This is the second posting for those who may know about the electric vehicle but having a hard time understanding the Electric Vehicle Zone project even after reading the white paper.
Through this official blog, I would like to introduce and briefly explain about the EVZ Token Economy
What is EVZ (Electric Vehicle Zone) Coin Economy?
There are two types of currencies used for billing and incentive system within the EVZ platform
Two EVZs? / You may be surprised to hear that there is another token used as well as EVZ token.
So I am going to explain one by one.
Two types of currencies, EVZ Coin (hereinafter called “EVZ”) and EVZ Point (hereinafter called “EVP”) are used on the EVZ platform.
EVZ is used to reward and incentivize users within the platform, also, it can be traded in the cryptocurrency exchange. EVZ is the cryptocurrency that plays a pivotal role in increasing demand for the product through incentive system in the EVZ platform.
EVP is the point that is only used within the EVZ platform and can be purchased with fiat currency.
Let’s take a closer look at these two currencies.
What is EVP?
It is the point that is used as a means of payment and incentive only within EVZ platform. Unlike stable coin, the value of EVP does not fluctuate with the market.
1 EVP has a same fixed value as $0.1 and it can be purchased with fiat currency (ex: KRW).
EVP is a payment means with a fixed value for charging the charger fee in the EVZ platform and not able to be traded in cryptocurrency exchange.
What is EVZ?
EVZ acts as a reward for charging (using EVP) and payment for charging on the platform.
Unlike EVP, EVZ can be traded in cryptocurrency exchange.
When the user charges his/her electric vehicle using EVP, he/she gets a certain percentage of EVZ as the reward for the point usage.
If a personal charger is shared, the owner of the charger will be additionally rewarded with EVZ as a business operator for the profit made with charger except for certain fees for the platform.
EVZ is an ERC-20 based token which has 10,000,000,000 (fixed) of limited number issued.
The EVZ team is trying to create a continuous demand for EVZ by increasing the incentive rate when the charger using fee is paid through EVZ rather than EVP.
This raises awareness that EVZ is not merely a reward but an asset that can grow in value and EVZ team provide demand creation and long-term incentive for keeping EVZ.
EVZ will be used as below in the future:
[Electric Vehicle Charging Hosts (Local Hosts)’ buying and holding EVZ]
The electric vehicle market is steadily growing and the need for an electric charging infrastructure is expected to expand rapidly as well.
The EVZ team will provide free charging infrastructure to local hosts from the appropriated fund among fund raised by token sales. In addition, through EVZ reward, the team will rapidly expand the charging infrastructure.
As the expansion progresses and the demand for electric vehicle increases, the local hosts who want to build additional infrastructure need to purchase a certain amount of EVZ. Purchased EVZ must be stored in the personal wallet of EVZ platform and prove the balance.
In other words, each charging station must keep a certain amount of EVZ to operate its business. Charger operators will be rewarded in EVZ or cash based on their balance verified wallet.
[EVZ Project Participants Reward]
By installing the EVZ platform module on the individual charger, not only local hosts but also individuals can receive EVZ as a reward for the profit created in the platform.
If users pay charger using fee with EVP, 1% of the paid amount will be back to the users as EVZ. When users charge in alternative energy, renewable energy or power, produced by the base load, providing time, 2% of the charging amount will be rewarded as EVZ.
The supply and demand for electric charging will be weighted by the charging time so that more rewards can go back to the participants.
[Give Priority for Charging]
Although the charging infrastructure is generally well established in the regions where demand for electric vehicle charging is high, limitation still exists.
When the demand for electric vehicle charging rapidly increases in a dense area, charging priority issue arises. When this issue occurs, the charging priority is given to the user who pays the payment through EVZ rather than EVP
EVP and EVZ, which are used in payment for charging, are paired to Fiat currency.
EVP has its fixed value as $0.1 but the price will fluctuate and the number of EVZ for each charging will change. This rate will be calculated by an average price API of exchanges worldwide.
So far we have briefly gone through EVZ Token economy above!
I hope this posting helps for those who are interested in the EVZ project and I will post the details about the EVZ project ecosystem in the future.