The Auto Coin, the only blockchain-based cryptocurrency designed specifically to cater for the automotive industry has been officially launched. This coin is giving cryptocurrency owners an opportunity to use their digital coins to pay for new vehicles using a secure and digital channel for the first time ever.
This coin has been established to fill the growing demand for a market to use cryptocurrency especially in the United Kingdom (UK). This development will give digital coins owners a splendid opportunity to spend their coins which has been non-existent. As of the moment, it has been virtually not possible to use such coins.
The blockchain technology driving the Auto Coin is a hybrid that combines both public and private blockchain. Being able to utilize the private blockchain platform promotes eco efficiencies since this platform requires limited computational power to run. The Auto Coin utilizes proof-of-stake consensus that is leased but which you can own as a user of lease from another use to indicate your mining power as a user. Users will need to have a hosted server and about 1,000 coins for them to be in a position to mine. The coins will have a fixed supply of 400 million.
The Chief Executive Officer (CEO) of We Buy Cars Today, Thomas Delgado sees this development as one that will change the automotive industry for the better. In his statement, he said that his company recognizes the pace at which blockchain technologies are moving within the industry and hopes to set his company in line with that momentum. He notes that the company is delighted to be among the first in this industry offering the Auto Coin opportunity to their clients. This he continues will enable faster and even more secure transactions as well as an innovative way of opening up new opportunities for the company.
Just as most of the other crypto coins, the Auto Coin also benefits from a similar level of anonymity making it private and secure to carry out transactions. When making auto transactions using this coin, all assets will be kept securely on the Hyper Ledger Fabric. This process ideally means that car buyers using the coin won’t have to disclose any personal information. The Auto Coin will run its system on Ethereum’s public blockchain platform and will also use the platform’s smart contracts to communicate between the different blockchains.
The platform is designed to support and process about 200,000 transactions per second. It will also be processing vehicle payments instantaneously. This platform will solve the challenges of high fees, delays as well as lengthy and frustrating wait times that characterize conventional debit and credit payments. Automotive buyers will simply be required to scan a simple QR code to complete the payment of their motor cars.
According to Ezeldin, the Auto Coin is a solution to a challenge that has plagued many industries and for cryptocurrencies. He notes that automotive is just one among other markets in which this technology will come into use.
Auto Coin Initial Coin Offering has already begun and will go on until around mid-September
About The Auto Block
The Auto Block presents a unique and diverse set of products that will set in line the digital coin world with the automotive industry. Auto Coin, that is part of these products, will be the first coin of its kind in this industry and which will enable secure, fast and private transactions. It will extend the use of digital coins and assist automotive dealers. It aims to disrupt the motor car industry in a positive manner by introducing a simple, easy and secure way of buying and selling auto mobiles.