A Blockchain-Based Alternative to Grab is Now Listed on Binanceby Fintechnews Singapore June 25, 2019
Binance just announced a partnership with a Singapore-based blockchain company with a simple goal: keeping relevant information about a vehicle transparent and available on an immutable network.
MVL is a blockchain protocol mainly known for running Tada, a blockchain-based alternative to Grab; a peer-to-peer on-demand service that connects drivers and riders, among other stakeholders in the industry. Tada was launched in Singapore in July last year, and Tada Taxi last November.
The blockchain is the baby of MVL Foundation, a Singapore subsidiary company of easi6. The goal is to offer an all-inclusive record of relevant vehicle information in a clear, and transparent platform in an often opaque industry. Records like payment transactions, vehicle movements, accidents, and vehicle maintenance for future car buyers are some of the information that will be stored on the blockchain, with ML utilising incentives as a way to encourage reporting throughout a vehicle’s life cycle.
And MVL has just announced that they are entering into a partnership with Binance to hop aboard the exchange’s in-house blockchain. This also means that MVL tokens can now be traded in the Binance ecosystem (Binance DEX).
Another Use-Case for The Binance Chain
With the partnership, Mobility Blockchain Ecosystem MVL will carry out various joint tasks, including the application of the BEP2 standard of Binance through Binance-chain, the mainnet of Binance.
The Binance Chain is intended to be the backbone of the Binance Decentralised Exchange (DEX), and the native network for the Binance Coin (BNB), the exchange’s high-profile ICO.
Binance has made claims that the Binance Chain will have one-second block times, speed which would allow the platform to handle similar trading volume as the original non-decentralised Binance exchange.
With the partnership, some of the current MVL Tokens which are currently based on based on Ethereum (as many other tokens are), will be swapped with tokens based on the Binance-chain. This includes tokens in circulation and existing MVL tokens on the incentive reserve pool used for TADA incentives.