Bitcar.io, which developed a software trading platform that enables fractional ownership of Exotics (rare and exotic hyper, super and classic cars), has announces the launch of a Minimum Viable Product version on the Ethereum Ropsten Test Net; a major milestone representing the first full public exposure of the Platform since the completion of its token sale in 2018. Bitcar is seeking key feedback from the community (and offering a bug bounty), on usability in the lead-up to the Main Net launch of the operational platform, scheduled for end of April 2019.
Using a dual token structure, Bitcar's Car token (CAR) is a record of the acquired or traded fractional ownership, a "digital receipt" used by the platform which could be viewed as an real world asset backed "Stablecoin". A Stablecoin provides holders with relative protection in times of crypto volatility. Bitcar's utility token (BITCAR) is needed to access the Platform and among other things pay for CAR asset tokens, as well as to vote on some day to day decisions in regards the Car.
"The Test Net launch is a significant step towards our goal of allowing anyone to own part of an Exotic, which historically has been shown to be one of the best performing asset classes, yet it has been unaffordable and so closed to ordinary people - until the arrival of Bitcar.
"We are excited to showcase fast, secure, and cost-efficient trading of fractional ownership, using tokenization, decentralization and peer-to-peer blockchain technology.
"What is different is users can select small ownership stakes in available cars that suit them, they do not have to be part of a fund managed by others with its high management costs. Minimum participation is also much lower than for funds at USD 50, with peer to peer trading possible 24 hours a day 7 days a week. We will not need to be charging trading fees either, as the system relies instead on tokenomics. Furthermore, all ownership interest trades are transparently visible on the Blockchain giving excellent provenance. No Fiat money is used by the Platform, all transactions are in cryptocurrency which generally has much less friction and better traceability than cash."
The Minimum Viable Product (MVP) Test Net launch includes a front-end faucet that allows users to acquire free test BITCAR utility tokens, so that they can experiment with buying and trading tokens on the platform. During this test-phase Bitcar will be running a bug bounty program where any rewards could be gained for the discovery of serous software bugs.