VLB TOKEN - The 1st Global Vehicle Lifecycle Blockchain ICO starts on November 27Car, Fix ecosystem is currently comprised of 280 fully integrated independent repair shops (with 500+ onboarded repair shops in total), all key spare parts distributors, dealers of most popular mass-market car brands, a major insurance company and the leading Russian auto lender. This ecosystem is continuously growing and evolving to accommodate the optimal supply and demand equilibrium along the entire vehicle lifecycle.
The existing CarFix ecosystem and software systems present a perfect staging ground to develop and deploy the blockchain technology described herein. CarFix’s current business model, which is driven by the notions of transparency, efficiency and fair pricing, will be further empowered by the blockchain’s core premises of decentralization and immutability of records. Implementation of multi-signature authorization mechanisms to verify transactional integrity will further morph the interrelationships between industry Participants into a single cohesive “Vehicle Lifecycle Industry”. Proceeds from the ICO will be used to develop and build the blockchain technology specificallym tailored for the Vehicle Lifecycle Industry. CarFix current business model will be used to test the blockchain and subsequently proliferate its implementation beyond CarFix globally.
Global propagation of Vehicle Lifecycle Blockchain is the ultimate goal of the deployment roadmap that will maximize VLB Token value. In the worlds of Bitcoin and blockchain expert and evangelist Andreas Antonopoulos, blockchain is a “dumb technology”. Creation of any blockchain is a meaningless exercise if one does not have the means, the platform and the team to build a stack of applications for the real world on top of it. After building the blockchain and the various user interfaces for it, one needs to i) “test drive” it with real market users, ii) use real world sales and marketing efforts to ensure critical penetration rate among industry constituents and individual users and iii) create an incentive structure and network expansion mechanisms that will drive independent and completely decentralized expansion of the blockchain. CarFix together with Qiwi Blockchain Technologies (NASDAQ: QIWI) is doing precisely this. Significant majority of interfaces, including consumer level application, is already developed by CarFix and are already functioning within the existing business processes. As depicted in the Team section herein, a team with a wealth of experience building and implementing blockchains in real economy sectors will be tasked with developing the Vehicle Lifecycle Blockchain. CarFix business development team, which is headed by the former head of supply at Uber and automotive distribution sector consultant at BCG, will ensure
sufficient market penetration. As depicted further in the white paper, current and future relationships with vehicle manufacturers, OEMs and insurers (“Super Nodes”) will be used to promote the creation of CarFix-like ecosystems on top of the Vehicle Lifecycle Blockchain globally, independently of CarFix and in a decentralized fashion.
Proceeds from the ICO will be used for the following development initiatives: Blockchain development: design, development and programing of blockchain algorithms to accommodate the specific business needs of Industry Participants (as defined on p. 4) and increase VLB Tokens usage and turnover rate Industry Participant interface software development:
improvement of current software and development of new blockchain interface software packages for
Industry Participants Stage 1 market ecosystem deployment: continue to expand and optimize the current CarFix ecosystem of repair shops, distributors, insurance companies, corporate fleet management companies and auto lenders. Onboard new participants in Russia and US VLB Tokens are utility tokens that will be issued in accordance with the ERC-20 standard. VLB Tokens will be used by Paying Participants (as defined on p. 5) to record transaction entries in the blockchain by Industry Participants beyond the CarFix ecosystem during the blockchain’s Stage 2 of deployment (see section Vehicle Lifecycle Blockchain Overview on p. 12). ERC-20 based VLB Tokens issued during the ICO will be embedded into the Vehicle Lifecycle Blockchain’s genesis block along with the 1:1 conversion mechanism into VLB Tokens based on the VLB native standard. The genesis block will be created in 2Q 2018 when the Vehicle Lifecycle Blockchain will be launched.
The conversion will happen at the discretion of the VLB Tokens holders VLB Tokens based on ERC-20 standard will trade on leading crypto exchanges Vehicle Lifecycle Blockchain Development Vehicle Lifecycle Blockchain will be deployed in two stages (see section Vehicle Lifecycle Blockchain Overview on p. 12): Deployment within the controlled environment of the CarFix ecosystem with CarFix acting as a moderator to achieve the critical mass of Industry Participants and the critical technology penetration level.
Deployment of blockchain beyond the CarFix ecosystem Industry Participants with CarFix ceasing its moderator role and opening up the blockchain to decentralization and public consensus.
In the course of the ICO up to 200,000,000 VLB Tokens will be sold to token purchasers There will be 4 separate stages of VLB Tokens sale, as stated on a diagram above. Any VLB Tokens not purchased during the ICO will be burned In case the ICO fails to attract more than 25 000 ETH, CarFix will cease the project and return the amounts collected to VLB Tokens buyers VLB Tokens Value Drivers Main driver for VLB Tokens value growth is their turnover through the system, which will increase in line with the blockchain system development. As each Paying participant shall be required to spend 1 VLB Token on each transaction and there are on average 3.5 Paying Participants per each transaction we expect that demand for VLB Tokens will increase in the next 5 years by 16+ times to 4.4 bln per year, making each VLB Token turn 18 times per year Such demand and rapid turnover will significantly impact the price of VLB Tokens. Given the potential cost savings and revenue opportunities for Industry Participants (see Appendix A), VLB Tokens price may increase 50-100x once the Vehicle Lifecycle Blockchain is fully deployed.
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