The purpose of the The Auto Block project is to deliver a secure automotive industry dedicated cryptocurrency that will be adopted by car dealers worldwide as the defacto payment solution for cryptocurrency car buyers.
Our sales portal, autocoincars.com offers a huge choice of vehicles for sale by dealers that accept cryptocurrency as payment.
Decentralising the supply of data and information available within the automotive industry and offering the most accurate and live car valuation tool, car dealers and buyers will have a 21st Century ‘one stop’ solution for vehicle purchase, data and valuation access.
What is The AutoBlock….
The AutoBlock is a blockchain product and service suite which is specially developed for the worldwide automotive industry. The idea for such a solution was born in the first quarter of 2017 when the founding members realized that though the motor market was significant, it lacked the essentials that made it safe, secure to access, and reliable. By the third quarter of that same year, The AutoBlock’s full-blown development began, and the company opened its first regional office in the finalizing months of 2017.
The Problem
Buying Cars With Cryptocurrency
One of the biggest challenges facing Cryptocurrencies is mainstream adoption.
Many of the projects within the space are building platforms for the future where
there is no immediate use case. Auto Block has created a platform to be able to
buy and sell vehicles using cryptocurrency without having to exchange them for
fiat thus solving the user two problems.
The first, they do not have to go through a long process of exchanging crypto
to fiat and having their assets slowly decrease through exchange and bank fees,
and secondly, a platform where you can use your crypto assets in the ‘Real world’.
Crypto users desire anonymity and in many instances do not want to cash out as
this attracts potential taxation issues. Buying cars with crypto solves this problem
and allows the release of tax free funds.
Finding Car Dealers That Accept Crypto
We have etablished that it is almost impossible to find cars for sale online that can be purchased using crypto. A handful of dealers claim to accept crypto but upon further investgation they are not fully prepared to transact through crypto.
A demand exists and there is no supply.
Access and Accuracy of Vehicle Data
The auto industry currently relies on monopolised data and valuation systems
that are at best subject to external influences and manipulation [Valuations] and
at worst are unavailable in detail to the public [Data].
The outdated infrastructure upon which these essential existing industry standard
tools are built is actively impeding natural growth, particularly in the field of new
vehicle sales in developing markets. Buyers research before buying.
The ability to harness this data will enable many use cases including and not
limited to governments, insurance companies, auctioneers, law enforcement
and national car registries.
Access to and Accuracy of Vehicle Valuations
Where vehicle valuations exist in developed and mature markets they are supplied
by commercial organisations that almost have a monopoly. There exists a need
for a decentralised global database that gives users immediate access to a wide
range of vehicle valuations by age, mileage, spec and location.
Currently this data is unavailable or fragmented and is consequently offering
inaccurate and differing valuations
The Auto Block Solutions
The Autocoin offers a simple and highly efficient transaction alternative that will
become the automotive industry standard cryptocurrency. Thanks to its’ ease
of use, acceptance, flexibility and transparency, The Autocoin will become the
currency of choice by both car dealer and peer-to-peer vehicle transactions.
The team behind The Autocoin have realised the potential of introducing
cryptocurrency to the automotive industry, and aim to capitalise on the benefits
of simplifying vehicle transactions for buyers and sellers.
Autocoin
Autocoin is open source blockchain, which have AUTOCOIN
as cryptocurrency. Autocoin uses leased Proof-of-Stake consensus.
The platform have fixed supply of 400 millions autocoin.
Users/Organizations can also create their own token on the platform.
Features of Autocoin
Proof-of-Stake based consensus
Total supply of Autocoin is 400 millions
New token can be issued on the Autocoin blockchain
Proof of Stake
Autocoin uses a Proof-of-Stake algorithm in which the Autocoin that user owns
(or that have been leased to you) reflect user’s mining power. The more a user will
own, the higher are user’s chances of processing the next block and receiving the
transaction fees as a reward. Essentially it’s a form of interest on user’s balance.
Mining
You don’t need any fancy hardware — just a simple hosted server and at least
1,000 Autocoin. You can also run a public mining pool and have users lease
their funds to you, thereby increasing your profits and sharing them with the
community.
Token Economics
Autocoin will be a securities token.
Security tokens are tokens which the owner holds for certain period of time. These
holders will qualify for company dividends and voting rights. The calculation of
the share would be based on a very simple mathematical formula: 2 tokens are
equal to 1 share.
Endowment Funds:
We plan to establish an endowment fund worth at least $8 million. This will be
used to provide equity to the business and merchants, especially POS points
and instant exchange between fiat and Autocoin.
An aim of the token economy is for cryptocurrency to be fully adopted into the
mainstream by making it an important part of automobile industry transactions.
Using Ethereum as the base technology, we are working to bring this token to
market and make it the dominant cryptocurrency in the automobile industry.
ERC-20 standards ensure that interactions, exchanges, smart contracts and
wallet storage are seamless, secure, swift and straightforward across all token
platforms.
ERC-20 is the current gold standard of blockchain technology used by Fortune
500 companies. It is used for more than half of all cryptocurrency transactions
conducted across the network.
In mid-May of 2017, the development team started to work on the core structure
definition and to lay down a plan for the development. Our development team
has laid out the blockchain structure, which we started developing in October
of 2017.
So far we have completed the alpha version of the solution, which will soon be
available for customers to run demo reports.
The tokenization will result in security tokens being issued, which means that
the investors will be able to participate in the profits of the company.
All ERC-20 Autocoins will be swapped for Autocoins on our native blockchain
once it is live.
The ratio will be 1:1.
Token Functions
Allocation of Tokens
For more information:
Website: https://www.theautoblock.com/
Telegram: https://t.me/autoblockofficial
Facebook: https://www.facebook.com/AutoBlockX/
Twitter: https://twitter.com/AutoBlockX
Author: jordan abe
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1917230
Eth: 0x9D70781Bd6A09c1359C956D5FeAf25483b5b63e9
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