Here’s our 85th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with CARPOOL FINANCE June 11, 2021. This guest star,
- Kevin McChain — Executive Management
- Chad Bauer — Executive Management
INTRODUCTION
Chad Bauer :
Kevin and I are the co-founders of Car Coin and CarPool. We have extensive experience in executive managment in the automotive finance, retail and advertising industries. We come from the largest privately held auto lender in the world and are using our decades of experience to bring crypto and blockchain adoption to this industry!
Could you please provide us with a simple description of CarPool?Chad Bauer :
CarPool.Finance is a defi yield and farming platform forked from PancakeSwap and developed by the Car Coin dev team. CPool is the native farming token of our platform that runs on the Binance Smart Chain. CPool is a conduit to Car Coin CCM, which is an ERC-20 token that powers the world’s largest automotive crypto marketplace (carcoinmarket.com) — a portion of fees from CPool fund uncollateralized automotive loans everywhere in the world!! We are a real company with real revenue and real adoption!
What makes CarPool different? what are the highlight of CarPool?Chad Bauer :
This project is backed by an established automotive company that currently gives consumers access to over 1 million vehicles monthly in crypto pricing. Most projects that are released have no utility or actual working company behind them — this is much different. We set out to establish and build the frontend (carcoinmarket.com) prior to the release of any tokens unlike the majority of tokens that you invest in daily, this project has real utility among an already working and adopted product.
CarPool is part of the Car Coin ecosystem with holders of both CPool and CCM benefitting from each other. CPool, running on the BSC, drives our defi environment that supplies liquidity to uncollateralized auto loans everywhere in the world. CCM, which is an ERC-20 token, is a dual use token that is traded to dealers for vehicle purchases; dealers utilize CCM to gain access and listing permissions on the carcoinmarket.com platform.
So carpool is already on 2 networks, erc and bsc? Isn’t?Chad Bauer :
2 tokens — 2 networks. CPool is on BSC, CCM is on Ethereum
Could you please give a brief intro of CarPool salient features?Chad Bauer :
Absolutely!
CarPool.Finance, which will be fully launching this weekend (site and chef integration/deployment being completed) functions similar to some of the tools you currently use. You will have farming and staking pools along with dex access.
A low initial supply was minted — 25 mil with 17.5 mil of those burned! Each block will mint an additional 22 CPool, 22% of these are burned with the remainder returned to the pools and farms.
What security CarPool have taken to keep the investors and users funds secure?Chad Bauer :
We have followed recommended security protocols and setups to ensure that investors funds are secure. In addition, we have added a vital member to our team, introducing our Chief Technology Officer, Justin Rytych, this past week. He has been integral with the security audit and implementation across all of our properties.
About the Roadmap, what can we expect from CarPool in the near future, are there any new events coming up or product launch and what is being planned in the future?Chad Bauer :
A lot of items are coming, and coming quickly!
Tomorrow night, June 12th at 11:59 pm UTC, we will be taking a snapshot of all CPool holders. At this time, all of these holders will receive an airdrop of CCM!
We also will be having the full launch of CarPool.Finance in the coming days after the site and chef integration is complete. At that time, we will be releasing Dawg Pools on the platform
Additionally, we are releasing our international automotive marketplace in Q3 of this year!
QUESTIONS TWITTER
Q1. CarPool is a defi performance and farming platform developed by Car Coin $CCM and $CPOOL is the platform’s native BEP20 token. What are the main differences and utilities of $CCM and $CPOOL within CarPool? What are the benefits for users to be holders of both tokens?Chad Bauer :
Great question!
By utilizing both the Ethereum network and Binance Smart Chain, we are able to create multichain access for investors and users. CCM is the Ethereum based token and is used as a tradable token for a vehicle purchase as well as an access token for auto dealers to access the advertising platform. CPool is the BSC based token that powers offchain uncollateralized auto loans — imagine giving credit access without the need for credit, right?! CCM has a staking mechanism that returns at 40% APY. CPool with it’s farming mechanisms naturally has great investor return.
