What is MVL (Mass Vehicle Ledger)?
Ever heard of a blockchain network that aims to solve the transparency, trust, and efficiency issues associated with the automotive industry? If not, then we are here to give you the inside scoop. MVL (Mass Vehicle Ledger) is an innovative blockchain solution that aims to solve issues prevalent in the automotive industry. But how is MVL able to do it? Let’s discover!
The MVL blockchain is based on an incentive-based system that rewards tokens to users who log information about their vehicle, such as ownership records, accident reports, and maintenance logs.
As the name suggests, MVL is a decentralized blockchain platform that integrates the elements of trust, transparency, and efficiency in the automotive industry.
MVL blockchain system verifies the information and stores it in a decentralized network. But how does this whole system interact? More so, who was the visionary behind this groundbreaking idea? Let’s find out.
Origin and Developers of MVL
The concept was introduced in 2017 by Kay Woo – a South Korean entrepreneur who also launched TADA (a ride-hailing service) in Singapore.
The MVL app was released in 2018, enabling users to interact with the MVL ecosystem. Other key team members include Jaehwa Han (CTO) and Woosung Son (CSO).
Initial Goals and Vision
The objective of MVL was to improve data management in the mobility sector and facilitate secure transactions for mobility-related services.
The vision of MVL is to develop a viable ecosystem beneficial for key players in the automotive sector, including dealers, manufacturers, drivers, and insurers.
Another noteworthy fact about MVL is that it eliminates all the central parties in between, making data available to the industry participants.
Growth and Expansion
Since the inception of the MVL ecosystem, the blockchain network has grown exponentially.
In 2019, MVL TADA was launched, which is primarily a ride-sharing application based on blockchain technology.
After two years, in 2021, MVL also developed the MVL bridge with the primary objective to enhance interoperability between different blockchain networks.
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Features of MVL
Some of the key features of MVL are as follows:
Data Transparency
MVL acquires data from multiple sources, including driving behavior, maintenance reports, and mileage. After data collection, MVL verifies the authenticity of the recorded data and stores it in a decentralized ledger.
One key objective of MVL is to collect lifetime data on the vehicle, which enables to improvement of transparency between a dealer and customer.
Incentivization Mechanism
MVL has an interesting incentivization mechanism whereby every user contributing to the network’s purpose is rewarded with MVL Points, also known as MVP.
Users can earn MVP by providing valuable information, delivering exceptional services, and receiving five-star feedback.
What’s more, users who share data about their vehicles earn specific MVL tokens – the native coin of the blockchain.
MVL can be traded on exchanges and for mobility-related services like fuel, repair, or even car rental.
The Technological Backbone
The technological framework of MVL is based on the following three layers:
- Core Layer
- Service and Component Layer
- Application Layer
Each one has a different purpose. Ideally, MVL aims to record all transactions during a vehicle’s lifetime. For example, a dealer may ask the customer to input information about a car’s serial number, and they will subsequently be rewarded with MVL tokens. Similar other key information, such as accident reports and auto services, will be recorded by the ecosystem.
Nevertheless, let’s now dig deeper into the technological framework of MVL.
Blockchain At The Core
The first layer comprises the underlying blockchain technology and the external storage system. The objective of the core layer is to maintain accurate records in a safe storage facility.
For optimization of the blockchain, the core layer retains only crucial vehicle info, while the less intricate details are stored on an external drive.
Service and Component Layer
The second layer acts as a link between third-party services and the MVL blockchain. This layer aims to maintain seamless communication between the services and blockchain through various tools and APIs. Furthermore, it also consists of a technology stack that facilitates developers in creating DApps.
Application Layer
The application layer is commonly known as the user interface, similar to the front end of a system. The primary objective of this layer is to facilitate users to interact with DApps and access features, such as ride-hailing services, data marketplaces, and developer tools.
Use Cases of MVL
The primary use cases of MVL lie within the automotive and its associated industries. Let’s discover more about them.
Automotive Industries
The primary aim of MVL is to improve the data transparency of all vehicles. Henceforth, the data collected can be useful to automotive industry participants, including dealers, showroom owners, and customers.
The data can be uncovered to assess the vehicle’s fair market value by considering the mileage and distance traveled by the vehicle.
