This week, let’s take a look at enchanting Singapore!
Singapore is the first country to launch TADA.
It is also the first country to introduce the MVL incentive system :)
Let's look back on how MVL and TADA have walked together in Singapore for a year.
1. Singapore, the Crypto Valley of South-east Asia!
Singapore is one of the centers of blockchain and crypto business.
According to ICO Bench(ICO research firm), about 2.15 billion dollars were raised through ICO from 2017 to 2018 in Singapore, and about 323 ICOs were conducted.
The Singaporean government and regulators have embraced the possibility of cryptocurrency, blockchain and new technologies, and have responded promptly to relevant regulations.
Singaporean government issued guidelines on Initial Coin Offering(ICO) in May of this year and is amending cryptocurrency exchange licenses and ICO laws for next year.
Singapore is a challenging market for many blockchain projects because of its flexible stance on cryptocurrencies.
In addition, the market size and user ratio of Singapore's ride-hailing service are the 5th and 1st place in the world.
Therefore, the MVL team launched TADA for the first time in Singapore.
TADA offers a unique advantage as a “blockchain-based zero commission ride-hailing service,” that has never been seen before.
As a result, MVL attracted the attention of the Singapore government as a blockchain project that provides the most real-life services, resulting in MVL being selected as the Tribe Accelerator, Singapore Government Support Program.
(See more details: https://ewhk4.app.goo.gl/oF2x)
Also, MVL TADA hit the no. 1 spot in app downloads last December.
This was possible because of the support of MVLERs who loves MVL and TADA.
2. MVL Incentive Program
MVL also leveraged the crypto-friendly environment of Singapore, not only applying the blockchain protocol to zero commission but to the incentive system.
In February, we launched the first blockchain-based MVL incentive program in MVL TADA Singapore.
Currently, our users are actively earning MVL points in MVL TADA Singapore.
MVL points are rewarded for contributing to the MVL ecosystem through TADA trips and reviews.
Points may be deducted for behaviors such as trip cancellations.
The MVL incentive has made a positive impact to TADA.
Firstly, the number of driver cancellations reduced drastically.
In addition, we noticed drivers seem to accept more ride orders they had avoided in the past. Some of these ride orders included those from a far pickup location or a long-distance trip.
These attractive incentives, called MVL Points, naturally encouraged drivers to be kinder and provide a better service.
MVL's goal of realizing a transparent mobility ecosystem through incentives is becoming a reality!
As you read this content, some of you may have the following questions:
“When drivers convert their MVL points to MVL coins,
and if they cash out those coins,
doesn't it adversely affect MVL Coin in the long run(ex. Price drop)?
We fully understand your concern,
But we can say “NO” with confidence!
First of all, the drivers cannot exchange all their earned MVL points to MVL Coins!
This is because the rate of exchangeable points also depends on the driver's MVL level.
The MVL level is shown below.
The exchangeable points for NEWVLER is 60%, for VM is 70%, for VIM is 80%, for VVIM is 90%.
Only by achieving the highest ELITE level, will they be able to exchange all their points to coins.
But after eight months of launching the incentive program, we did not have an MVLER who has reached the ELITE level yet!
Can you guess how difficult it would be to become an ELITE MVLER?
In addition, there are rules that points collected during the week immediately before the exchange cannot be exchanged to coins.
And the level is determined by the amount of points they have.
So we can prevent users who try to discriminately exchange points to coins and cash out the coins.
Furthermore, we plan to adjust the points → coin exchange demand by expanding the benefits of holding points in the future.
In addition, we will make the incentive system more sophisticated so that MVLERs can benefit from various places just by having MVL points even if they don't exchange for coins.
It will be an incentive system created by MVL and various other companies.
Stay tuned for the MVL incentive system that will continue to evolve.
3. The Data of MVL incentive and TADA Singapore
Singapore is a country that operates the incentive program most actively!
Let's explore the situation in Singapore in more detail with concrete data.
How many MVL Points have been distributed you say? About 20,000,000 Points! :-)
MVL points are given to drivers and riders who are building the MVL ecosystem together.
There are so many points accumulated and distributed!
(As mentioned earlier, please note that the points are not all exchanged to MVL Coins and the exchange rate is low.)
Then, who is the best MVLER to collect the most MVL points?
His name is Boon Lian Goh, the first driver who reached the VVIM level in May!
Boon Lian's current total point is 332,514.5 points.
Boon Lian works really hard for the MVL ecosystem.
If you go to Singapore and call TADA, you have a really high chance to meet him.
