ETH gas fee is always to the moon when you want to trade. DeFi sucks with a high gas fee, and nothing works under such circumstances.
So does the MobiFi app; it will never work if the user has to pay a $10 gas fee because of a $5 parking fee or a 3$ bus ticket. Therefore, they want to talk about how the MobiFi team designed and mitigated the high gas fee on ETH.
What they do in MobiFi
In MobiFi’s architecture design, they have two tasks to complete.
- Offer mobility services, including payment, etc., to provide an end-to-end experience.
- Help users save money and make money with crypto-financial services and products.
Task 1. It’s close to their everyday life, so it’s pretty self-explanatory. People need to make many micro-payments, which are usually below $10. It has no sense if, on top of $10, you still have to bear a transaction cost of $10. Btw, transaction cost/service fee is the primary business model for all the transport operators and banks, of course, 😉.
Task 2. When talking about crypto-financial services and products, it can be staking, borrowing, and lending, in other words, DeFi. Smart contract in DeFi is complex and cost more gas fee than simple transfer.
A parking experience in their app
For task 1, they also face potential regulation issues with cryptocurrency, thus the Dual-Token design. They minted a fiat-backed stable token on the Corda ledger, i.e., SMile token. Technically speaking, it is a token, only tradable inside their Corda-based ecosystem. Users cannot trade it directly on an exchange. More info about dual token and SMile can be found on their website: Dual-Token
wallet for both SMile mobility token and MoFi token.
Oh, they forgot to mention, there is zero transaction cost for SMiles. ZERO, ZERO, ZERO 🤟
SMile and MoFi token wallet in MobiFi app
For task 2, in their first beta release, the MobiFi app will support MoFi rewards distribution automatically in a small amount. Based on pre-defined eco-friendly travel behaviors, they unlock and distribute MoFi on a very frequent basis and with a small amount usually 😉
For example, if they have 1000 users. And if they distribute them 1 MoFi each, that will cost them $20 per transaction (~66 gwei). So with 1000 lovely eco-friendly customers, they have to pay $20,000 so that each of them gets 1 MoFi.
We need a much LOW LOW LOW transaction fee solution!
Polygon is an Ethereum layer two solutions that is faster, cheaper, more scalable. https://polygon.technology
We are delighted to announce that the $MoFi token is now mapped on Polygon, and you can use Polygon bridge to move your token back and forth if you want. But the most important thing is:
We can frequently run a large amount of mini-transaction to make their financial system work for their end-user.
Let’s use the same example above, 1000 users, they reward them each with 1 MoFi token. It will cost about 0.00063 MATIC at the time of writing. That’s about $0.0013, so 1000 users will cost them $1.3.
$1.3 vs. $20,000 🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄🙄
The number just doesn’t lie, and it’s a clear cut.
Polygon is by far the most adopted scaling effort in the Ethereum ecosystem, with 3,000+ applications hosted, 1B+ transactions processed, 100M+ unique user addresses, and ~$5B+ in assets secured. That means, by integrating with Polygon L2 POS Chain, MobiFi can bring fruitful DeFi products to help further their mobility users earn passive income while enjoying an eco-friendly travel experience.
MobiFi brings in its revolutionized financial technology built on blockchain and cryptocurrency to change the mobility industry’s status quo. The goal is to make the mobility service as cheaper as possible and give back the money to the users. Eventually, users can contribute back to the environment.
📢 Make sure to follow MobiFi for the latest updates:
MobiFi is a next-gen mobility service provider that reshapes how people travel in big cities. It offers a driver-focused mobility service app that brings cheaper parking, mobility services and cryptocurrency rewards for sustainable travel behaviors.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.