Insurance Sectors
Similarly, MVL can facilitate insurance companies to use the data and quote a suitable rate to the driver after considering several factors, such as vehicle maintenance, accident rates, and movement data.
MVL Ecosystem
The MVL ecosystem is based on three revolutionary components: MVL Bridge, Treasury, and Pool. Let’s talk about each one in detail.
MVL Bridge
The primary purpose of the MVL bridge is to facilitate the transfer of tokens between different blockchain networks, which ultimately increases the liquidity and accessibility of the tokens.
MVL Treasury
MVL treasury is a pool of funds collected from the DEX transactions and bridge fees. One of the use-cases of MVL treasury is to pay operational expenses and distribute participation rewards to miners and users.
MVL Pool
Every miner operating on the MVL network needs compensation for the work done. Even though they operate independently, there needs to be a reward for such miners since they are contributing their time and effort to ensure the network’s security.
Therefore, an MVL pool has been created to support the miner’s activity. For validating transactions on MVL, miners are entitled to receive transaction fees. In case the pool runs out of funds, it’s replenished through fees, data sales, and commerce revenue contributions.
Additionally, the MVL pool also covers the operation cost and facilitates the conversion of MVP to MVL tokens.
The Utility of MVL Tokens
MVL token is the native token of the MVL network, and the purpose of this token is to incentivize blockchain miners who oversee, document, verify, and validate data.
Users can also earn MVL tokens by sharing vehicle information.
Reward System
Only the users and miners supporting the ecosystem are rewarded with the MVL tokens.
The use-case of these tokens is that they can be traded with other participants in exchange for goods and services, such as repair, fuel, and car rental.
Token Circulation
The total supply of MVL tokens is 30 bn, and the circulating supply is 23.7 bn. Here’s how the tokens are allocated between different parties:
- 29% for participants in token sales events
- 20% for R&D
- 16% for MVP Pool
- 15% for the development team
- 10% for PR
- 10% for partners
MVL Points (MVP)
MVPs are digital currencies within the ecosystem representing a user’s contribution. A clear distinction should be made between MVP and MVL tokens; they are different.
You can purchase MVL tokens, but MVP points can’t be traded or transferred directly. They are earned by users who engage in helpful activities in the ecosystem.
How to Buy MVL Tokens on Bybit
Purchasing MVL tokens on Bybit is straightforward. Here’s what you need to do:
Create a Bybit Account
First and foremost, create your Bybit account. If you already have one, log in to your account. If not, click on the link below, which will take you to Bybit’s registration page with a special Coin-Labs referral code, and provide necessary details, such as email, phone number, etc.
KYC Verification and Securing Your Account
Once registered on Bybit, you should go forward with the KYC verification. KYC aims to identify fraudulent users and prevent them from accessing the extended features of the platform.
Ideally, you’ll need a picture of your passport or national ID card to complete this step.
Funding Your Bybit Account
Now, add USDT funds to your Bybit account. You can purchase USDT through your bank account or debit card.
Executing Your Trade
Once you have USDT tokens in your account, navigate to the menu page and look for MVL tokens. You’ll observe an option to purchase MVL or transfer MVL for USDT. Input the amount you want to purchase and wait for the transaction to complete.
Withdrawal of MVL Tokens
Once the transaction is completed, you can withdraw your MVL tokens in a cold wallet for secure storage.
Future Prospects of MVL
The future is bright for MVL tokens. MVL was selected as one of the five leading companies in Korea by APAC – a globally recognized magazine.
Let’s talk about the expansion plans and upcoming features.
Expansion Plans
It seems that MVL will partner with more services in the automotive sector. For example, MVL and Tezos recently completed their joint initiative in the field of Web 3.0 mobility. Moreover, MVL has partnered with Tezos to receive technical support for the Clutch wallet.
Upcoming Features
As of now, there are no updates regarding the upcoming features of MVL. However, MVL recently launched a new feature whereby users can easily file complaints by filling out a Google Form.
Conclusion
The automotive industry will exponentially grow in the future – thanks to the boom in electric vehicles. Plus, it’s safe to say that the industry won’t become redundant since vehicles are an essential component of commuting for individuals around the world.
