BitCar (BITCAR)

What is BitCar

Rare and exotic hyper, mega and super cars (Exotics) are an international commodity. However, ownership of them has been limited to the wealthy, until now.

In a world first, BitCar.io (BitCar) allows users to hold or trade digital Ethereum blockchain tokens called BITCAR, giving access to a platform where Exotics can be owned and traded in small fractions. A second level CAR token will be used as the digital asset token for the individual Exotic cars.

Both cryptographic asset owners seeking access to such hard assets, as well as more traditional exotic and classic car enthusiasts, can now trade in Exotic cars which have been one of the world’s best performing asset classes over the last 10 years, outperforming property and gold over this time.

In a disruptive and innovative world first, BitCar opens direct ownership of this asset class to the public for the first time. Verified Agents will source, acquire and store Exotics, as well as display them. After a 5 to 15 year term, they will be sold with the returns passing back to the asset token owners. During the term, Platform users can peer to peer trade their interests without an intermediary in a trustless manner.

BITCAR tokens provide the utility to the decentralized BitCar Platform (Platform) and allows access to the second order token for acquiring and peer to peer trading the tokenized Exotics as well as being used in an incentive scheme, that is set up to reward parties marketing the Ecosystem.

Control over fractionalized or tokenized Exotics will remain with the token owners, who will be able to democratically vote on matters relating to their ownerships, such as liquidation dates, displays of their car etc. This is relatively simple from a technical perspective given that blockchain technology is at the heart of the fully decentralized Platform.

The asset tokens linked to Exotics are decentralized and exist as their own Ethereum smart contracts and interface with the master contract that transacts the exchange of BITCAR and cryptocurrency, facilitating ownership transfer and securely linking the components for ownership and tradability together on the Ethereum public blockchain. These asset tokens are called CAR tokens and each Exotic car will have its own CAR tokens.

Linking physical assets to Blockchain tokens has been legally complex and is rapidly evolving, various recent projects have progresed decentralized transactions and are maturing the technology rapidly. Over the last 2 years the team, including members from Ledger Assets Pty Ltd (a leading blockchain commercialization company in Australia) have established and developed the BitCar team, technology and skills needed to bring BitCar to launch. Much effort has gone into the fully functioning prototype software development and legal work for the token design as well as working with related Anti Money Laundering (AML)/Know Your Client (KYC) compliance, culminating in obtaining of a ruling from the Swiss financial regulator FINMA on key aspects of the Platform’s tokenization design. This invaluable feedback has been instrumental in completing detailed design and providing insights into the issues regulators deal with as they seek to embrace new technology whilst protecting against unwanted risks.

The Ethereum Blockchain ledger is used for all traded interests, giving a decentralized platform and transparency so that tokenized Exotics are traded only as stated, eliminating ‘naked’ or rehypothecation in the peer to peer trading of the Exotics interests thanks to the underlying blockchain technology.

In addition to the team’s passion for Exotic cars, over the last 2 years the team has built up substantial knowledge in and developed a clear strategy around target Exotics and their tokenization for the crypto community. The team has grown its international connections with professionals in the sector over this time at a number of key international locations and created many deep relationships with sector professionals and advisors, which has already proven to be very beneficial in building expertise, targeting and accessing Exotics cars and understanding important related issues such as clear title and how to attempt to maximize price growth.

Of the total 500 million BITCAR tokens, 250 million will be sold in the TGE. 95 million are reserved for the team, founders (subject to escrow conditions which will be defined in the BitCar TGE paper) and future employees. 40 million for the bounty campaigns, early backers and external owners and a Growth Pool of 60 million for Platform growth, incentivisation, user acquisition and partnerships. The remaining 55 million are allocated for the Company token reserve.

The BitCar sale of BITCAR tokens will allow it to grow, fund extensive marketing and complete Platform development. This will help BitCar potentially open the world’s first and largest peer to peer Exotic car trading platform, opening up the best performing asset class over the last 10 years. The development includes smart contracts that represent decentralized, tokenized Exotics on the Ethereum Blockchain.

Verified Agents will on-board the initial Exotics, accelerate and help fund new Exotics onto the Platform. Agents are responsible for the lifecycle of Exotics from sourcing, tokenization, managing, storing, display of the Exotics through to the disposing of the Exotic from the Platform. BitCar only provides the digital platform for the Exotics, all physical services are handled by Agents creating a completely decentralised Platform between Agents and asset token holders. The objective is to aggregate $500+ million of Exotics within the first 3 years of operation and build out to exceed $1 billion thereafter.

BITCAR tokens are the utility token of the Platform and will also be used to incentivize users of the Platform and other partners performing services to build a world of Exotic Car interests.

BITCAR tokens have been designed with specific attention to Singapore Law and are not considered to be a security by BitCar, as confirmed by our legal advice.