Hi Peter Saddington, thanks for the interest in BitCar and your review video!
Yes, this Platform targets people just like you — and anyone who has an interest in cars or crypto. You’ve also correctly identified that our core blockchain commercialisation team is that of Ledger Assets, who have a pivotal role to play in the success of Power Ledger’s Blockchain technology. We’re proud to have a strong team behind us and look forward to our upcoming Token Generation Event (January 25th).
You’ve made a series of points in your video, so we’re happy to address some of them here:
Firstly, you make a clear point in identifying that there are two different types of token on the BitCar Platform, but for the clarity of your viewers, please allow us to explain the difference between them.
The first token is the BITCAR token, the same token that will be available for purchase during our Token Generation Event on the 25th January 2018 (see here for more information). BITCAR acts as the utility token giving users access to the BitCar Platform.
The second token is the CAR token where the tokenisation of Exotics occurs. This token essentially represents your fractional ownership in a car, and name will change depending on the car it represents. For example, if we have a Ferrari F50 on our Platform, it could be identified as (an exemplary amount of) 1,000,000 CAR tokens called the F50 token. To purchase any number of these CAR tokens will require BITCAR tokens.
The reason why buying a BITCAR token doesn’t immediately entitle you to fractional interest in a car is because firstly, BITCAR is a utility token, and secondly, we want to give people the freedom to select on which cars they want to spend their BITCAR. If you feel that a particular car has the potential to do particularly well over time, then you can purchase its associated CAR tokens. If you’d prefer to buy interests in multiple cars. You can even purchase CAR tokens in a specific Exotic just because you really like that car!
Why put these Exotics on the blockchain? To allow for quick, frictionless peer-to-peer trading between owners, without dispute over title rights of the cars.
“What is the BitCar timetable?”
You’ve correctly identified that the cars will be held for a minimum of 5 years, and a maximum of 15. The CAR token holders will determine at which point to sell determined by democratically voting on ownership matters such as this (other matters may include items like display dates of the cars), after which, the cars are sent to auction. When the Exotic car is sold, the returns will pass back to the CAR token holders.
As for the timetable of our company, kindly check out our website to see our roadmap.
“Why have it as your screensaver when you can have it live?”
Unfortunately, most people can’t afford to own an Exotic car in real life — which is now possible through BitCar. Fractional ownership doesn’t just create an opportunity to have an interest in the Exotic but also allows everyone to participate in the trading of this exclusive asset class. These Exotics will be open for display internationally such as airports and museums, and eventually BitCar showrooms — so we will bring the cars to the users of the Platform! We are also currently exploring VR opportunities to bring that Exotic ownership experience to the next level. The BitCar ecosystem isn’t just digital there is a whole physical side which will be revealed in due course.
“There are some cars that don’t appreciate over time.”
Correct — many vehicles actually depreciate over time. However, our verified third-party agents will organise the sourcing, acquisition and tokenisation of the cars on our Platform, and will carefully select the cars on the Platform. Further, they will have a performance escrow of BITCAR to ensure that their interests are in line with that of the Platform users. Ultimately, despite information on a car’s historical performance being available on our website, we encourage all of our users still to do their own research.
“Are you really going to hold and own that asset for 5 to 15 years?”
If a user wants to hold their CAR token for the entire duration of the Exotics term, then they can do so. However, during this period, CAR token holders are also free to peer-to-peer trade their CAR tokens on our BitCar trading Platform or sell their CAR token in exchange for BITCAR. Buying a CAR token doesn’t mean you have to hold it for the full five years before the Exotic is sold.
“But I want to drive the thing!”
Fortunately, driver experience days are something we have in the pipeline for our customers! We have a passionate belief in the Platform and have a lot lined up in the future.
“Do they really want to get in the business of holding an exotic car in a garage?”
Our third-party agents will handle all matters relating to maintenance, storage and insurance. The costs associated with this will be taken into account when purchasing a CAR token. These agents will have strict rules to abide by when storing the cars, so BitCar users can rest assured that the agents will be using best practice techniques to look after the Exotics.
The BitCar team is very excited to get our Token Generation Event underway on the 25th January 2018. We have a clear vision set, as well as clear long-term goals that will take the BitCar Platform from a deep niche to more mainstream verticals. If you have any more questions or would like to speak to the founding-team directly, please feel free to visit our Telegram chat: https://t.me/bitcar_io.
