Cardano Blockchain Powered Electric Vehicle Initiative to Start in Sri Lanka
As the blockchain and cryptocurrency sector continue to flourish amid plummeting markets, electric vehicle (EV) manufacturers are becoming more intrigued, and one has declared the start of an EV project based on the Cardano (ADA) system in Sri Lanka.
Indeed, the implementation of eTukTuk in Sri Lanka, the first-ever automobile initiative built on Cardano, was revealed on the second day of the World Economic Forum (WEF) in Davos, Switzerland, as per a January 18 story by CityAM.
Particularly, the venture aims to tackle the infrastructure and funding issues that have earlier stopped the rollout of EVs at scale by developing a groundbreaking, viable, and “vibrant, multi-revenue model” that would reward the growth of eTukTuk’s system of charging points and EVs via Cardano.
As per the article, the eTukTuk team will collaborate with prominent industry partners and the Sri Lankan government, where there are now 1.2 million internal combustion engine (ICE) TukTuks on the street.
In accordance with its goals, eTukTuk wants to decrease the number of conventional ICE cars on Sri Lankan streets, minimize air pollution, and offer connectivity and a “transport system that sever[s] our links to fossil fuels at a reasonable price.”
Rosy Senanayake, the mayor of Sri Lanka’s major city, Colombo, where 70 percent of inefficient ICE TukTuks are headquartered, stated: “eTukTuk’s solution has the potential to promote economic transformation across Colombo and Sri Lanka. (…) The present TukTuk drivers require the economical and sustainable answer that eTukTuk offers — a solution that prioritizes their take-home income, security, and the environment.”
n another story, Cardano’s programmers are hard at work progressing the environment, including the implementation of the first-ever smart contract compiled in Eopsin, a groundbreaking Pythonic programming language that enables programmers to write 100% valid Python programs while utilizing the conventional Python tool stack.
In addition, the ADA team has stated that yet another Cardano update is scheduled for February, which will include additional built-in functionality to the Plutus smart contracts in an effort to “make it simpler for programmers to construct cross-chain applications.”
Cardano’s native ADA coin is presently trading at $0.3369, up 1.50% on the day and 1.40% for the last week, for total monthly gains of 32.77 percent.
Cardano’s market value is present $11.65 billion, ranking it the eighth-biggest cryptocurrency by this metric, based on the most recent data obtained from the cryptocurrency monitoring site CoinGecko.