Use cases for Blockchain and Crypto have so far been either tenuous at best or unrealistic as the norm. The AutoCoin has developed a truly unique model that aims to reach adoption by benefitting the automotive industry as a whole. By decentralizing the ‘middle-layer’ of retailers and reducing the fees incurred by sellers, as well as consumers, they aim to bring the blockchain to market in a seamless and beneficial transition. The start of most successful companies includes responding to an existing problem with a workable and effective solution. The AutoBlock and the team behind The AutoCoin have identified a glaring global problem and have developed an exciting solution that aims to reach adoption by benefitting the automotive industry as a whole.
The Auto Block will operate on two seperate Blockchains to have full optimization and throughput. The Auto Block will be running on the Hyper- Ledger Fabric as a private Blockchain to store data and their proprietary fork of the Waves Blockchain to conduct transactions. The token sale will be conducted on the Ethereum Blockchain and all ATC tokens will be ERC-20. Once The Auto Block mainnet is live, all tokens will be swapped for their native ATC token on a 1:1 ratio.
Hyper Ledger Fabric
In general terms, a blockchain is an immutable transaction ledger, maintained within a distributed network of peer nodes. These nodes each maintain a copy of the ledger by applying transactions that have been validated by a consensus protocol, grouped into blocks that include a hash that binds each block to the preceding block. The first and most widely recognized application of blockchain is the Bitcoin cryptocurrency, though others have followed in its footsteps. Ethereum, an alternative cryptocurrency, adopted a different approach, integrating many of the same characteristics as Bitcoin but adding smart contracts to create a platform for distributed applications. Bitcoin and Ethereum fall into a class of blockchain that they would classify as public, permissionless blockchain technology. These are public networks, open to anyone, where participants interact anonymously.
Delivery of Cryptocurrency Payments
Crypto-currency payment systems of today are struggling to reach mainstream adoption as they serve as a layer of payment obscurity. Most solutions do not offer easy-to-market payment systems that serve to enable multi-currency payments. At Auto Block, their answer to this question is straightforward, even if the technology isn’t. We’re offering point of sale (POS) devices through a full stack reference implementation that transacts directly with their Blockchain. The POS system will feed directly to their exchange via API and customers will be able to use their funds in a safe and secure manner, through their mobile wallets, credit/debit cards, prepaid cards to pay for their vehicles. The business-model of allowing buyers to pay in any currency, while allowing the sellers to receive funds in any currency creates an ecosystem built on top of a reward-paying asset-token. AutoCoin (as a token) is designed and positioned to become the barometer of the automotive industry. Their future plans to re-invest generated profit into the exchange will also provide exciting opportunities to grow AutoCoin’s exposure to purely crypto-currency markets as well as the currently monopolized fiat- exchange market. Customers and dealers alike will also be able to purchase Autocoin directly through their platform or via alternative exchanges.
A dividend is a payment made by a corporation/company to its token holders, usually as a distribution of profits. When a corporation earns a profit or surplus, the corporation is able to reinvest the profit in the business (called retained earnings) and pay a proportion of the profit as a Reward to token holders. The qualifying criteria for a token holder to receive reward-payouts. They have allocated a set amount yearly for the independent audit of their finances. Based on the result of this audit, 10% of the profit comprise the reward payment. Below is a very basic and cautious estimate of their first 12 months trading as an established company.
1. The Annual expense for the Auto Block will be £766,000
2. Monthly this equates to just under £64,000
3. The average transaction cost in the UK for a car is £15,000
4. 1% transaction value is £150
5. monthly expense ÷ transaction value = number of transactions per month to break even that is 426 transactions per month
6. There are approximately 9 Million vehicle transactions per month
7. Market share to break even (%) = (426÷9 million)*100 = 0.0047%