InMotion Ventures portfolio company Dovu has revealed its plans to introduce the world’s first mobility cryptocurrency. Built on Ethereum, the Dovu token aims to power new business models in the transportation sector. Dovu’s token sale begins on October 3rd.
Applications built on the Dovu protocol (known as “dApps”) will have real-world utility: for example, sending electricity from an electric vehicle back to the grid or rewarding drivers for the car data they create and share.
The first dApp is the Dovu API marketplace, a transport data repository offering simplified, standardised access for developers of mobility applications.
“There is an urgent need for practical uses of blockchain technology to bring it to the masses,” explains Dovu CEO Irfon Watkins. “Leveraging blockchain technology for mobility solutions has broad market appeal. Blockchain will make sure everybody will be fairly rewarded for their contribution to the mobility ecosystem.”