- Cardano unveils “e-TukTuks” the first-ever automotive project built on the Cardano blockchain.
- This is a promising project for the Cardano network and is positioned to launch ADA to new price levels.
Cardano has unveiled one of the most significant projects of its network. At the World Economic Forum in Davos, Cardano revealed its first automotive project centered around elective vehicles.
The project is the first of its kind on any Blockchain platform. Dubbed “eTukTuks”, the project will begin initial operations in Sri Lanka in Southen Asia. The project is set to go into full effect in the near future, with the help of local government ossicles and other key industry partners.
One of eTukTuk’s goals is to cut down on the 1,200,000 internal combustion engines (ICE) that are functioning in the country. Drivers are also expected to see a 400% rise in their earning power.
BREAKING📢: The World’s First Automotive Project Built on Cardano.
The project was Announced this afternoon at the World Economic Forum in Davos. @wef 🤯
More info in this thread🧵👇#Cardano $ADA @eTukTukio pic.twitter.com/8zW3MqbusW
— Yevhen |👾| DeFiYield.app (@Yevhen_ADA) January 18, 2023
The project, amongst many other use cases, will allow network participants such as drivers and even passengers to earn rewards. As Electric vehicle firms prioritize sustainability and discard use of fossil fuel, the Cardano network will pioneer this transition by increasing its number of proprietary EVs and charging stations.
The project remains of significant value, as it follows the failed attempts to launch two and three-wheeler electric vehicles (EVs), which lacked the charging infrastructure needed to facilitate the switch.
Her Worship Rosy Senanayake, the Mayor of Colombo, reckons that the project is valuable for Colombo and the Sri Lankan economy.
“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.” She asserts.
How will ADA react to the integration of eTukTuk?
For the most part, the new project holds bullish possibilities for the already ADA token, which is among the number of altcoins with a significant price upswing at this time.
With the eTukTuk protocol being backed by the TUK token, ADA is primed to go green, as users willing to partake in the utilization of eTukTuk transportation offer, must hold ADA tokens.
This might result in the influx of new ADA users, while the existing ADA users might move towards increasing their ADA holdings.
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At report time, ADA trades at $0.33, after maintaining an upward trend this week. Recall that ADA also recently towered rival altcoin Doge. During the peak of last week’s altcoin rally, ADA recorded a massive surge in prices.
The surge resulted in its return as the 9th most valued asset by market cap, while Dogecoin moved downwards, to the 9th position.
