Bitcoin’s very first beginnings began on the 18 August 2008.
Close to a decade later, in the year 2017, this digital currency experienced a spectacular rise in value, with many betting on the crypto craze.
In spite of the meteoric rise of bitcoin, Jack Ma, a high-profile tech billionaire, remains to be bearish on bitcoin, but bullish on blockchain technology – the underlying technology behind bitcoin. This was revealed at the 20th annual conference of China Association for Science and Technology at the end of May this year.
Quickly enough, only about a day later, CHEN Weixing, the former founder of Kuaidi Dache, was reported to be talking about his collaboration plans with Yang, former Meituan founder, on a blockchain ride-hailing project.
CHEN on Tuesday has now unveiled a fuller picture of their plans and will be naming its blockchain-based technology ‘VV Share Blockchain platform’.
Unlike the initial view that it will be just a ‘ride-sharing platform’, CHEN has revealed his intentions of building a wider blockchain-based ecosystem offering a range of services beginning with ride-hailing, to hotel stays, food delivery, and even flight bookings. Ride-sharing service is just the entry point as it is CHEN’s expertise.
VV Share aims to create a sharing economy via three main areas – namely a marketplace platform for the working people, tokenization of assets and a governable and interlinked circular public economic chain.
It’s noteworthy to mention that VV Share will seek to replace the traditional price-to-earnings valuation ratio (P/E) with the value-to-rate (V/L) ratio.
The duo will be issuing the project’s white paper at China’s World Blockchain Conference at Wuzhen, China. Application to join the event can be made via email to email@example.com.
Its public website has also been decided to be www.vv.com
While this decentralized approach will utilize blockchain to solve many traditional problems in the markets such as ‘control’, it’s not without its competition.
For instance, operating on the same decentralized concept, a Singapore-based startup MVLchain has already moved to expand beyond Singapore – officially foraying into on-demand services in Vietnam this July.
Given the growing battle of entering the traditional turfs of others with examples such as Meituan-Dianping and Didi Chuxing, it is also possible for other blockchain startups to compete with VV Share. A case in point could be ONO, a blockchain-based social networking startup.
Furthermore, entering the already saturated ride-sharing market, food delivery market, online travel industry market in China is no easy feat. Banking on an innovative decentralized approach with immutable data, it still has to compete as other players such as Ctrip, Meituan-Dianping and Didi Chuxing will not leave without a fight.