The DAV Network is Live and Operational; DAV is a Utility Token

LONDON, June 11, 2018 /PRNewswire/ --

The DAV Network connects people, services and vehicles on a peer-to-peer system 

DAV Foundation, the blockchain startup building a decentralized network for autonomous vehicles, has launched the DAV Network, the first open-source system for transport, globally.

As part of the launch, a drone in Berlin used the DAV Network to search for, and locate a charging station. The place, amount of charge and cost was agreed to and locked into a smart contract which enabled the drone to land on the charging station to commence charging.  Once the drone was charged, settlement was released to the charging station's wallet to complete the transaction.

The DAV Network will enable similar transactions to happen around the world, eliminating the need for financial institutions to clear settlements. In a scenario where there are many parties involved in moving a product, this network will become the platform for seamless transactions while safeguarding all parties at the same time.

The service providers on the DAV Network do not require any prior commercial arrangements between each other. The DAV protocol permits trustless transactions to take place between parties as soon as they are on the network.

Tal Ater, CTO and co-founder of the DAV Foundation said, "This represents only the first of many and our engineering team is already working on the next major milestone. We have a lot more to develop for the DAV Network, and ultimately to share with the world."

Next week a charging station manufacturer will make five drone charging stations available on the DAV Network in Trento, Italy. Additionally, GRADD, a route planning service in Nevada, will also be providing their services to the network.

DAV is a Utility Token 

Earlier this week, the DAV Foundation announced that the DAV Token will be classified as a utility token from a Swiss regulatory perspective. This classification provides the DAV developers and community more confidence in the functional nature of the DAV Token and how it can be used to provide access to the DAV Network for mobility services as well as any other supporting services deployed by enterprises on the DAV Network.

About the DAV Foundation  

The DAV Foundation's mission is to promote and support research and development of the DAV Network, built on an open-source protocol. The organization is guided by principles of transparency and openness, and invites the DAV community to help build a new way of transporting goods and people around the globe using blockchain technology. The DAV Foundation is headquartered in Zug, Switzerland.

Media Contact: Tom Fry dav@brightbee.co.uk  +44(0)208-819-3170

SOURCE DAV Foundation