Q2. What services do you plan to charge for in the carpool market, will you receive commissions from car buying-selling transactions, what will be your income sources to ensure the continuity of the platform?Chad Bauer :
Assuming that you mean carcoinmarket.com services — we do not receive any commission for the sale of a vehicle, we are simply an intermediary advertiser of the vehicles. Our dealer partners stake CCM in order to gain access to the platform and they pay a monthly fee for increased advertising exposure. With an already existing network of over 1500 dealers, we are an established company with revenue.
Q3. According to your tokenomics, 4% is earmarked for “Contingency”, what exactly do they mean by this? And why take this specific percentage?Chad Bauer :
The contingency economics really came to the forefront over the last 72 hrs. With El Salvador making the historic move to make BTC legal tender. This allows us to pivot without taking away marketing budgets from other areas. We know something about being small and the first to do something. So it only makes sense that we help bring more options for crypto to El Salvador!!!
Q4. On your website, you mention that Car Coin will provide consumers with access to liquidity and credit. Well, can you give an example of how you would offer a loan payment for a consumer who needs a loan while buying a car?Chad Bauer :
Great question! We are currently developing the algorithm for off chain auto loans. The pool will build over time and will be based on use and time staked as opposed to credit. A locking period of the loan is standard with a automatic pay off with price jumps or time extended for drops. It’s our goal is start with 50% Loan to Value and move to higher values as the pools matures.
Q5. Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?Chad Bauer :
Absolutely! $Cpool has a built in burn mechanism. Discussions about CCM is at the forefront of our discussion, we expect to announce a significant burn of CCM in Q4. As we expand internationally those reserves have to be high enough for all of our potential dealer partners. Dealer partners are required to stake tokens to participate on the Carcoinmarket.com platform.
QUESTIONS TELEGRAM
@anubrotomondolAlmost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Chad Bauer :
This is a great point! Unfortunately, the ‘meme’ coin and short term gain has taken hold over actual use cases, utility and long term viability. We are a company that is focused on longterm viability. Our standing in the automotive industry has us positioned to be at the forefront of blockchain adoption among auto sales and advertising. Understand that we are a REAL company with REAL revenue. We currently give consumers access to over 1 million vehicles a month with over 1500 dealer partners. This is not a flash in the pan, but an actual company that is here and will be here for a long time!!
@saddam6579Without proper Marketing and capital infusion, project dies, how do you convince us You have adequate Marketing power and Capital to push this project to the top project?
Chad Bauer :
CarPool is backed by the mothership — carcoinmarket.com. This gives plenty of marketing exposure and budget to the project. Additionally, we are partnering with Brave and the utilization of BAT to bring dealers exposure that is now limited by recent advertising restrictions placed by Apple, etc.
@noobvai04NFT is really trending topic now in the market .😊 So, how do your project plan to aflot the development of NFTs and how do Your project plan to associate it with DeFi?
Kevin McClain CCM :
We have a dealer council group every month and we are proposing a system that would allow the dealer to mint a unique NFT for each customer purchase. How cool would it be to have the original NFT of your first car as a kid. Or your first new car! Or maybe it was a college graduation present 🎁! We think those memories have value to all of us and we think it would be super cool to have those memories on our digital wallets. We also are looking at plans at a digital dealership in Mana….stay tuned for that one we are planning on having a race track there too!!!
@Asif20044my question is very easy please answer properlyPartnerships are crucial for Adoption, so can you tell us what partners you have currently and future partnership???
Chad Bauer :
Over 1500 dealers across all 50 states in the US are partnered with us. We are one of the top 15 non-aggregator advertisers in the US and expanding internationally in Q3. While many investors have been buying tokens with no utility, no partnerships and no real company — we have been building the right way! 😎
@saddam4325In your opinion, which is more important for RocketVault and why ? Community, Investors, Market or Exchange.
Kevin McClain CCM :
We think the whole echo system is important. But clearly we have focused primarily on the infrastructure first. Instead of promoting the coin and raising money from investors to start the company. We built the company and the dealer partners first and only brought it to investors to help the explosion of growth.
- Telegram : https://t.me/CarPool_Finance_Chat
- Telegram Channel : https://t.me/CarPool_Finance
- Twitter : https://twitter.com/CarpoolFinance
- Website : http://carpool.finance
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about CARPOOL FINANCE.
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