BlocVehicle ICO Review

What is BlocVehicle?

BlocVehicle is a sharing economy service, where everyone can trade and share their used car directly with others.

This platform allows people to trade their used car without any dealer’s interference. It is based on reliable car-history data so that people can trade their car peer to peer directly and create a transparent and equal socity.

Currently, the market breadth of world’s car insurance is approximately trillion dollars. Among the 200 billion dollars that insurance companies use for advertisements, most of the money are used for banner advertising on internet portals. About 30 dollars are given to the portals for a single click on the banner. Nearly 100 dollars are used if a customer tries to compare three different insurance companies.

This results in a vicious circle because the advertising fees become a huge burden for the contractors. BlocVehicle will make the car insurance companies to pay the contractors Vehicle tokens (VCL) instead of the advertising fees. Subsequently, insurance companies can procure more contractors, and the contractors will experience a 30% discounted premium.

BlocVehicle Network is developed with the EVM-based decentralized application program (DAPP). The EVM is mostly used for the development of smart contracts. Considering the development time, cost and reliability, building BlocVehicle Network with the EVM as a base is more efficient than creating a new blockchain network and platform. Therefore, BlocVehicle uses Ethereum(ETH) as a main platform.

BlocVehicle Network mainly comprises three components:

accounts
vehicle information
VCL tokens

Storing all data through blockchain is nearly impossible given realistic constraints in time, cost and performance. To minimize the volume of data directly stored through blockchain, the photos and video files of a vehicle’s history are stored in an external storage space in encrypted form and the hash values of these files are recorded via blockchain. For the external storage space, an off-block-chain storage is used based on the network of the InterPlanetary File System (IPFS).

Why is Blockchain Used?

In the current market, every system has their program and database separated in the development stage. These are designed to be shut off, with each of them having various security solutions such as F/W, access restriction, and encryption. 100% secure protection is not possible to achieve, however, since a centralized control system is susceptible to modification by a system moderator or an admin. Blockchain, on the other hand, has no such authorities. Systemically, blockchain provides a guarantee of its contents by having a collective group participating in its every step of the way. When a transaction takes places, countless number of nodes executes the same program simultaneously to verify the process, only terminating itself when the verification is proven successful – making it next to impossible to duplicate or hack the result of the transaction. This is only strengthened by the fact that the communication protocol, source of the program, and the data is all made open to the public via Internet.

Based on the Ethereum blockchain

Ethereum is a flexible, reliable and scalable infrastructure that fully implements all the possibilities of the blockchain technology and smart contracts. BlocVehicle network is a decentralized network system based on Ethereum blockchain technology

By applying blockchain technology to the automotive service industry, BlocVehicle will ensure that:

Any person can store and share data on his or her personal automotive history with others via a blockchain- based public ledger
The problems of asymmetric information will be resolved by creating a used-car trade platform based on P2P networks
A service platform will be created to connects travelers to vehicles around the world

BlocVehicle provides technical assistance and measures that utilize blockchain technology with the existing legacy system connected to BlocVehicle Network.

Token info

Token VCL
Platform Ethereum
Type ERC20
Price in ICO 1 VCL = 0.002 ETH

BONUS
Pre-ICO 70%
Step 1 50%
Step 2 25%
Tokens for sale 400,000,000

Investment info

Accepting ETH
Distributed in ICO 40%
Soft cap 2,000 ETH
Hard cap 49,333 ETH

Distribution of Tokens

Total of one billion utility tokens included in the Genesis Block of BlocVehicle Network
will be distributed in the following patterns:

400,000,000 => Distributed to ICO members
300,000,000 => VCL pool (used as reward for data production for 30 years)
150,000,000 => Founding team (sale of tokens banned for two years)
150,000,000 => Distributed to advisers and early investors, Airdrop, Country Partner; undistributed tokens to be terminated