Crypto AM SPOTLIGHT: A closer look at eTukTuk – CityAM
EVs are the next epoch in transportation’s evolution, but there are significant barriers to adoption across the globe: a lack of efficient, accessible charging infrastructure and the unaffordable high purchase price of vehicles.
At a pivotal moment in history when the critical need for EV adoption coincides with necessary equitable financial solutions, one company has emerged as a driving force behind a revolutionary new way to travel.
eTukTuk– the world’s first automotive project built on Cardano – is setting out to tackle carbon emissions, CO2-related health conditions, and financial exclusion throughout the developing world and beyond. The DeFi platform says it will utilise the power of thesharing economyto bring affordable, accessible, and sustainable transportation to TukTuk drivers. Users will be able to charge their eTukTuks (and other compatible EVs) at strategically-placed charging stations, which will be installed throughout selected urban and suburban areas.
To do this, “eTukTuk will utilise the power of blockchain, helping drivers transition away from current “cash-heavy” systems by providing digital identities and fiat onramps to help them segway into crypto more seamlessly,” says Sukhjeevan Uppal, Chief Technology Officer.
The challenges people face are multi-faceted, according to the team at eTukTuk. Right now, 99% of people around the globe are breathing polluted air that exceedsWorld Health Organisationair quality limits. “This is totally unacceptable and provides the incentive for the type of platform that can scale quickly and efficiently – one is required to uniquely solve the challenges faced by all of us,” says George Cox, Chief Marketing Officer at eTukTuk.
“Furthermore, 63% of the world’s carbon emissions emanate from thedeveloping world, providing the ideal place to begin this new synergy between transportation and blockchain.”
The World Economic Forumfound that the initial high cost of an electric vehicle, limited access to charging infrastructure, and limited driving range are some of the key barriers preventing drivers from making the switch to EVs.
“That is why we must utilise Web3. Innovative solutions are needed now to quickly offer the way out of this crossroads caused by a broken institution powered by fossil fuels,” Cox added.
Launching in Sri Lanka later in 2023, “eTukTuk has already identified over 200 charging station sites with the guidance and partnership of the Sri Lankan Government,” explained Sukhjeevan Uppal.
With 1.2 million TukTuks in Colombo, Sri Lanka’s capital, eTukTuk will provide efficient infrastructure in desired locations, building an innovative ecosystem that is currently lacking.
“We will provide better service to drivers to drastically reduce the money they spend every day on fuel,” he continued.
“We will also ensure that an eTukTuk will cost much less to buy, operate, and maintain. Our drivers will save up to 400% on operational expenditure compared to a fossil fuel TukTuk. This is revolutionary.
“Alongside less time spent charging, higher earnings will significantly boost a driver’s quality of life. If they need more time at home with their family, they can.
“If they need to buy something or pay for medicines, or even travel… the entire ecosystem will have a major impact on the lifestyles of drivers and their families. Crypto will play an enormous part in that journey.”
“Cardano has already proven to be a people-centric blockchain, focusing on transparency and efficiency for users,” he explained.
“This aligns with eTukTuk’s mission to put people first by ensuring they have affordable and trustworthy payment systems that are robust and built to last.“Cardano’s proof-of-stake (POS) network, which relies on market incentives and validators that put down a stake in exchange for the right to add blocks to the blockchain, offers an alternative that removes energy-intensive competition. This reduces energy consumption by 99.95%, eliminating CO2 emissions. It also aligns with our core values as a team.”
Crucially, digital identities will also be provided on the network, helping more people gain the freedom of financial inclusion.
eTukTuk has forged three integral partnerships to date that will facilitate the rise of the network in Sri Lanka, forging a blueprint for success to roll out into other territories. These consist of AsiaTokenFund, The Capital Maharaja Group, and chiefly, the Sri Lankan Government, which is currently supporting eTukTuk in its placement of facilities.
A final note from George Cox: “We must scale EV adoption and make sustainable transportation available to all as soon as possible for the benefit of everyone, everywhere. Together, we can.“
eTukTuk’s nascent platform is heading towards its TGE in June 2023 and was recently announced as headline partner at Crypto AM’s SOLSTICE event in June. Find out more about eTukTuk athttps://etuktuk.ioor join their Telegram communityHERE.
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