Cardano Unveils First Automotive Project in Davos

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The world’s first automotive project on the Cardano blockchain was unveiled on Wednesday at the World Economic Forum in Davos. Etuktuk has announced that it will start its activities in Sri Lanka with support from the local government. Present for the cardano foundation was President and Chief Executive Officer Frederick Gregaard and Global Marketing Leader David Taylor.

While many attempts to convert the tuk-tuk to an electrical operation have failed in the past because of a lack of adequate charging infrastructure, etuktuk's objective is to overcome this obstacle by creating a peer-to-peer (p2p) economy using cardano blockchain.

eTukTuk plans to address the lack of charging infrastructure and the high cost of e-vehicles in developing countries by building a dynamic, multi-faceted revenue model. By doing so, the p2p economy aims to encourage the expansion of the highly scalable etuktuk network of charging stations and electronic vehicles belonging to etuktuk through the cardano blockchain.

This, in turn, is aimed at supporting the long-awaited displacement of fossil fuels in regions where electronic vehicle infrastructure is lacking, at the same time as addressing global issues like air pollution, health problems connected with CO2, and economic inequality.

And change begins with the tuk-tuks, which are a symbol of affordable mobility in Asia and developing Africa. However, they also contribute more CO2 than cars, making a significant contribution to global carbon emissions.

To get the project up and running, eTukTuk is working with the Sri Lankan government and influential industry partners to ensure that the current 1.2 million tuk-tuks of internal combustion engines are progressively replaced with electric 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 are creating a uniquely innovative, affordable, and accessible platform for drivers who, right now, are excluded from making the transition to EVs.”

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

Since eTukTuk’s solution makes EVs affordable and accessible, Colombo is fortunate to be the first city to have the answer to the growing transportation crisis which we all currently face; especially considering that there are currently no other nations across the globe taking these kinds of strides.

Remarkably, Sri Lanka has passed a law requiring that all government vehicles, passenger cars and two- or three-wheelers be replaced by electric vehicles by 2040.

What is the purpose of the cardano block chain?

The team behind etuktuk has a vision to create a p2p ecosystem with which it can repair aging transportation infrastructure and create new opportunities for drivers to earn fair wages. In this way, cardano blockchain should play a central role in the implementation of "sustainable changes in transport solutions" and the fight against financial exclusion.

ETukTuk drivers and users can use the Cardano blockchain to perform transactions to pay for services without needing money.

What's more, the ecosystem uses cardano blockchain to earn rewards for drivers, passengers and other network participants. It also enables them to take advantage of the growing use and expansion of the etuktuk charging infrastructure. The project foresees a 400% increase in the revenue earned by drivers.

At the time of the press, the Cardano Award (ADA) amounted to $0.332. After watching prices emerge from a downward trend of over six months last Friday, ada is now being corrected where $0.32 is a key medium to maintain the bullish trend.