We developed a new blockchain platform (VMC CORE) for VMC to create a fully open and decentralized payment and ticketing platform. The goal was to demonstrate a working platform with Europe's largest public transport company.
Transactions on the network were executed via a stablecoin called the VAI token. People used VAI to transact with the network, while providers and stakeholders (such as governments or data providers) could share incentives and cooperate. VAI was pegged to the Euro.
We used the consensus algorithm called Proof of Elapsed Time (PoET) to achieve overall system reliability effectively. The result was a private network that supported super-fast transactions (when you're on the bus, you don't want to wait for validations!) and offered high security.
3D printed hardware
Check-in terminals in public transport are expensive, very expensive. We designed our hardware and 3D printed the casing to allow for maximum adoption. The vision was that anyone could get started and use easy digital payments.
We successfully deployed an MVP with Europe's largest public transport operators (Deutsche Bahn / Arriva). Unfortunately, after the MVP, we had to shut down the project.