BitCar is a decentralized platform based on Ethereum Blockchain that is making efforts for enabling people to hold a fraction of interests in supercars. It has a sales mechanism in which when a sale is triggered, an agent is going to book the exotic to the specialists of car auction within a period of one year to authorize reasonable marketing and an appropriate venue of the auction. Peer to peer trading in exotics will continue at least 12 hours before the auction.
The platform of BitCar is going to generate revenue from the transaction fee that is required to be paid by the buyers and sellers on every fractional purchase and sale of a supercar. Moreover, this platform receives revenue from the licensing and membership fee. Another source of revenue generation for BitCar is an ancillary business. Plus, it earns money from a proportion of gain on the trading of CAR and BITCAR tokens on the platform.
The funds raised by BitCar will be utilized in the development of the platform, project, and general working capital. The ecosystem of BitCar makes use of the primary tokens, namely BITCAR, as a software protocol that enables users to get access to the ecosystem.
The tokens of BITCAR enable the users to perform various functions on the platform, which includes the payment of exotics MSI costs and escrowing. The CAR tokens used by this platform are ERC20 tokens of public Ethereum Blockchain.
These tokens are created at the moment when the asset is kept on the platform for sale. Every asset will have a maximum number of tokens that it can create and sell. The smart contract of asset manager controls all the CAR tokens. Additionally, the token owners can hold and trade the private keys of ERC20 CAR tokens through the use of this smart contract.
Every CAR token depicts an interest in the physical cars. The legal team has been working in this field since the year 2015, trying to analyze the appropriate laws around the regulation and legal tokenization as well as treatment of physical assets, which includes the use of bearer instruments and bailments that are important for the launch of BitCar. The purchaser of the CAR tokens makes use of the smart contract where the token is going to be returned back when the exotic asset is sold.
A team of certified and vetted agents will manage the onboarding of new supercars as per the established standards of quality and rules governed by the operations team of BitCar. This procedure includes the execution of asset transactions, completion of federal registrations, maintenance program administration, and initiating tokenization.
Moreover, it includes security administration and deregistration. It also includes modification and procurement of insurance policies and other functions related to administration. Agents are liable for all the physical services of supercars. BitCar offers the services of p2p trading on a virtual platform. If you want to know more about this platform, then you can read its whitepaper.
