MobiFi
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MobiFi

The SMile-MobiFi Gateway

As MobiFi users go about their daily business, they can collect SMile tokens as a reward for sustainable behaviors. Behaviors like ridesharing, renting a scooter, or taking the bus. Just as the Brave Browser rewards users for their attention, MobiFi rewards users for better transportation habits. These SMile rewards can then be applied toward additional transportation services.

$MOFI IDO details: https://medium.com/mobifi/mobifi-commits-to-launching-ido-april-2nd-on-trustswap-3392dc7597f3

Empowering transportation providers

The activity flow described above happens on the Corda blockchain, where the network tracks SMile movements from one account to another offering full transparency to stakeholders. All transactions are guided by smart contract logic that ensures that only legal transactions are processed.

In this case, “legal” means valid. I.e., a service purchaser has the SMiles token required, the recipient exists, and the notary consensus observes that these requirements are met while also noting that all the necessary signatures are present.

As legal transactions are made, user and service provider SMile balances are updated in real-time. However, for a service provider to get paid, they must have a reliable way to convert SMiles into euros or another fiat currency. Initially, this settlement will be done once a month, where the mobility service provider can convert SMiles tokens into a fiat currency.

Typically, mobility transactions are small payments, and processing each payment individually is relatively expensive. Allowing for more automated token settlement will make it possible to settle the balances in Euro less frequently and, by extension, reduce the costs for service providers.

With SMiles, the providers can define settlement triggers and, as banks and financial service providers are present on the Corda network, these payments can eventually become fully automated.

While this flow is perfectly adequate, we wanted to provide more options for settlement, including options for users who may want to invest their surplus SMiles in cryptocurrencies and choose their preferred coin for settlement. Also, in the future, we foresee further DeFi service providers wanting to link into this amazing mobility finance opportunity — it’s for all these reasons that we’re introducing the SMile-MobiFi Gateway.

Connecting public and private worlds

By working with our partner, we will be offering a MobiFi-SMiles gate solution that, once complete, will connect Corda to Ethereum, thus uniting the MobiFi ecosystem. This will provide a secure and simple way for enterprises to link private Corda transactions directly to a smart contract on the public Ethereum network. This design enables our power users (those interested in leveraging DeFi) to turn their mobility credits into an investable asset.

Figure 1. One-click switch to power user to invest in DeFi products

With the introduction of the SMiles-MoFi gateway, we solve the above-mentioned problem(s) and unlock new optionality. This means that the scale of the MobiFi economy will also include DeFi, and all the possibility that entails. Users can convert their mobility credit SMile tokens into any ERC20 token and even turn it back into fiat if they so choose. The SMiles-MobiFi gateway is the technical infrastructure that makes this conversion possible.

How it works

In Corda, a transaction request is created in draft mode where, for instance, SMiles holder A formulates a request to transfer x SMiles from his balance to his MobiFi wallet. The transaction is timestamped and the SMiles-MoFi exchange rate is read from the exchange oracle that the Corda smart contract references.

Holder A then signs the transaction, acknowledging the rate and committing to the exchange. In response, the Corda notary consensus validates the transaction to see if everything is in order. After the transaction is approved, the Ethereum-based MoFi contract is given the transaction token. There, after validating the token, the signatures, and time stamp, the smart contract transfers the tokens to the wallet of Holder A and creates an event to say that the transaction was successful.

Having seen that transaction was successful by observing the event on the Ethereum blockchain, the Corda contract will now conclude the transaction by subtracting the SMile tokens from Holder A’s balance. However, if the Corda contract did not receive a fulfillment signal in time, or if the Ethereum contract rejected the transaction, that transaction is rolled back, and the user may re-attempt to make the transfer.

A MoFi token holder can also choose to sell some of their funds and receive SMiles, which are then added to the SMiles balance on Corda. By presenting the MoFi tokens and confirming the exchange rate and timestamp in the Ethereum MoFi smart contract, that contract will generate a signed token describing the transaction, at the same time, locking the MoFi tokens while the exchange takes place.

When this token is presented to the Corda smart contract, as before, the signature, timestamp, and exchange rate will be checked, and if valid, the transaction will be executed in real-time. The SMiles are then added to the balance of the given account and a one-time-receipt is created and passed on to the Ethereum contract, thus finalizing the transaction.

Looking forward

In the future, cryptocurrency will become accepted by mainstream businesses as a means of payment. And regulations are likely to be clarified. When that day comes, our gateway will be a critical piece of the engine that drives MobiFi’s mission: to allow mobility service providers to integrate their solutions directly to a public blockchain network.

Once complete, the gateway will enable any device capable of accessing the web to interact with Corda-based SMile transportation credit and the Ethereum network in a safe, reliable way. Providers can choose to operate using ERC20 MoFi tokens and develop other decentralized MobiFi businesses using the same interfaces to convert MoFi tokens into SMile tokens, enriching the entire DeFi-MobiFi-transportation circle.

About MobiFi

MobiFi is a financial orchestrator for Mobility as a Service (MaaS). We’re building the transportation UX of the future — simplifying the mess of mobility services that many consumers face today while also allowing them to earn on their mobility credit. Once complete, our platform and tokenized payment system will boost mobility service provider efficiency and coax users into more sustainable transportation decisions.

$MOFI IDO details: https://medium.com/mobifi/mobifi-commits-to-launching-ido-april-2nd-on-trustswap-3392dc7597f3

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