CarCoin ICO: Company Review and CAR Token News Updates

CarCoin CAR ICO: Automated Vehicle Transportation Sharing App?

Carcoin, found online at Mycarcoin.com, is a car sharing community built using blockchain and digital currencies. Find out how it works today in our review.

What Is Carcoin?

Carcoin is a blockchain-based car sharing community. The platform claims to be the “world’s first automated service for transportation application on blockchain,” according to the official website.

It’s a decentralized platform where users use Carcoin, or CSC, as a payment method.

The goal of Carcoin is to bring together all drivers into a single network, creating a Car Sharing Community (CSC) with safe, fast vehicle transportation available at any time.

Although Carcoin calls itself a “car sharing” platform, it’s really just a decentralized version of Uber. The company is a ride-sharing service.

As of March 2018, there’s no evidence that Carcoin is an active project. The company claims to have completed a token sale in late 2017 / early 2018, but we can’t find any evidence of that token sale online. Furthermore, the company’s team section seems fake: the two listed individuals appear to be using fake names.

Yes, there are some unusual things about Carcoin, but let’s take a closer look at the whitepaper to see how it works.

What Problems Does CarCoin Seek To Solve?

The Carcoin whitepaper acknowledges that platforms like Uber have had a powerful impact on the transportation industry. However, today’s ride sharing platform has a number of crucial problems, including all of the following:

• The customer’s personal information is disclosed to a third party
• There are no insurance policies in place when customers get into an accident
• Prices can increase dramatically during peak hours or inconvenient hours, making it difficult for customers to consistently know the price of a ride
• “The route is public, so it is difficult to keep privacy” (I’m not quite sure what this disadvantage means, but it’s in the whitepaper)
• “Drivers are not trained”
• Apps can abruptly change their policies and terms

How CarCoin Automated Vehicle Transportation Sharing App Works

Carcoin aims to create a distributed motor vehicle sharing community that combines multiple services into a single application, including “car, moto, and other transportation services.”

The platform relies on blockchain technology, smart contracts, AI, and GPS technology to provide these services.

Carcoin will solve the above problems with core functions like:

Encryption And Blockchain:

Customer information, call history, and ride information will be encrypted and stored on the blockchain for maximum privacy. Yes, Carcoin will permanently save your ride history on the blockchain.

Easy Payments:

All Carcoin payments will take place using Carcoin, Bitcoin, or Ethereum as the payment unit. Payments are processed using smart contracts for security and privacy.

Self-Governing Community:

Carcoin has a masternode consensus mechanism that ensures the creation of a decentralized self-governing community. There’s no need for a centralized application developer like Lyft or Uber. Carcoin mentions that some type of voting mechanism will be used.

Mobile App:

Carcoin will have a mobile app called Mycar. This app will function in a similar way to Uber, allowing users to request a vehicle at any time. You enter a destination address, and the application will display a list of nearby vehicles available to accept your request.

View Complete Driver Details:

Before you catch a ride with a Mycar network driver, you’ll be able to view information about each car and driver. You can view previous ride history, for example, the duration of the driver’s license, the vehicle’s ratings and status, the full name, age, and gender of the driver, the average ratings from previous passengers, and more.

CarCoin Fees

Carcoin will charge a fee of 10%. 5% of the total payment will be automatically transferred “to the Carcoin address of the Mycar application for development.” The other 5% will be transferred to an address for insurance and marketing purposes.

In other words, the driver receives 90% of the fee for each ride.

After finishing your Carcoin trip, you can receive a Carcoin-based reward by rating your driver.

CarCoin CAR Token ICO Details

TheCarcoin token sale apparently took place in December 2017 and January 2018, although we can’t find much information about the token sale online.

The company claims to have distributed about 50% of the total supply of tokens during the pre-sale and ICO. Tokens were sold at a price of $0.30 to $0.90 per Carcoin over the course of the 21 day sale.

There’s a total supply of 190 million Carcoins, with 90.8 million Carcoins available during the crowdsale.

Who’s Behind CarCoin?

Carcoin is led by Renze Deelstra (CEO), who claims to have extensive sales and marketing experience worldwide. The only other listed team member is Cyrik Alvarez-Adriaan, described as “an expert in blockchain technology” who holds a Certified Bitcoin Professional designation.

As far as we can tell, neither of these people exist. Google Searches for both names come back with zero results outside of the Carcoin website and whitepaper. The Carcoin website doesn’t link to a LinkedIn profile, nor does it provide any additional information about either individual.

CarCoin Conclusion

Carcoin is an unusual project with some awkward marketing materials online. The website has an amateur design. There’s unclear or contradictory information. It’s unclear when – or if – the token sale took place. The whitepaper also mentions a “lending platform” – although it’s not explained why a ridesharing service would launch a lending platform.

Furthermore, the team information seems fake: neither of the two listed team members appears in any Google Searches, and no specific qualifications or experience is listed.

In any case, you can learn more about Carcoin by visiting online today at Mycarcoin.com.