Boon Lian has carried out approximately 2,000 jobs on TADA!
As mentioned above, the MVL team in Singapore had the pleasure of meeting him when they called a TADA ride.
Boon Lian has a unique record in Singapore TADA!
He has been working hard by being actively online on TADA and providing a friendly service.
Having met him, we could find out that he is a true TADA lover and the best MVLER.
The exterior of the car was perfectly wrapped with the TADA brand.
The interior of the car was also neat and tidy.
I was impressed by the fact that he had the TADA decal in his car.
Most TADA drivers have high ratings,
But there were a few people who kept a perfect score of 5.
He was the best MVLER as you may have guessed!
We've prepared another interview with Boon Lian.
If you are curious about it, please wait for the next episode :)
4. Premium Options for MVL TADA Singapore
Did you know that unlike other countries, there are premium options available only in MVL TADA Singapore?
There are two special features that are only available in Singapore!
Let us introduce them to you :)
1. Smart Call Feature
Smart Call is a feature that allows you to pay an additional fee of S$6 to have your order prioritized.
This can be useful if you have trouble getting a taxi or you have to get somewhere urgently.
At this time, only riders using debit/credit cards and OCBC Pay Anyone can use this feature.
In the case of taxi drivers, it is only available to Premier taxi drivers.
In the future, we plan to expand the functionality to provide cash payment and service for all models.
2. Family Option
Under the Singapore law, children under 1.35m in height must be seated in a car seat.
TADA riders with infants, can call a ride by selecting our family option.
According to the TADA rulebook, infants under 1.35m have to select a family option ride.
Car seats for infants less than 1m in height are charged at S$4 and car seats for children taller than 1m and less than 1.35m are charged S$2 additionally.
So be assured that we got you covered even if you are with a child ~!
5. Epilogue of week 6
The MVL team has successfully operated the TADA service in Singapore for a year now and created a healthy MVL ecosystem, thanks to your support.
The healthy mobility ecosystem within the blockchain protocol is being created by the MVL team for the first time in the world.
Since it is the first system to be built, we have a great responsibility.
So, we would appreciate it if you could continue to support us along the way.
Our next series will include an interview of an MVL team member and TADA driver in Singapore.
Join us next week to read about how they feel about MVL and blockchain ecosystems.
Thank you.
Best,
MVL Team
This week, let’s take a look at enchanting Singapore!
Singapore is the first country to launch TADA.
It is also the first country to introduce the MVL incentive system :)
Let's look back on how MVL and TADA have walked together in Singapore for a year.
1. Singapore, the Crypto Valley of South-east Asia!
Singapore is one of the centers of blockchain and crypto business.
According to ICO Bench(ICO research firm), about 2.15 billion dollars were raised through ICO from 2017 to 2018 in Singapore, and about 323 ICOs were conducted.
The Singaporean government and regulators have embraced the possibility of cryptocurrency, blockchain and new technologies, and have responded promptly to relevant regulations.
Singaporean government issued guidelines on Initial Coin Offering(ICO) in May of this year and is amending cryptocurrency exchange licenses and ICO laws for next year.
Singapore is a challenging market for many blockchain projects because of its flexible stance on cryptocurrencies.
In addition, the market size and user ratio of Singapore's ride-hailing service are the 5th and 1st place in the world.
Therefore, the MVL team launched TADA for the first time in Singapore.
TADA offers a unique advantage as a “blockchain-based zero commission ride-hailing service,” that has never been seen before.
As a result, MVL attracted the attention of the Singapore government as a blockchain project that provides the most real-life services, resulting in MVL being selected as the Tribe Accelerator, Singapore Government Support Program.
(See more details: https://ewhk4.app.goo.gl/oF2x)
Also, MVL TADA hit the no. 1 spot in app downloads last December.
This was possible because of the support of MVLERs who loves MVL and TADA.
2. MVL Incentive Program
MVL also leveraged the crypto-friendly environment of Singapore, not only applying the blockchain protocol to zero commission but to the incentive system.
In February, we launched the first blockchain-based MVL incentive program in MVL TADA Singapore.
Currently, our users are actively earning MVL points in MVL TADA Singapore.
MVL points are rewarded for contributing to the MVL ecosystem through TADA trips and reviews.
Points may be deducted for behaviors such as trip cancellations.
The MVL incentive has made a positive impact to TADA.
Firstly, the number of driver cancellations reduced drastically.
In addition, we noticed drivers seem to accept more ride orders they had avoided in the past. Some of these ride orders included those from a far pickup location or a long-distance trip.
