PARKGENE - Peer to Peer Parking on Blockchain

Vision

PARKGENE is a convenient and secure way to find parking, connect drivers, individuals and businesses.

 Our Vision is to disrupt the traditional – mainly off line – Parking industry, sized at $100 Billion annually, and to provide drivers with a better parking experience, while helping cities become smarter and enviromentally friendly.

 We will establish the GENE token as the currency for the automotive industry, allowing drivers to pay for parking and integrating it with mobility services, vehicles and automotive infrastructure.

How it works

Drivers looking for a parking spot meet virtually with parking owners through the PARKGENE app.

Once a driver reserves a parking spot, the reservation triggers the PARKGENE smart contract on the Ethereum Public Blockchain.

The PARKGENE App transfers the full parking fee amount, in GENEs, from the driver wallet, to a depository (a temporary wallet). In case there is not enough GENEs balance in the driver’s wallet, the driver can use his credit card or other means of payment (bitcoins, ethers) to buy GENEs realtime and pay for the transaction.

The successful reservation and payment provide additional App functionality to drivers and parking owners, which is needed for the completion of the actual parking session. For example, the driver will have the ability to open the garage door from his mobile phone, while the parking owner is notified and monitors – in live video – the entrance and exit of the vehicle. This functionality is optional – although very helpful – and is achieved through integration of PARKGENE platform with existing remote access tools that are available in the market, or a specific device that PARKGENE will offer to the Parking Space owners at very low cost.

At the end of a successful transaction the parties conclude a smart contract on Ethereum, with the entry and its confirmation on the blockchain.

The parking space owners receive, from the depository to their wallet, 75% of smart contract in GENE tokens, when drivers check out of the parking space.

Out of the remaining:

• 5% of the total amount is paid to the driver and parking space owner as they perform several actions that enhance the ecosystem (eg. Ratings, Reviews).
• 20% of the total amount is paid to PARKGENE to cover operational, development, cloud services and advertising costs.

At any time, the users of the platform can buy or sell GENE tokens for FIAT currency (USD, EUR, JPY, CNY, etc) or other cryptocurrencies (BTC, ETH, etc) by using several cryptocurrency exchange services that trade the GENE token.

GENE is available in a limited edition of 1,000,000,000 GENE Tokens.

We expect that the increase of users and number of smart contracts will increase the demand for GENEs among drivers, resulting in a token that other service providers (i.e. Tolls, Car Wash, Car Insurance, Tow Service providers etc) will likely receive as payment for their services.