is fortunate to be the primary city to have the reply to the growing transportation crisis which all of us currently face; especially considering that there are currently no other nations across the globe taking these sorts of strides.

Remarkably, Sri Lanka has passed a law that requires 100% of all government vehicles, passenger cars, and two and three-wheeled vehicles to get replaced with electric vehicles by 2040.

What Is the Cardano Blockchain Used For?

The team behind eTukTuk has the vision to create a P2P ecosystem with which it will possibly fix the aging transportation infrastructure and create latest, equitable earning opportunities for drivers. In doing so, the Cardano blockchain is predicted to play a central role in driving “sustainable change in transportation solutions” and combating financial exclusion.

Drivers and users of eTukTuk will have the option to make use of the Cardano blockchain for transactions with a view to pay for services without the necessity for money.

Further, the ecosystem uses the Cardano blockchain to permit drivers, passengers, and other participants within the network to earn rewards. It also allows them to learn from the increasing use and expansion of the eTukTuk charging infrastructure. The project expects that the quantity of income earned by drivers could increase by as much as 400%.

At press time, the Cardano (ADA) price stood at $0.332. After seeing the worth break out of a greater than a half-year downtrend last Friday, ADA is now experiencing a correction where $0.32 is a key support for maintaining the uptrend.

ADA price retesting the trendline | Source: ADAUSD on TradingView.com

Featured image from Agnieszka Kowalczyk / Unsplash, Chart from TradingView.com

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