What is AutoBay Project?

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What is AutoBay Project?

AutoBay is a blockchain-enabled platform that allows you to buy, sell, and auction new and used vehicles. The site has private dealerships from all over the globe in the largest blockchain based e-commerce environment. You will be able to pay for your car in cryptocurrencies, which leads to low transaction fees and security due to the use of a cashless payment platform.

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. Each year over 80,000,000 new cars are sold worldwide and only in the US over 100,000 used cars are sold every day, through an outdated, cash depending process. 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) while solving 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).

Autobay Solution:

Autobay is adecentralized ecommerce platform that allows users to promote their vehicles for everyone to see them onlineallowing users from all over the world to purchase such vehicles using cryptocurrencies as a payment method.Autobay creates a much simplified, safe experience when buying a vehicle, allowing people to buy a car in just 3 easy and safe steps. Step one, the person has to browse for the car they want, using filters that shorten their search to specific brand, model, year,millage,price range and location (radius in km). Step two, when a person finds the car they want, either new or used, they just click in button that appears in the publication that says I’m interested, entailing that they are willingto visit the location where the vehicle is, in orderto assess the car. By pressing the I’m interested button, both parties, seller and buyer receive each other’sprofile information. In thisway one of the factors creating uncertainty is dilutedgiven the seller knows who is selling the car and can see previous reviews of other users who have bought from him in the past and private sellers know who tolet into their homes.

Step three, and most important, when the person has agreed to purchase the vehicle there is no need for cash payments, the only thing the buyer has to do isopen the Autobay Decentralized app on their mobile device, enter the“I’m interested” menu, where a listing of all the cars the buyer was interested inappears, he then looks for the post on the specificcar he wishes to buy, and through an embedded wallet in the Dapp, he can create an advanced deposit or the fullpayment,choosing the cryptocurrency he wishes to pay with and by pressing the “Buy” button he createstheSmart Contractin the Ethereum Blockchain that pays for the car.

AutoBay Blockchain Platform

Search:

You can search for the car you want on the AutoBay Dapp and website. You can easily customize your search to add the filters you want such as the brand, year of manufacture, model, mileage or distance. You can even adjust your results to find cars, motorcycles, and even trucks within a 20 miles radius from your location.

Visit:

Once you find a car, truck or motorcycle you want, click on interested icon. The site will provide you with the seller’s address and their profile information. The seller will also get your profile information such that by the time you go to view the car he or she already has your personal details. This will get you acquainted with the dealer and the dealer will be able to organize for your pickup. It also helps dealers understand the demand for their vehicles.

Cashless Payment:

Once you see the car and you are sure it is the one you want, you do not have to have cash in hand. The platform allows you to give an advanced payment or you can directly pay using the AutoBay Tokens (ABX). You can also pay using Bitcoins (BTC) or Ethereum (ETH) with no need for cash payment. This makes the platform a safe and secure option for buying your car.

AutoBay Benefits:

Safe payment: The use of smart contract ensures the transactions between parties is safe and secure.
Low Fees: The eliminations of intermediaries will result in low fees that can be paid in ABX, ETH or BTC
Utility: The ABX token will be used as a utility token to pay for vehicles and also for car posting in e-commerce sites.
Rewards: Users who will use ABX will be rewarded with discounts, promotions, and other rewards
User verification: Users will be verified using mobile number, social media platforms, and user reviews
Better User Experience: No cash payment is needed and the payment process is stress-free, simple, and easy
User Reviews: Users of the platform will be reviewed which will create a fair and better community
Secure Transactions: The use of blockchain technology ensures a solid registry for each detail of the transaction