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Paxtradings Report: BitCar

//Paxtradings Report: BitCar

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What is BitCar?

“BitCar is a blockchain technology company that seeks to disrupt ownership in the automotive industry, initially in the sector of Exotics — rare and collectible hypercars, supercars, and top-end classic cars.”

~Daniel Woodroof, BitCar Executive and Car Specialist

Paxtradings Quick Facts

  1. With BitCar, users own fractions of exotic cars.
  2. $0.10 = 1 BITCAR token, with a 5% bonus as of this writing
  3. ICO open from January 31, 2018–April 20, 2018
  4. 250,000,000 total available BITCAR (Pre-ICO and ICO) / 500,000,000 total supply
  5. Exotic cars have outperformed many major assets (gold, S&P 500, private equity, hedge funds, commodities, etc.) over the past 12 years.

Q&A with BitCar Executive and Car Specialist Daniel Woodroof

Paxtradings: 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, they 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 seeks 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 represent 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, a CAR token has its own market price (the price at which it is being traded). P2P traders can see the current price relative to that at which the Exotic was onboarded and thus decide whether it presents good value in comparison to the underlying price.

For example, if a prospective buyer is looking at a CAR token currently trading above the original onboarded price, they will be able to evaluate the offered price against estimated current market value to determine whether the price represents an opportunity — especially during times of crypto volatility. After all, on some days, altcoins are down 40%! We believe there is large demand for this protection based on this excellent asset class.

Paxtradings: How do the BitCar tokens (BITCAR and CAR) function within the platform, and why are they needed?

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 our partners. Our 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 chose to put their CAR tokens back onto the platform.

Paxtradings: Your whitepaper states that you expect potential BitCar users to include those who have seen financial prosperity during the recent cryptocurrency boom. Besides the often-quoted “lambo” cliche, why do you believe exotic cars will especially interest this segment?

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 our mission, and we have been on this journey since before Ethereum was even launched. We started with Bitcoin colored coin technology and wrote our first prototype software using that technology. But then Ethereum’s functionality transformed that, and we moved on with it.

We expect the BitCar Platform’s users to be attracted for a number of key reasons. Other than the appeal of being able to say that you’re actually an owner of your exotic dream car, accessing these assets and holding some interest in such Exotics may be a financially wise thing to do. The asset class has a potential upside, too, and is different from peers such as property, gold stocks etc., and so offers diversity. Never before has such a large market been inaccessible to so many — and that inaccessibility is what BitCar aims to disrupt and change. As an asset class, this market has outperformed the S&P 500, DJIA, gold, silver, REITs, private equity, hedge funds, and commodities over the last 12 years.

Those who have seen significant gains during the recent crypto boom will likely wish to retain their wealth, including in cryptocurrency form. This, however, exposes them to further downside risks during the next crypto market crash or dip, as the cryptocurrency market has been very volatile. Using their cryptocurrencies to purchase asset-backed tokens gives them another way to manage their crypto portfolio against such volatility — and that’s where the CAR tokens come in.

Paxtradings: “Verified Agents” will have a significant role in your model. Can you summarize the Agent selection, verification, supervision, and incentive process? How will violations by Agents be addressed? What role do the Managers play in the platform?

Agents are independent and will have a large role in sourcing, acquiring, storing and maintaining the cars; therefore, the selection process must be very strict. These Agents must have excellent experience and will be incentivized to acquire cars that will perform the best for users on the platform. We’ve had a high amount of interest from prospective Agents already, for which we are grateful, and our vetting process is still ongoing.

The exact incentives, rules, and regulations that Agents will have to abide by will be announced prior to the platform’s launch.

Paxtradings: Legal development of the tokenization of physical assets is still in its infancy. What progress have you seen so far in your legal work? Which jurisdictions are most favorable for BitCar’s operation, and when do you expect reasonable assurance of legal recognition of BitCar’s car tokenization in those jurisdictions?

It sure is. We have seen that some companies have declared their tokens as a security. However, we have been focused on exactly how and when P2P trading of assets triggers security legislation, and why. And when it does not.

Singapore, and to a lesser extent Switzerland, are two popular jurisdictions where there is innovation happening in the asset tokenization space. There are indeed many more, but BitCar is in Singapore, which in our view has a well-developed and transparent legal jurisdiction. The design of how tokens are transacted with is also evolving, and we are in the process of working with our legal experts to create further innovation. We are already well along on a design where the Platform’s P2P transaction of CAR tokens would not cause them to be classified as a security (according to our lawyers).

So we are in innovative and exciting times. We think this is the best way to go, and this is where we are different from other companies and projects: We like to stay on the cutting edge of innovation while being fully compliant with all applicable regulations. Hard? Yes. Impossible? No.

Paxtradings: What are the BitCar awards mentioned in your Roadmap (Q4 2018)? Does this refer to the Lamborghini mentioned in your whitepaper (7.3)?

This milestone in our Roadmap refers to the gamification of our platform. A BitCar Leaderboard will be established, and the highest performing users (i.e. those who assist with community engagement, growth, etc.) will be rewarded with experiences and prizes. The announcement about the potential Lamborghini Huracan prize will be made when our platform launches.

BitCar Co-Founder Gov Van Ek introduces Bitcar

Paxtradings: What’s your favorite car, Dan?

Personally, it would have to be the Ferrari Enzo! Gov is a fan of the Ferrari F50, due to its V12 F1 style engine.

