AutoBay – The First CryptoCurrency For Buying Automobiles!

Today we are looking at an ICO that I think is going to be HUGE, today we are looking at AutoBay!

Lets get straight into it..

Welcome back to the channel everyone, my apologises for the lack of videos last week. Unfortunately my computer has died and I’m using back up hardware until my computer has been repaired.

Today I am vaping on Bogan Brews, Coorang Cola.. So honestly, I wouldn’t usually be a cola vape fan, but this stuff is awesome! There is some links in the description, where you can pick it up.

OK, so today.. We are looking at AutoBay

Who are AutoBay, and what problem are they trying to solve. 

Autobay is the first ecommerce platform based on the Ethereum blockchain that allows users to sell, buy and auction vehicles using cryptocurrencies as payment method. They are based out of Argentina, and I have to say. I absolutely LOVE the brand name!

With 80,000,000 new cars are sold worldwide each year, this is a huge market!  Autobay’s vision is to create real value to cryptocurrencies allowing them to act as a financial asset to purchase goods (vehicles in this case) and by doing this, they will solve a day to day problem of the car industry, creating a much safer, simpler and secure process to purchase vehicles.

Autobay’s main objective is to create legitimacy to the cryptocurrency market by allowing the use of Bitcoins (BTC), Ethereum (ETH) and Autobay Tokens (ABX) as financial assets to acquire goods (cars, trucks and motorcycles).

The process of buy on there app, will be relevantly straightforward. Simple, browse the available cars, pick which one you want, press to buy and the whole process is completed using smart contacts.

Companies such as Car Vertical and Vinchain have appeared in the last couple of years in the market offering a solution to
vehicle tampering offering the creation of a universal vehicle registry were insurance companies and buyers will have access to available data about a cars history being able to check to avoid any kind of fraud or misleading from resellers, bringing legitimacy to the automotive market.
Autobay will bring transparency in the purchasing process as every single transaction will be set as blocks with in the Ethereum blockchain creating a record of proof of ownership and records all of the data of the transaction creating a record of the features of the car that enables future buyers to keep track of the cars history, creating a safe, secure and stress free process. The Smart contract will include data such as Brand, model, Patent / ID number, milage, etc. therefore future buyers will be able to access such data and verify the authenticity of the information provided by future sellers.

I love this ICO and what Autobay are trying to achieve here. Its a pretty simple idea, but one that has true potential in my view. The more people getting involved in this, the more demand it will create for the ABX token, hence, getting in early is very important on this project.

 

 

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