BitCar is a decentralized platform based on Ethereum Blockchain, which aims to create the biggest exchange of tokenized cars and fractional interest for effective and direct peer to peer trading. Only the best exotics will make to the platform of BitCar. The aim of this platform is to enable the general public to own a fractional interest in supercars.
This platform, namely BitCar, enables people to trade and purchase partial interests in exotics. A part of the funds generated from the token generation event will be used in onboarding and acquiring the initial exotics. This process continues to create exotics’ collection on this Blockchain-based platform.
The platform of BitCar enables agents to acquire, underwrite, and source on the platform. There is going to be an interaction between the agent and the platform for the maintenance management, insurance, and storage.
This interaction is necessary to meet the standards that are needed in their jurisdiction. Every exotic is going to be tokenized by an agent who interacts with the platform of BitCar through its own smart contract. It is going to be connected to the tokens that are issued particularly for the exotic assets.
Expenses to be incurred will be added to the price of the car, which is going to cover at least 5 years of insurance and storage on the platform. Users are allowed to search for the exotics that are available on the platform and acquire a part of the interest through the combination of BitCar tokens and virtual currency. This offers a product, which is distinct, accessible to everyone, and enables direct ownership of interests in classic cars by making use of the second order token of CAR.
Authenticity and provenance will be protected as well as scrutinized because they are important for the reputation, growth, and success of BitCar. This task of authenticity and provenance will be performed by the verified agents. The sourcing of acquisitions will be done from well-known sources where there is a less amount of risk.
All exotics available on the platform are going to have a date of liquidation on which they will be sold with the help of an agent or a well-known auction house. The time for holding the exotics on the platform is going to be between 5 to 15 years after its first appearance on the platform. However, the system of voting enables the fractional owners to vote on Blockchain in a transparent manner. Users are also allowed to vote to postpone the date of liquidation for a certain time period.
The platform of BitCar is going to have a decided listing period of 5 years. The holders of tokens are allowed to vote on the matters pertaining to the sale of exotic. The minimum votes required to sell the exotic in the market is 75%. If the exotic remains unsold even after a period of 10 years, then the sales threshold will be reduced down to 51% for a period of 45 days to initiate the sale.