Therefore, the relevance of MVL will continue to grow in times to come. However, the maximum potential of MVL will be unleashed when it expands globally and more users start to contribute to the ecosystem.
We Coin-Labs.com provides only objective information about MVL (Mass Vehicle Ledger).
Therefore, we are not responsible for the investment decision in MVL (Mass Vehicle Ledger) and the resulting loss.
MVL (Mass Vehicle Ledger) Basics
Here are some factors that investors should consider before investing in MVL (Mass Vehicle Ledger).
| Cryptocurrency Features | MVL (Mass Vehicle Ledger) (MVL) |
|---|---|
| Publisher or Developers | Kay Woo |
| Headquarters (Registration Number) | Singapore |
| Symbol | MVL |
| Platform | Ethereum |
| Published Date (CMC Registration) | 2024-09-15 |
| Max Supply | 30,000,000,000 MVL |
Reliability Score of MVL (Mass Vehicle Ledger) in 2024
These are indexes mesuring the investment reliability of MVL (Mass Vehicle Ledger) conducted by Coin-Labs.com.
| Investment Reliability Rating Items | Scores and Current Status |
|---|---|
| Company Activation Rate | / 10.0 CAR |
| Communication Rate | / 10.0 CR |
| Technology Transparency Rate | / 10.0 TTR |
| Development Participation Rate | / 10.0 DPR |
| Listing Status on the World's Top 10 Exchanges | Listed on 1 Exchanges |
| Number of Available Pairs Worldwide | 21 Pairs |
| Market Cap of the Cryptocurrency | 94,613,221 USD (Rank #364) |
The table above shows the result of investment suitability evaluation for MVL (Mass Vehicle Ledger).
Check out how we evaluate cryptocurrencies on the crypto rating description page.
MVL (Mass Vehicle Ledger) Price
Here are the price and recent trading volume of MVL (Mass Vehicle Ledger). (Data of 2024-09-16 04:55:00)
| Price Items | Price and Trading Volume of MVL (Mass Vehicle Ledger) |
|---|---|
| MVL (Mass Vehicle Ledger) Price | 0.003 USD |
| Price Change 24h | 0.11% |
| Price Change 7d | 5.01% |
| Trading Volume 24h | 2,211,515 USD |
| Trading Volume Change 24h | -35.76% |
Cryptocurrency Metadata
You can check the development status and social media information of MVL (Mass Vehicle Ledger) through the links in the table below.
| Metadata Source | URL |
|---|---|
| 🌎 Official Website | |
| 📖 White Paper | |
| 🛰️ Source Code (GitHub) | |
| 🎺 Message Board |
Where to Buy MVL (Mass Vehicle Ledger)
Here are the top ten world crypto exchanges where traders can buy MVL (Mass Vehicle Ledger) in 2024.
| Top10 Exchanges | Listed Status | Page URL |
|---|---|---|
| Binance | Not listed | |
| Coinbase | Not listed | |
| Kraken | Not listed | |
| KuCoin | Not listed | |
| Bitfinex | Not listed | |
| OKX | Not listed | |
| Huobi | Not listed | |
| Bitstamp | Not listed | |
| Bybit | Listed | https://www.bybit.com/en-US/trade/spot/MVL/USDT |
| Gate.io | Not listed |
Frequently Asked Questions
What is the current price of MVL (Mass Vehicle Ledger)?
MVL (Mass Vehicle Ledger) price today is 0.003 USD. Furthermore, the price of MVL (Mass Vehicle Ledger) has fluctuated by 0.11% from 24 hours ago, and by 5.01% from a week ago.
Where is MVL (Mass Vehicle Ledger) listed?
Currently, it is listed on a total of 1 among the world top 10 exchanges.
What is the market cap of MVL (Mass Vehicle Ledger) now?
Currently, MVL (Mass Vehicle Ledger) has a market cap of 94,613,221 USD, which is ranking 364 among cryptocurrencies worldwide.
How much is the trade volume of MVL (Mass Vehicle Ledger)?
Currently, 25,402,958,863 MVL coins are circulating through 21 market pairs. As a result, in the last 24 hours, 2,211,515 USD of MVL coins were traded in the market.
