The world’s first automotive project built on Cardano, has announced it will be launching its initial operations in Sri Lanka.
In a bold step that could redefine the transportation sector for billions of people worldwide, eTukTuk was announced this afternoon at the World Economic Forum in Davos.
There have been many attempts to launch two and three-wheeler electric vehicles (EVs) at scale, but there is currently a serious lack of charging infrastructure across the globe to facilitate the switch. EVs are also prohibitively expensive, globally.
However, eTukTuk has been designed to address these issues.
Formed to revolutionise the way we travel, eTukTuk is building a dynamic, multi-revenue model that balances sustainability with innovation. The ground-breaking ecosystem is designed to incentivise the expansion of eTukTuk’s highly-scalable network of charging stations and eTukTuk proprietary EVs through the Cardano blockchain.
This will support the urgent need to transition away from fossil fuels in regions where there is a lack of EV infrastructure, whilst tackling global issues such as air pollution, CO2-related health conditions, and financial disparity.
Blending the benefits of financial inclusivity and the reduction of air pollution, eTukTuk has its sights set firmly on emerging markets, from which 63% of the world’s total carbon emissions emanate, and where pollutants from inefficient transportation are compounding an increasingly urgent economic situation.
Working alongside the local government, and with influential industry partners already in place, eTukTuk will initially be deployed in Sri Lanka, where there are currently 1,200,000 traditional internal combustion engine (ICE) TukTuks on the roads. 70% of these are based in the capital, Colombo. These inefficient vehicles emit more CO2 than a car.
The global team, including City AM’s Crypto Insider and Crypto AM Founder James Bowater, who recently joined eTukTuk’s advisory board, is working closely with its partners in Sri Lanka to scale its operations.
CEO Ryan Fishoff said this week, “We are creating a uniquely innovative, affordable, and accessible platform for drivers who, right now, are excluded from making the transition to EVs.”
The problem is multi-layered, as the issues being addressed include:
- A significant lack of charging infrastructure that remains a deterrent to the switch away from carbon-intensive vehicles.
- The high cost of EVs, coupled with price-hikes in fuel (by as much as 50% in some regions) are bringing economies to a standstill.
- Rising carbon emissions in line with population growth: there are 270,000,000 ICE TukTuks on the road globally. By 2050, that number is set to rise to 400,000,000.
- A “cash-heavy” economy: 85% of consumer transactions processed in Sri Lanka are made in cash. Restricted access to digital payments for both drivers and passengers adds friction and reduces opportunity.
eTukTuk aims to be an affordable transportation network that severs the ties that bind us to fossil fuels. With scalable infrastructure, many more people can easily transition to EVs. This will cut the number of traditional ICE TukTuks on the roads, reducing air pollution.
With access to all of the benefits that the sustainable Cardano blockchain provides, drivers and adopters of eTukTuk will be able to utilise its secure transaction system to pay for services without the need for either cards or cash. This will lead to the evolution of a more connected, yet decentralised economy, helping to build resilient smart cities.
Many emerging markets now have government policies in place, and the transition to electric vehicles is inevitable. In Sri Lanka, for example, 100% of all state-owned vehicles, passenger cars, and two and three-wheeler vehicles must be replaced with EVs by 2040.
Colombo’s Mayor, Her Worship Rosy Senanayake said: “eTukTuk’s solution has the ability to drive economic change throughout Colombo and indeed, Sri Lanka.
“The current TukTuk drivers are in need of the affordable and sustainable solution that eTukTuk provides – one that places their take-home pay, safety, and the environment at the forefront of their plans.
“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.”
How does it work?
The ecosystem uses blockchain technology so drivers, passengers, and other participants within the network can earn rewards. They can further benefit from the increasing use and expansion of eTukTuk’s charging infrastructure.
As the network grows, so too can the rewards as the safe, clean, and fair model of transportation becomes widely accessible. It is further anticipated that the level of take-home pay for the drivers could increase by up to 400%.
For more information about eTukTuk’s fundraising activities, contact them at [email protected].