MVL is a mobility ecosystem based on the mass vehicle ledger incentive-based mobility blockchain protocol. With the technology, mobility data such as transactions, movements, accidents, and vehicle maintenance are recorded and connected in a single ecosystem.
There will be more people than ever before without a car who will still want to be extremely mobile. Global mobility industry is predicted to grow up to $6.7 trillion by 2030. The share of mobility service sector in the mobility industry increased from 0.85% to 22.4%, but the share of car manufacturing and sales decreased from 78.6% to 59.7%, according to McKinsey. It means data for service planning will become more important in the future.
Gathering the data of a vehicle’s lifetime is a great motive that brings separate car services into a single incentive-based ecosystem. Separate centralized services have their own server where data is managed independently and their focus was not to collect a vehicle’s lifetime data effectively. Also, not all the data could be proven to be accurate, unable to gain trust from the market. Data gathered by mobile applications falls into the ownership of the makers and the contributor were not given access to it.
MVL Ecosystem can maintain records of all activities relating to a particular vehicle for the entire duration of its “lifetime” and ensure that such records are kept free from corruption.
Through the reward system, participants will receive MVL Points (MVP) in exchange for accurate and active data collecting. Those who play their role and put in different types of data to earn MVP, which they can use to promote how well their business is doing or exchange it to MVL Coin (MVL). MVL can be traded with other participants in exchange for goods andservices such as gas, repairs, or car rental. All sellers of car-related goods and services will be appropriately licensed/approved to sell such products and any such sale will occur within national boundaries.
Kay Kyeongsik Woo is the founder and current CEO of this project. He is a B.S. in Electrical and Computer Engineering from Seoul National University. Also, he is B.S. in Economics at State University of New York Binghamton. MVL is not his first project in this field. Since 2012 he is also founder and CEO at easi6, Inc. which is a mobility platform provider headquartered in Seoul. it invites professional chauffeured ride providers in Asia, including Korea, Vietnam, Hong Kong, Shenzhen, Taiwan, and more, providing rides anywhere people go.
Number 2 figure in the MVL is Jaehwa Han, a current CTO, and blockchain developer and Visiting Scholar at IBM Research, TX. He has an identical path as Kay Woo. Since 2012 he is a co-founder at easi6, Inc. Great synergy between those two at the top management level.
The project is funded by funding rounds. Last year MVLchain raised $5 million in its Series A funding round led by South Koran venture capital firm SV Investment.
Price Analysis for MVL
MVL has Rank #453 with Market Cap of $12.5 million.
It has a circulating supply of 9.5 billion coins and a max supply of 30 billion coins (1 BTC = 10million MVL). All-Time High was $0.01257159 over 2 years ago and is down 91% compared to the current price of $0.00108863. All-Time Low was $0.00014660 6 months ago and is up 75000% compared to the current price. 24-hour trading volume is $128,708.
Based on the 30-Day chart, A double top pattern is formed. It is an extremely bearish technical reversal pattern that forms after an asset reaches a high price two consecutive times with a moderate decline between the two highs. It is confirmed once the asset's price falls below a support level equal to the low between the two prior highs.
Based on the 1-year chart, we have much brighter picture. We ca notice ascending triangle pattern. The ascending triangle is a bullish continuation pattern and is characterized by a rising lower trendline and a flat upper trend line that acts as support. This pattern indicates that buyers are more aggressive than sellers as price continues to make higher lows. Without any problem the price will reach $0.0017 after New Year.
Bitsonic is the current most active market trading it. It is paired with KRW (South Korean Won)
- Invite car makers to MVL platform
- MVL is developing electric vehicles
- In the long run, futuristic mobility, likedrone taxi, self-driving vehicles and electric vehicles will also be added to the ecosystem
Should I buy MVL?
More than 66% of new car sales in US urban areas will be shared from 2030. The current vehicle market is not incentive-based. Each service is centralized and disconnected from each other. The MVL Ecosystem, on the other hand, connects vehicles, rewards participants, shares profit with decentralized services and integrates vehicle-related services and business. If MVl expands business outside its current South-East Asia it may have the destiny of famous TESLA, to be billion $ company.
Should you buy into this cryptocurrency? Investing is a personal choice and investors should consult with experts when making financial decisions. It's important to note cryptocurrencies are highly volatile, unregulated and have the potential to go to zero. If this doesn't discourage you and would like to know if this coin made it to our shortlist, check out our weekly Altcoin Reports.
Read Our Latest Reports...
If you enjoyed this analysis you can read our weekly updates in our Altcoin Report, published every Sunday. In these reports we cover our altcoin findings for the week.
The information in this review has been independently sourced and even though we have made the best attempts to report accurately, we do not provide assurances on any of this information. This analysis is provided "as is" and it is up to the reader to do their own due diligence and research. Altcoin Investor is not associated or affiliated with any firm and the opinions are strictly that of the author. This information should not be relied nor is it to be treated as financial advice.