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Kuaidi Dache founder, Andy Chen Weixing, was forced to quit Chinese industry in 2015 after his company merged with competitor Didi Dache to end a price war and form a broader service provider, Didi Chuxing.
Didi, the giant of greetings, struggles to contain the relapse of a second passenger killed in three months, the 35-year-old businessman is back with a new blockchain app called VV Go that seeks to improve passenger safety and increase the driver's income.
Both elements are extremely necessary in the Chinese automobile industry, which has been shaken by the death of two young women passengers on Carpool's Hitch service within three months. Chen Wei and Jean Liu Qing, respectively managing director and president of Didi respectively, issued a mea culpa Tuesday for the role of the company in death, stating that "the breathless expansion" caused the beginning of the loss view of its original goal of improving transport.
"I think a good rule design can definitely help improve security, and blockchain is the real thing to design better rules," Chen said in an interview.
[19659002] A ride-powered engine block-drive platform will be able to share information about drivers and rides between all users in a timely and transparent manner, he said. If a passenger, for example, sends an emergency call, the shared network would allow other drivers and even the police to respond quickly.
In the case of the second death to ride, the victim had sent a message to help a friend after going around, but Didi did not share the details of the trip due to privacy issues. Didi now says that he will work on a three-way connection with the police line and the company for user complaints about personal safety.
Blockchain, the accounting technology distributed behind cryptocurrencies like bitcoin and ethereum, was designed to provide greater transparency to its users. The technology enables the creation of an online database network in which multiple participants share and archive transaction records securely and efficiently, according to a white paper commissioned by the Hong Kong Monetary Authority. Such an online network makes a complete record of the transaction history constantly available for examination
. Chen is pursuing his ride-on initiative on a blockchain through a non-profit venture called VV Share, which he founded with Yang Jun, co-founder of the Meituan group purchase service, which is now part of the local service giant online-offline Meituan-Dianping. VV Share, which manages its public network of blockchain of the same name, currently has a staff of about 100.
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App VV Go with enabled blockchain technology The first VV Share project in building a shared economy. The VV Go user experience is similar to that offered by artists like Uber Technologies and Didi, Chen said. VV Go uses algorithms to send orders in a way that has the best meaning for drivers and commuters.
VV Share plans to issue VVS tokens for use on VV Go and other blockchain-based on demand services that the company is trying to develop. Its sharing economy will result in the creation of 100 billion VVS tokens, about 80 percent of which will be distributed to users and the rest as a reward to the VV Share team and consultants.
Chen said that drivers, as users, essentially own the blockchain-hailing platform through tokens "to protect passengers and keep the platform safe from becoming their own business". "It's more effective than letting a single company take responsibility for it [for any issues]," he said.
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It is not yet clear how VV Share will distribute VVS tokens to drivers and others who take part in the blockchain VV ride-based operation Go. Also the VV Go revenue distribution model remains unknown
Chen said that the supply and distribution of tokens are not finalized and that it will release further information in the coming months.
While VV Go intends to tackle passenger safety issues in the Chinese driving market, it also comes at a time when the government has moved to tighten controls on the country's nascent blockchain sector.
While the Chinese government is trying to adopt blockchain in areas of record management to cyber security, Beijing has made it clear that retail investors do not want to intervene with cryptocurrency exchanges and initial fundraising schemes because of concerns that these activities would cause financial instability.
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was in talks with several local governments, including that of his hometown of Hangzhou, in the eastern province of Zhejiang. But it was expected that the initial launch was conducted at the end of this year in Singapore, San Francisco, Toronto or Hong Kong.
VV Share is not the first company to develop a blockchain-based travel sharing platform. Last month, the MVL Foundation launched the TACK mobile app, which had more than 9,500 pilots three weeks three weeks after its launch. Arcade City, which was launched in Austin, Texas in 2016, has created an ethereum-based ride-ride app and has now expanded to other US cities.
In 2012, Chen founded Hangzhou Kuaizhi Technology to develop the Kuaidi Dache ride-ride app. He launched the app in his hometown, Hangzhou, in August of the same year, a month ahead of the launch of the biggest rival Didi Dache in Beijing. His business has also attracted capital from some large investors such as Alibaba Group Holding, the parent company of Post .
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Tencent Didi Dache and Kuaidi Dache supported by holdings have burned a lot of money while they have subsidized travel to gain market share . The two companies joined their operations the following year. It was then renamed Didi Chuxing.
Chen left Didi and focused on other hi-tech projects. He is an investor in Bytedance, owner of the Jinri Toutiao mobile news aggregator operator. It is also the main shareholder of NetMind Financial Holdings listed in Hong Kong, a company that moves from mining to e-logistics.
Chen, however, has earmarked 1 billion yuan (US $ 147 million) – or about a fifth of his total investments – in start-ups linked to the blockchain, including the Bitnance and Huobi cryptocurrency exchanges.
In the future of VV Go, he is not looking forward to competing with Uber and Didi. "I'm not afraid of competition, if my experiment succeeds, their model will become problematic."
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