Vroom! a man and his BITPAY exotic cars
Ahh cars, everyone loves to ride in a car, better still everyone would like to own one. It is true that while you work your 8-5 job, youll eventually be able to save up and buy a good car, not everyone will be able or willing to spend on an exotic car.
Whacar I mean by exotic? Well, think the likes of Porsche, Maybach, Rolls-Royce, Cadillac, etc etc.
Globally, the luxury care market has seen a tremendous rise in value, with cars now being taded as assets, store of value so to speak.
Bitcar is giving the general public, the ability to participate in this ownership of supercars via their BITCAR token.
In the system that BitCar is running, agents that have been certified to be capable of handling such important vehicles(the super cars), will be employed to source, acquire, maintain and keep the supercars, or rather Exotics as the cars will be called during the project launch.
These exotics will be put up for display, and Bitcar holders can hold, trade and own certain fractions of the exotic, based on its total worth in the open market.
The BitCar project is one that circumvents the problem that many cryptos have been having; it is backed by a physical commodity, in this case, a super car, which forms the basis for any valuation of the coins.
A second token called CAR will be used as the token for an individual exotic car.
Ater a stipulated amount of time has passed, maybe years, the car is sold, and the profits from all peer-to-peer tradings, from the car value etc, will be passed to the asset token owner(owner of the exotic).
Long story short, the concept is brilliant, the ability to own a part of an exotic car via holdable tokens, that can also be traded.
Read more information on the white paper provided in the link below.
Token distribution and ICO details
The BITCAR token would be built on the ethereum blockchain, meaning it is an ERC-2- token, with all the advantages that the ethereum blockchain has tooffer such as fater transaction speads, and smaller transaction fees when compared to BTC.
There is a total token supply of 500m BITCAR token, out of which, approx 251,500,000 will be distributed out during the token sale.
The token distribution event is actually named the token generation event. The tokens sale is of cause divided into two sections. The presale ad the main ICO. The presale will present a total of 75m BITCAR tokens,while the main sale will have 175million tokens for sale.
Each token sold in the main event will be sold for $0.10 each. I.e each BITCAR token goes for 10 cents.
Of the 500m tokens created, the distribution is given below;
| Token allocation | tokens | percentage |
|---|---|---|
| 250,000,000 | tokens for main sale ICO/TGE | 50% |
| 95,000,000 | Tokens for team, founder and future employees | 19% |
| 60,000,000 | Token used for growing the platform, incentives, user acquisition and partnerships | 12% |
| 55,000,000 | Tokens reserved for future use such emergencies etc | 11% |
| 40,000,000 | Token for bounty and early purchasers | 8% |
The tokens distributed for platform growth is used to get people to use the system.
This is done by getting people who work towards the growth of the platform, and giving them incentives in form of BITCAR coins.
The tokens given to the founding fathers and basically all that work under this project, will not be released immediately.
Instead, it will be kept on lockdown till 6 months after the TGE(token generation event, can also be called ICO; initial coin offering) has passed, and 12 months after te launch of the main platform itself.
This of cause is standard, and it is a sort of financial security measure to make you the investors know that the team cares for the project by locking down their own pay fora certain amount of time.
For bounties, about 1.5m tokens will be distributed after the close of the TGE, another 38.5m BITCAR token is kept for future bounty programs to ensure the growth of BITCARand its communities.
Roadmap
Work for thisproject started in Q4 2017, and since then has been steadily growing.
THe roadmap has so far been followed and is given below.
Q4 2017- Preparing for the Token Generation Event/ICO
Q1 2018 - Beginning of the TGE
-Token Distribution
-Introducing the BITCAR token, to the BitCar community
Q2 2018- Paperwork and legal structuring of the entire operations
- Decentralizing the existing BitCar platform, more development, and engineering.
Q3 2018- Bringing in the exotics
- Testing of the code and repository by external security experts
- Beta testing phase
- Launching of the full platform
Q4 2018- Initial BITCAR award
Q1 2019- Projected increase in trading volume and number of exotics coming in
Q2 2023- first exotic sold fromplatform.
These all round off to a very intersting project, that will hopefully take off.
For more reading, click the links below
official website: https://bitcar.io
Official Whitepaper: https://bitcar.io/data/BitCar%20Whitepaper.pdf
Telegram group: https://t.me/bitcar_io
Twitter page: https://twitter.com/bitcar_io
Facebook page: https://web.facebook.com/bitcar.io?_rdc=1&_rdr
Reddit: https://www.reddit.com/r/BitCar/
Medium: https://medium.com/@bitcar
BItcointalk Ann: https://bitcointalk.org/index.php?topic=2406756.0
author by @destinysaid
eth address : 0xb83ed3e6B6497f7B0350cc053AF918aE7423037E
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