A Singaporean startup to reward electric vehicle users with cryptos

A Singaporean startup to reward electric vehicle users with cryptos

With an intention of reducing the emission of Carbon, CyClean, a Singaporean blockchain startup is launching electric vehicles that are blockchain enabled. These electric vehicles help in mining crypto as users travel, and the company will also reward the users with cryptocurrencies.

According to a report by Federation Internationale de L’ Automobile (FIA), the largest contributors of CO2 emissions are the transport on roads such as cars, trucks, and motorcycles more than that of trains, airplanes, and boats. In the United Kingdom, vehicles are a major source of CO2 emission. There are current discussions to use electric vehicles rather than traditional vehicles not only in the UK but also in different parts of the world.

CyClean, the Singaporean start-up aims to reduce this emission by allowing users to rent electric vehicles and in return be rewarded with cryptocurrency. They believe that this combination of cryptocurrency and blockchain with electricity powered vehicles will be a major combat to the current CO2 emitting vehicles.

The process is quite simple. Electric vehicles supplied to CyClean are enhanced with a certain chip that can track down a user’s distance traveled and also the amount of energy used to travel, which in turn is connected to CyClean servers in order to reward its users based on the data provided after travel.

The amount of CyClean coins that are given to the users as a reward will be directly proportional to the distance they travel or the watts the vehicle produces but applies to users who have traveled more than a kilometer in a day.

According to the CyClean white paper, the company’s business model covers only electric two-wheelers and they will be moving their focus towards four-wheelers in the near future. They have intentions to expand 

Source: BCFocus
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