The transport and mobility sector faces a vast and ever growing number of challenges. DOVU is shaping the crypto model for the mobility ecosystem. The firm is introducing a transport focused reward platform to power new business models in the transportation sector.
Imagine if your car pays you to drive it, imagine if you are being rewarded for all the data you create and share, imagine being able to use those rewards for travel, services, and transport globally.
The DOVU Platform handles creation and management of reward and redemption systems
between indivduals and partners, creating an ecosystem where tokens are earned and used
against mobility related products or services. The DOVU Marketplace will provide partners with the tools to list and engage with consumers, also defining costs and terms in Smart Contracts to be executed on the blockchain.
The ability to earn and redeem DOV tokens across a wide ranging ecosystem of Marketplace partners, smart city infrastructures and even through peer to peer transaction will have a profound effect on the quality of the ecosystem. According to a research by pwc, the global mobility market is set to be more than $2.2 million by 2030.
STOupdates got in touch with Irfon Watkins, CEO and Founder at DOVU and talked about how the firm can help solve major problems faced by transport and mobility sector, while taking care of the constantly evolving consumer and market requirements. Lets have a detailed look at the vision of DOVU:
What problems do you think the current market has and how can DOVU help to solve them while making the transport and mobility sector more efficient?
The way people travel is constantly evolving, that’s nothing new. What is new is the rate at which technology and our cities are advancing. The demands are huge – and us mere humans need to keep up.
Emerging technologies, new travel systems and the call for more sustainable, greener and efficient transportation is all very real. These developments require changes in consumer behavior. We are creatures of habit – but we also recognise the need for more, better, quicker…smarter. For our cities to truly develop; to allow for new technologies, we need to start adapting, we need to form new habits.
DOVU is the connection between people and a changing mobility landscape.
How do we nudge behavior and facilitate change? It’s simple – incentivisation. Making travel smarter, the DOV token presents a new value exchange between people and the transportation industry. Our platform allows users to be rewarded for sharing and improving the way that they travel, and helps cities get smarter.
How does blockchain technology contribute to the project and what do you think are the benefits of a tokenized ecosystem?
DOVU is about rewarding mobility stakeholders for the value they create with the use of blockchain technology. Whether that’ connected cars, public transport, or autonomous vehicles, the DOV token facilitates a new transfer of value. DOV is a token you earn and spend by sharing and changing the way you travel. This could take the form of sharing data, or for example, rewarding green behavior. These tokens can then be used to redeem mobility related rewards from our partners, feeding back the token through the ecosystem. The DOV token is ubiquitous, providing instant liquidity and utility – it can be used across borders and allows frictionless use across the mobility ecosystem.
What is the progress of the project so far – prototypes, partnerships, upcoming STO GitHub commitments etc.
After being incubated by InMotion Ventures, the investment arm of Jaguar Land Rover, in 2018 we have been focused on building a feasible ecosystem and launching our consumer wallet. We have successfully completed a pilot with BMW and are currently working with four more car manufacturers as well as Go Ahead Group, a UK bus, and train company that will see their pilot with us go live in the next months.
DOVU is set to be the UK’s First Security Token Offering
With our consumer wallet, launched in Beta in December, we are validating the reward mechanism for data sharing. You are welcome to sign up here: dovu.io/beta
Regulations are the major hurdles for firms in the security token space, how do you plan to offer a regulatory compliant offering?
Our offer will be fully compliant. We are working with Token Market, an ICO and STO platform that is testing the security token smart contract in a sandbox run by the UK Financial Conduct Authority.
DOVU has previously conducted an ICO before to raise funds, what was the importance and reason for taking the path of a Security Token Offering?
When DOV, our utility token, was created in 2017, it had a clear purpose – providing access to our product and services and to fuel our ecosystem.
The DOVU security token represents shares in the company. With our STO we will make equity more accessible and provide extended liquidity to existing investors (InMotion Ventures and Creative England) and new shareholders.
Is there any updated timeline for your upcoming offering?
Subject to regulatory approval, we are looking to launch the process within the first 6 months of this year. As we value our existing DOV utility token holders will be allocating some security tokens to them exclusively.
What is your major target market? Are there specific countries where you would be focusing on initially? Describe your expansion plans for the future.
Our first public pilots were focused in the UK – where DOVU is based, but the other projects we are working on (still under NDA) have a global reach. We aim to be a ubiquitous application and the openness of blockchain technology perfectly fits our ambitions.
“DOVU Rewards You For All the Data You Create and Share”
As the industry and your project matures, where do you see DOVU in next five years?
DOVU is gradually becoming the point of reference for the transport industry that wants to reward their customers and incentivize specific behavior. Our partners will grow exponentially and provide a rich ecosystem of offers to earn and spend the DOV token.
With the ICO craze going down every day, what expectations you have for the growth of Security Tokens industry?
A more regulated tool will help to gain the confidence of institutional investors and global players, and we are excited to be at the forefront of this new wave.
Anything you would like to add for the community?
It’s an exciting time for the DOVU project. We are pioneering the space with an actual product that lets you earn a cryptocurrency in an increasingly richer ecosystem, and a new way to manage equity.
You all are welcome to join the movement and own a piece of DOVU. Sign up- dovu.io/sto.