These attractive incentives, called MVL Points, naturally encouraged drivers to be kinder and provide a better service.
MVL's goal of realizing a transparent mobility ecosystem through incentives is becoming a reality!
As you read this content, some of you may have the following questions:
“When drivers convert their MVL points to MVL coins,
and if they cash out those coins,
doesn't it adversely affect MVL Coin in the long run(ex. Price drop)?
We fully understand your concern,
But we can say “NO” with confidence!
First of all, the drivers cannot exchange all their earned MVL points to MVL Coins!
This is because the rate of exchangeable points also depends on the driver's MVL level.
The MVL level is shown below.
The exchangeable points for NEWVLER is 60%, for VM is 70%, for VIM is 80%, for VVIM is 90%.
Only by achieving the highest ELITE level, will they be able to exchange all their points to coins.
But after eight months of launching the incentive program, we did not have an MVLER who has reached the ELITE level yet!
Can you guess how difficult it would be to become an ELITE MVLER?
In addition, there are rules that points collected during the week immediately before the exchange cannot be exchanged to coins.
And the level is determined by the amount of points they have.
So we can prevent users who try to discriminately exchange points to coins and cash out the coins.
Furthermore, we plan to adjust the points → coin exchange demand by expanding the benefits of holding points in the future.
In addition, we will make the incentive system more sophisticated so that MVLERs can benefit from various places just by having MVL points even if they don't exchange for coins.
It will be an incentive system created by MVL and various other companies.
Stay tuned for the MVL incentive system that will continue to evolve.
3. The Data of MVL incentive and TADA Singapore
Singapore is a country that operates the incentive program most actively!
Let's explore the situation in Singapore in more detail with concrete data.
How many MVL Points have been distributed you say? About 20,000,000 Points! :-)
MVL points are given to drivers and riders who are building the MVL ecosystem together.
There are so many points accumulated and distributed!
(As mentioned earlier, please note that the points are not all exchanged to MVL Coins and the exchange rate is low.)
Then, who is the best MVLER to collect the most MVL points?
His name is Boon Lian Goh, the first driver who reached the VVIM level in May!
Boon Lian's current total point is 332,514.5 points.
Boon Lian works really hard for the MVL ecosystem.
If you go to Singapore and call TADA, you have a really high chance to meet him.
Boon Lian has carried out approximately 2,000 jobs on TADA!
As mentioned above, the MVL team in Singapore had the pleasure of meeting him when they called a TADA ride.
Boon Lian has a unique record in Singapore TADA!
He has been working hard by being actively online on TADA and providing a friendly service.
Having met him, we could find out that he is a true TADA lover and the best MVLER.
The exterior of the car was perfectly wrapped with the TADA brand.
The interior of the car was also neat and tidy.
I was impressed by the fact that he had the TADA decal in his car.
Most TADA drivers have high ratings,
But there were a few people who kept a perfect score of 5.
He was the best MVLER as you may have guessed!
We've prepared another interview with Boon Lian.
If you are curious about it, please wait for the next episode :)
4. Premium Options for MVL TADA Singapore
Did you know that unlike other countries, there are premium options available only in MVL TADA Singapore?
There are two special features that are only available in Singapore!
Let us introduce them to you :)
1. Smart Call Feature
Smart Call is a feature that allows you to pay an additional fee of S$6 to have your order prioritized.
This can be useful if you have trouble getting a taxi or you have to get somewhere urgently.
At this time, only riders using debit/credit cards and OCBC Pay Anyone can use this feature.
In the case of taxi drivers, it is only available to Premier taxi drivers.
In the future, we plan to expand the functionality to provide cash payment and service for all models.
2. Family Option
Under the Singapore law, children under 1.35m in height must be seated in a car seat.
TADA riders with infants, can call a ride by selecting our family option.
According to the TADA rulebook, infants under 1.35m have to select a family option ride.
Car seats for infants less than 1m in height are charged at S$4 and car seats for children taller than 1m and less than 1.35m are charged S$2 additionally.
So be assured that we got you covered even if you are with a child ~!
5. Epilogue of week 6
The MVL team has successfully operated the TADA service in Singapore for a year now and created a healthy MVL ecosystem, thanks to your support.
The healthy mobility ecosystem within the blockchain protocol is being created by the MVL team for the first time in the world.
Since it is the first system to be built, we have a great responsibility.
So, we would appreciate it if you could continue to support us along the way.
Our next series will include an interview of an MVL team member and TADA driver in Singapore.
Join us next week to read about how they feel about MVL and blockchain ecosystems.
Thank you.
Best,
MVL Team