BitCar

What is Bitcar?

BitCar is a blockchain technology company that seeks to disrupt ownership in the automotive industry globally, and initially in the sector of Exotics – rare and collectible hypercars, supercars and top end classic cars. Historically these cars have appreciated in value at a greater rate than any other asset class over the last decade, however, have only been accessible to the extremely wealthy. These Exotics have actually outperformed gold, silver, property, the S&P 500 and others over this time making it a very important, large and relatively untapped asset class.

By processing vehicle titles on the blockchain, BitCar seek to facilitate fractional ownership in these vehicles, which would give the mass market exposure to this asset class for the first time. The BitCar Platform uses a dual-token economy, where BITCAR utility tokens can be exchanged for on platform CAR asset tokens, which represents a user’s fractional ownership in an Exotic, or set of Exotics. The intention is that these CAR tokens can then be traded between users on BitCar’s unique peer-to-peer (P2P) trading platform.

On top of the offerings mentioned above, BitCar also intends to offer crypto holders the opportunity to “park” their cryptocurrency in a token backed by a physical asset – i.e the Exotic itself. By ‘pegging’ the value of CAR tokens to the USD value of the Exotic (at the time it’s onboarded), users have a method of relative protection against the volatility of the cryptocurrency market. The BitCar platform will present exhaustive analytics for each vehicle including multiple indices, spot pricing, and future value estimates from 3rd party sources.  At any time, such a CAR token has its own market price (as it is traded).  P2P traders can see the current price relative to that which the Exotic was onboarded and so decide if it presents good value in comparison to the underlying price.

In example, if a prospective buyer is looking at a CAR token currently trading above the original onboarded price, they would be able to evaluate the offered price against the estimated current market values to determine whether the price represents an opportunity – with even more consideration given during times of crypto volatility. After all, some days Alt coins are down 40%! We believe there is a very large demand for such protection on the back of this excellent asset class.

BITCAR tokens are the utility token for the BitCar Platform and are currently available for purchase during our Token Generation Event. They serve several (strictly utility) functions, e.g. the ability to purchase CAR tokens, pay trading fees, and pay for MSI (Maintenance, Storage, and Insurance), as well as other functions outlined in more detail in our whitepaper. Additional uses of the BITCAR token include payment with BitCar partners. The latest partnership is with Moonlambos, which accepts BITCAR as a cryptocurrency to purchase supercars in the UK and USA.

The CAR token is an asset token that represents a unique physical exotic car. Every time a car is onboarded onto the BitCar Platform, there will be 1 CAR token for every USD value of that car at the time of onboarding. This CAR token will also be renamed depending on the car it represents ownership in. The CAR token represents a digital fraction of the car’s title on the blockchain, and therefore fractional ownership.

For example, if a McLaren F1 was valued at $15,000,000 at the time at which it was onboarded onto the BitCar Platform, there will be 15,000,000 “McLarenF1#001” tokens (CAR tokens) created.

Platform users will be able to go through the BitCar Platform to see which cars are available for purchase and select them individually, or have the BitCar Platform auto-select according to user-defined criteria. They will then exchange their BITCAR tokens for any number of CAR tokens in a single Exotic or a range of their choice. Every five years, the ownership of the car will be examined. CAR token holders who own all or a majority of the tokens of a vehicle can take possession of the vehicle (drag-along provisions will apply), which burns the specific CAR tokens. Alternatively, they can choose to put their CAR tokens back onto the platform.

BitCar is on a mission to transform how people own assets in the automotive industry and open this amazing asset class up to everyone, not just the uber-wealthy. That’s BitCar’s mission, and the team has been on this journey since before Ethereum was even launched. BitCar started with Bitcoin colored coin technology and the developers wrote their first prototype software using that technology. But then Ethereum’s functionality transformed that, and BitCar moved on with it. BITCAR is an ERC-20 token, so it’s important that contributors use ERC-20 compatible wallets to send funds to the ICO smart contract, and to receive the BITCAR tokens.