Most historians agree that the automobile as we know it has been invented in the distant 1886, but only gained global adoption during the 20th century. Since then, many advancements have been made in the technology – starting with the combustion engine, the gearbox and other features that nowadays seem trivial, and ending with the benefits of the digital era, such as proximity sensors, engine control modules, smart airbags, even cars that run entirely on electricity.
In this day and age many cars are as smart as computers, yet somehow the infrastructure around them is lagging behind. Consider this, automotive industry is only second to real estate in the amount of FIAT currency transactions per year. Almost everyone, at some point, had to take out and carry large amounts of cash with the intention to buy a new vehicle, especially where used car dealerships are concerned. It is a huge risk, both physical and monetary, not something that should exist in the 21st century.
Thankfully, cryptocurrency and blockchain technology in the right hands are capable of remedying the situation. Introducing AutoBay – a decentralized e-commerce platform, created to give users the ability to purchase vehicles and to promote their vehicles online for sale, using cryptocurrencies as a payment method.
AutoBay highlights the simplicity and transparency of cryptocurrency transactions, that can be described in three steps:
Step 1: Browse for a car in the AutoBay app using specific filters.
Step 2: Click the "I'm interested" button in order to review the car personally.
Step 3: When an agreement is reached, there is no need for cash, a smart contract is created in one click and the full payment can be deposited in any chosen cryptocurrency.
The process can be kept this simple thanks to a number of different features that the AutoBay platform contains. Every single transactions is recorded on the blockchain, documenting immutably the car's history, its ownership, previous transactions of the buyer and the seller, their reputation on the platform. All the specifications of the car, such as brand, model, patent/ID number, mileage, etc. are held in the smart contract itself.
There are a few e-commerce platforms that have been successful for a number of years, but none transcend their local markets or offer cryptocurrency payments. That is why AutoBay stands out by allowing no FIAT transaction on the platform at all, which will allow the cryptocurrency and blockchain link globally. So AutoBay will become a global platform, available in every market, while each country will still remain a separate business unit for vehicles to trade locally.
Another extremely beneficial feature for both sides of the transaction is an embedded AutoBay crypto wallet, that will attract even people with no previous experience with cryptocurrencies, allow them to acquire tokens with no extra fees and show how much simpler the trade is, compared to traditional routes.
Just to receive more insight into how the marketplace will work, it is worth checking out AutoBay's bidding system, car publication plans (these range from free to paid, depending on the user's needs), revenue from advertising and statistical data sharing. For more info on this multifaceted platform, technical details and overall strategy of the company, please check out the AutoBay's extensive whitepaper.
The AutoBay tokens (ABX) are ERC Standard tokens, based on the Ethereum blockchain, that are used to create smart contracts between users and as payment method. Additionally, BTC and ETH will also be allowed for payment, albeit without a discount, and it is expected that this integration will increase the value of cryptocurrencies.
Clearly the AutoBay team, with their CEO Alejo Serrano heading it, have experience in both the automotive industry and blockchain technology, and know what it takes to ensure the project's success. Please visit AutoBay's official website and social media listed below if you are interested in the token sale or have any questions, the developers are always ready to help.
What has been your experience with purchasing cars? Do you think FIAT currencies, especially cash, are outdated? Tell me in the comments below.
Author's bitcointalk: OceanWind33