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HomeCrypto NewsWorld's First Cardano-based Automotive Project to Launch in Sri Lanka

World’s First Cardano-based Automotive Project to Launch in Sri Lanka

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The project aims to address concerns surrounding the use of electric vehicles while concurrently promoting climate action.

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eTukTuk, the world’s first Cardano-based automotive project, has announced its plans to launch operations in the South Asian nation of Sri Lanka. This development, announced at this year’s World Economic Forum in Davos, has the potential to transform the transportation industry for people around the globe. 

The company’s mission is to address the high cost and lack of charging stations for electric vehicles worldwide by creating a sustainable and dynamic multi-income model, according to a recent report from City A.M., The project further exemplifies the utility of blockchain technology in solving real-world issues, as it uses the technology to develop a model that pays rewards to drivers and passengers within the system.

The eTukTuk ecosystem also utilizes the Cardano blockchain to expand its network of charging stations and proprietary electric vehicles to assist areas with limited EV infrastructure in moving away from fossil fuels. In addition, it addresses global issues such as air pollution, health conditions related to CO2 emissions, and financial disparity.

“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,” Her Worship Rosy Senanayake, the Mayor of Colombo, remarked, speaking on the development.

Initial Focus on Emerging Economies

At this point, the company’s main focus is on emerging markets, which account for 63% of the world’s total carbon emissions and where inefficient transportation exacerbates an already pressing economic situation. 

To achieve this goal, eTukTuk plans to closely collaborate with the local government and well-established industry partners to launch its services in Sri Lanka, where 1.2 million traditional internal combustion engine (ICE) TukTuks are currently in use. The aim is to offer an affordable transportation network that is independent of fossil fuels, mitigates air pollution, and substantially decreases the number of traditional ICE TukTuks used by the general public.

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Additionally, the use of Cardano’s secure transaction system eliminates the need for physical cards or cash, promoting a decentralized system that is more interconnected and supporting the development of robust smart cities. The goal is to serve as a model for similar projects in other countries, resulting in a positive global impact on the environment and economy.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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