CRYPTOKID: AutoBlock: Revolutionary Solutions for the Automotive Industry

AutoBlock Project Overview

AutoBlock is a suite of products including cryptocurrency that gives a control of vehicle purchases, data and valuations to the individual. The project is aiming to provide cryptocurrency destined for the automotive industry which will permit to make vehicle transactions fast, secure and transparent.

It will function by on the basis of the platform Autocoincars.com, a website allowing car dealers and private car users to sell their vehicles. Transactions will be performed through the exchange of the Auto Block, converting their cryptocurrencies into the AutoCoin (ATC), a cryptocurrency the project relies upon. AutoBlock users who already have Auto Coins can run a limited number of free valuations. They can also use their Auto Coins to buy the premium subscription package that can be used for multiple vehicles and queries.

AutoBlock uses vehicle valuations as well as car data, their systems will serve motor industry professional bodies such as Insurance Companies, Car Dealers and Leasing Companies. Offering real time valuations compiled from live data utilizing BlockChain technology results in a database of all vehicle specifications produced across the World.

Leveraging the blockchain technology, Autoblock is addressing the following problems of current automotive market industry.

Current Market Challenges

Data

At the heart of the auto industry’s many problems lies a pronounced lack of a data. As technologies, applications, and services grounded from everything from sensors to artificial data are working together to transform the auto industry, the automobile ecosystem is witnessing a steady influx of new players, all of them with a clear need for big data and analytics. One need in particular stands head and shoulders above the rest: the need for a decentralised global database that gives users immediate access to a wide range of vehicle data relating to individual vehicles (e.g., model, make, year of manufacture, mileage, usage, ownership, etc.).

Currently, this knowledge is fractured, giving a less-than-adequate overview of global availability and usage of cars. What is needed is a centralised data repository— something comprehensive and global.

Valuation

As privately owned vehicles change hands at record rates, massive amounts of data related to these vehicles is being generated. Gathering this data has become commonplace, but what to do with this data is another matter; leveraging data-based insights for valuation and other purposes is still in its nascent stage.

Market Saturation

With global automobile sales at an all-time high, there is a clear need for a revolution in the automobile sector—one that addresses the sector’s major issues.

Payment

Blockchain is the technology that underpins bitcoin and other cryptocurrencies, but it is much more than this as well. Its datastorage potentials are nearly limitless. There are many opportunities to use blockchain technology across the automotive industry. Used in the right way, blockchain has the power to transform products, services and processes. Take for example the use of cryptocurrency for automobile transactions. With untold amounts of untapped digital capital at buyers and sellers’ fingertips, broader cryptocurrency acceptance could revolutionise the industry. While blockchain applications are still in a nascent stage, there is currently no other coin that is focused on auto industry transactions.

Autoblock Solutions

Global Database on Blockchain

Auto Coin has a new approach that will solve the global problems arising from the lack of a centralised database. Using our own Blockchain and AI, we will design a platform that will store each new vehicle's history by gathering readily available data covering the entirety of the vehicle’s lifecycle, giving a complete picture of each and every vehicle and, most importantly, its value as well.

Independent Valuation

Autoblock solution uses an industry-driven algorithm to assign values to used vehicles. There is currently no such product/service available in the market—nothing that uses blockchain technology (based on a proprietary algorithm) to run and store valuation data.

In this model, the users will provide various data points about the vehicle such as age, make, mileage, model, major repairs undertaken, physical damage, past insurance claims and so on.

These data points are then run on a pricing algorithm that will provide the user with the best and most precise valuation for their automobile. Not only this, Auto Coin will point users towards specific locations where the value of their vehicle will be higher.

Each geography is subject to its own market dynamics in the valuation game. Using the data run on the proprietary algorithm, Auto Coin provides the user with a list of the best places (geographies) where higher valuations allow the user to get significantly more for their vehicle.

Crypto Payments

With Auto Coin, people will be able to buy, sell or transact in cryptocurrency whenever they buy, sell or trade a car, regardless of whether the transaction is between two private individuals or through a dealer. This revolutionary idea is expected to disrupt both the primary automobile market and the used-car market. The delivery of crypto payments for buying and selling of cars would be done using the following three methods:

Web Portal: Customers would be able to access our system via a web portal on their computer, tablet, or mobile.
Mobile App: Users can download our mobile app, which will be available on Google Play and iOS. This app will feature a number of services, including a ledger wallet for easy storage and transfer of crypto coins.
API: We will be giving API access to our blockchain via ERC-20 standards. Customers will process their transactions by selecting their currency of choice (e.g., Auto Coin or US$). The payment is then processed in that currency.
The system will convert the amount and process the transaction (subject to available funds). If no currency selection is made, Auto Coin will process the transaction in a default currency.

The more the platform grows and the more widely used it becomes, the more valuable Auto Coin tokens will become. This will result in gains for users—a good reason for them to hold on to their Auto Coins for an extended period (just like any other cryptocurrency).

Auto Coin can be used in:

Peer-to-peer transactions
Prepaid card transactions
Business to individual transactions
Individual to business transactions
Business to business transactions

Repairing a Broken Token Market

Auto Coin aims to solve the existing problems of the token market by using a subscription model: users will have to subscribe if they want to run the valuation algorithm. Users who already have Auto Coins can run a limited number of free valuations. They can also use their Auto Coins to buy the premium subscription package that can be used to provide a much higher number of vehicle valuations and queries.

Moreover, Auto Coin offers a unique benefit: all Auto Coin holders have the right to participate in the profits of the business. This is a unique opportunity offered by no other coin in the automobile segment.

AutoCoin Token Sale

The AutoCoin is Ethereum based, compatible with ERC-20 standard, with the total number of tokens amounting to 400,000,000 ATC, of which 220,000,000 are destined for sale. The token sale will be held in several rounds providing bonuses on a sliding scale. The private sale started in July 2018 and it will be followed by the pre-sale starting on September 15, 2018. Tokens will be allocated the following manner: 20% - pre-sale, 35% - initial coin offering, 19% - retain, 15% - team, 6% - bounty and rewards, 5% - seed round.

Token Information

Token Name: AUTOCOIN

Token Ticker: ATC

Platform: Ethereum

Type: ERC20

Total Tokens Supply: 400,000,000

Country Registration: United Kingdom

Website: HERE

Whitepaper: HERE

Investment Information

Token for Sale: 220,000,000 (55%)

Acceptable currencies: ETH, BTC, BCH, LTC