Kuaidi Dache founder Chen Weixing has announced that he and his partner, Funcity founder Jun Yang, are naming their upcoming blockchain-based ride hailing app as “VV Share,” according to China Money Network.

Last month, reports suggested that Chen was planning to develop a blockchain-based ride-hailing app to gain an edge over existing operators. In a WeChat post, he has officially announced the planned app’s name.

Explaining the app name, Chen said that “V” stands for the victory of laborers, "VV" denotes victory multiplied and a win-win situation for all members of the upcoming platform, and "Share" represents the core value – the spirit of sharing.

The planned blockchain app will have three core elements of a sharing economy built on blockchain:

• A marketplace shared by all the laborers contributing to the platform
• A tokenized economy
• A governable public chain with cross-chain interoperability

According to Chen, the new business model could help eliminate the monopoly control of revenue, profit, and operational power by company owners. With an initial focus on ride hailing, VV Share will also venture to other sectors including bed & breakfast stays, takeout, and airline tickets sharing.

In addition, the blockchain platform will be “open”, allowing developers to build other apps such as wallet, crypto exchanges and data analysis on top of it. Chen said that the VV Share white paper will be launched at a blockchain conference at the end this month.