eTukTuk, the world’s first automotive project built on Cardano, has announced that it will be launching its initial operations in Sri Lanka, a bold step that will redefine the transportation sector for billions of people worldwide.
There have been numerous 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. Moreover, EVs are also prohibitively expensive globally.
Poised to rEVolutionise the way we travel, eTukTuk is building a dynamic, multi-revenue model that balances sustainability with innovation. The groundbreaking 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 clear lack of EV infrastructure, whilst simultaneously 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, a country 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. Furthermore, these inefficient vehicles emit more CO2 than a car, which is why eTukTuk is now driving change where it is needed most.
The global team, which includes City AM’s James Bowater who also recently joined eTukTuk’s advisory board, are working closely with various partners in Sri Lanka to scale operations.
Earlier this week, CEO Ryan Fishoff stated: “We are creating a uniquely innovative, affordable, and accessible platform for drivers who are presently excluded from making the transition to EVs.”
The problem is multi-layered, as the issues being addressed include, but are not limited to:
- A significant lack of charging infrastructure that remains a deterrent to the switch away from carbon-intensive vehicles.
- The high cost of EVs, alongside 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. As a matter of fact, there are 270,000,000 ICE TukTuks on the road globally and this number is set to rise to 400,000,000 by 2050.
- 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 significantly reduces opportunity.
As such, eTukTuk is the affordable transportation network that eliminates the ties which bind us to fossil fuels. With scalable infrastructure, countless more people can easily transition to EVs. This will cut the number of traditional ICE TukTuks on the roads, largely reducing air pollution. Also, with access to all of the benefits that the sustainable Cardano blockchain provides, drivers and adopters of eTukTuk will be able to use its secure transaction system to pay for services without the need for either cards or cash. The result will be 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.”
So, How Does It Work?
The ecosystem uses blockchain technology so drivers, passengers, and other participants within the network can consistently 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. Additionally, the overall quality of life for the drivers will improve, as the level of take-home pay could increase by up to 400%.
In conclusion, eTukTuk’s nascent platform is at the forefront of innovation in logistics, providing a scalable solution to tackle deadly carbon emissions that affect climate change and the financial disparity which has several countries stuck in a chokehold of stagnation. Everyone can join the rEVolution on Telegram, follow eTukTuk on Twitter @eTukTukio, or discover more at https://etuktuk.io.
For more information about eTukTuk’s fundraising activities, contact [email protected].