Paxtradings: How far along is the project towards its next big launch, and when can contributors expect to fully use the platform? Please feel free to share any recent updates.

At the date of writing, our TGE is expected to go on for another 5 weeks or so. After this, our full focus will be on completing and decentralizing the BitCar platform prototype, which is expected to take some months. We anticipate the acquisition of our first platform car to be in H2 2018.

Paxtradings: As a non-BitCar question we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Difficult to say, but the ICO market is maturing very fast now. With the surplus of ICOs, the markets should settle on shorter gains. This surplus, along with the volatility of all markets, will drive consumers to exact increasing amounts of due diligence in their token purchases. Companies in the ICO space will need to demonstrate either evolutionary product or service advancements, or revolutionary market opportunities.

Additionally, as the market matures, mature cash flow and tokenization of assets will become more attractive — particularly with institutions entering the space. Mature companies will have the ability to source less volatile crowdfunding in the ICO market than in traditional private equity markets.

Restrictions

Residents of Singapore, the United States of America, and China may not participate in the BitCar ICO.

Pre-ICO Information

The pre-ICO collected SGD 6,500,000 (about 4.9 million USD), in exchange for which approximately 75,000,000 BITCAR tokens were distributed.

ICO Information

The main ICO began on January 31, 2018 and will end on April 20, 2018. There are a total of 175,000,000 BitCar tokens (BITCAR) available during the main ICO, representing 35% of the total BITCAR supply. A hard cap of approximately $22 million is set for this period.

$0.10 = 1 BITCAR token, plus the following bonuses:

As of this writing, tranche 3 is active, with a bonus of 5%. 49.99 million BITCAR tokens remain in this tranche. The tranche will close on March 20 (14 days from its start) or when the full 50 million BITCAR tokens are sold, whichever comes first.

Currently accepted currencies for BitCar include BTC, ETH, LTC, and fiat currencies via PAYEER for non-U.S. citizens.

Any unsold tokens will be escrowed for 5 years and then be added to the company token reserve. Or, they may be burned by the company at its discretion, but if so, this burn will occur prior to any BITCAR tokens being issued to buyers.

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.

Token Distribution Information

There are a total of 500,000,000 BITCAR tokens being created, with 75,000,000 sold during the Pre-ICO and 175,000,000 available during the Main ICO.

BITCAR tokens purchased will be issued, with a delay, after the receipt of funds from the buyer. This delay is not expected to be later than 4 weeks after the ICO closes and is subject to applicable AML/KYC.

Visit the BitCar ICO website for more information or to contribute.

Token Allocation

The 500,000,000 BITCAR tokens will be allocated as follows:

  • 250,000,000 tokens allocated to the ICO;
  • 60,000,000 tokens allocated for Platform Growth, Incentivisation, User Acquisition & Partnerships;
  • 55,000,000 Company Token Reserve: These tokens will be reserved for future use if needed;
  • 40,000,000 tokens allocated for the Bounty Campaign and Early Backers; and
  • 95,000,000 tokens allocated under escrow to Team, Founders, and Future Employees.

Use of Funds & Roadmap

According to BitCar’s Token Paper, “The Funds shall be used for continuation of development of the project, Platform and general working capital.”

The BitCar Team:

Daniel Woodroof, Executive

Daniel is a race-winning national formula car champion, having progressed from a successful karting career into international motorsports including formula and GT car racing. Racing since the age of 12, he has won multiple national and international championships. Daniel is a TV host and makes regular appearances on Discovery Asia channel with his own travel show based on his racing experience. As an entrepreneur, Daniel has worked in the technology sector with Ledger Assets, to develop BitCar’s technology and plans. He brings his wealth of experience for high performing and rare exotics with commercial technology to BitCar.

Sheree Ip, Legal & Blockchain Development

Sheree formerly practiced as a Commercial Lawyer and Litigator and leverages her four years of experience in blockchain technologies and cryptocurrencies to provide a strong commercial background in BitCar. Sheree leads the team in new product development on compliance from design architecture through to the implementation phase and leads the BitCar marketing campaign. As a part of the Ledger Assets, Sheree has worked across numerous blockchain projects. She is a Doctoral Candidate researching Digital Currency Law and Blockchain Regulation at Curtin University and is on the Board of Blockchain Australia.

Dr. Gov Van Ek, Co-founder

Gov provides the conceptual and technical development as well as commercial direction at BitCar. In 2015, he co-founded Ledger Assets, a leading Australian blockchain company. In the following year he co-founded the blockchain energy company Power Ledger and medical records company E-nome. He has a PhD from University of Manchester in Total Technology and before Ledger Assets, he was Managing Director of a number of private and listed companies. Gov is experienced in concept development, systems architecture and design, commercial matters and has expertise in human/computing interface design and A.I. Gov is also an exotic car enthusiast.

Charles Kilborn, International Engagement

Charles is a success-driven executive with over 25 years of experience in enterprise strategy, turnaround, operations management, corporate finance and business development. He is an industry-recognized leader in the development, implementation and integration of technology infrastructure. Charles has enjoyed considerable success in the development of early stage / start-up companies and is proficient in building prosperous acquisition targets. Charles provides his global experience and engagement to BitCar.

View the BitCar website here.

View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.

References

  1. BitCar Website, BitCar (2017). https://bitcar.io
  2. BitCar Whitepaper, BitCar (2017). https://bitcar.io/data/BitCar%20Whitepaper.pdf
2018-03-08T02:10:17+00:00March 8th, 2018|Categories: ICOs|

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