Autobay ICO Overview
AutoBay is the first project within the blockchain world that introduces the concept of a decentralized car dealership. On this decentralized platform, you can buy, sell and auction cars in a transparent market as fully backed up by blockchain technology.
More about Autobay
The platform is also providing a new way to register the transfer of car owners. A purchase is made through smart contracts on Ethereum’s blockchain. On AutoBay’s decentralized application, you can search any car you want, and the closest ones to you will appear. From here you can tell the seller that you are interested in the car. This can be used by both private individuals and car dealers, both new and unused. The transaction is made in cryptocurrency via the application, either Autobay tokens (ABX), Bitcoin (BTC) or Ethereum.
According to the company behind Autobay, this is going to be the safest and easiest way to make a car trade.
Positives and Negatives
- Huge market (3 trillion a year industry – 80 million cars was sold in 2017).
- Working MVP – Check out the MVP presentation here.
- Good partnerships like Ford and blockchain based Howdoo, INK protocol, Verasity, and Vinchain.
- Team members have passed KYC verification.
- The project has no real need for blockchain technology.
- The team needs to market the platform to the whole world in a short time, which is going to be difficult.
- The team is small and might not be experienced enough internationally.
Token & ICO
It is now possible to get on the whitelist for the sale of AutoBay’s own token unit, which has the abbreviation ABX. This is going to be the primary currency on AutoBay’s decentralized application. The token is going to be issued as a utility token for the Autobay platform. Sellers on the platform pay for their listings with ABX tokens. Advertisers will be able to list their ads on the platform, and if they pay with ABX tokens they receive a significant discount.
For the time being, the project is in its private investors’ phase, which means that it is only possible to buy tokens in a large quantity.
The pre-sale starts on August 1 and lasts for two weeks. The main sale begins right after (August 16.), and it is going to continue until September 30.
Platform: Ethereum ERC-20
Price per token in ICO: 0.0001 ETH/token
Percentage of token supply distributed in ICO: 54%
Origin country: Argentina
Soft cap: 1 million USD
Hard cap: 24 million USD
Restricted for investors: USA and China.
Learn more about the project