On 15th May CarLive Chain, the Singapore-based IOV-Block Chain which claims to “revolutionize Internet unicorns”, broke the news that a social-rewarding car mining field APP was officially launched. According to reports, by using AYocar APP as traffic portal it has attracted almost ten thousand people to engage in mining within 6 hours of its launching. Such enthusiasm heralded the birth of a new top Block Chain project. CarLive Chain is on its way of becoming the world’s first tens of millions users project as its user bases amounts to nearly 70 million people. To get a clear idea if CarLive Chain, the author has conducted a close-up research.
It was understood that CarLive Chain is the application of blockchain technology based on tens of millions of YUTU users, closely following typical blockchain applications in physical Internet projects by Alibaba, Huawei, Tencent, etc. CarLive Chain has become the demonstration project worldwide that integrates blockchain technology into real economy and has great potential in application scenes of blockchain technology. YUTU boasts nearly 70 million users in the Chinese market as well as a relatively large group of web celebrities. It has a complete commercial service system and high user loyalty and its App has registered more than 6.54 million downloads in the Chinese Baidu App Store alone. Commended as “the community for middle class of prime spending power” by the government of Canada, YUTU is one of the biggest social application platforms for car users worldwide. The car mining field APP keeps account of car users’ auto-life sharing, spending on e-commerce platforms and driving information by applying blockchain technology and offers dynamic rewards to users while they are contributing data value, so as to encourage car users to engage in the application of the blockchain technology.
According to test data by CarLive, 80% of YUTU users actively engaged in the blockchain project, which means that CarLive Chain community will see more than 40 million members in the mid-and-long term and this will make Carlive Chain become one of the top 10 largest blockchain projects in scale worldwide.
Jian Wang, President of Alibaba Cloud pointed out earlier that “blockchain will completely revolutionize the Internet”, and Jack Ma, chairman of Alibaba Group has also mentioned recently that “blockchain is not a bubble”. What is noteworthy is that CarLive Chain’s slogan “revolutionizing Internet unicorn in automotive industry” was actually raised by the former Alibaba Executive Ansel Qi, who is also the founder of YUTU. By reviewing CarLive Chain’s whitepaper, we can get a glimpse of Ansel Qi’s philosophy. Centralized Internet platforms have occupied most of users’ social behavior data, and such date has become the platforms’ private equity, which in turn helped create many unicorn companies in varies industries. The blockchain technology can provide users with fair and transparent environment of application, encourage users to manage behavior date via distributed bookkeeping and create value in date equity for the automotive ecosystem.
According to statistics, there are more than 100 Automotive Internet platforms that possess certain scale in the world. They gain market value which generated by online advertisement, e-commerce and other things over 600 billion dollars every year. The Internet active car user has reached 100 million and they contributed 6000 dollars to centralized platform on average every year, which is exactly the market size of traditional internet unicorn that CarLive Chain aims to completely overturn. By conservative estimation, CarLive Chain will become the world’s biggest IOV-Block Chain project in the short term as its market value will exceed 6 billion US dollars with the current one million users.
It is learned that professor Geng XIAO, world-famous economist, former Advisor to Chairman at Securities and Futures Commission of Hong Kong and former president of Risks Committee at HSBC, together with Chuan Wang, seasoned investor from Silicon Valley and Dr. Huadong Pang, former Vice President in Operations at JP Morgan among other financial professionals have joined the IOV-Block Chain project.
Let’s dive into the technological application behind CarLive Chain. Spearheaded by Dr. Shipeng Li, former deputy dean and chief researcher of Microsoft Asian Research Institute, CarLive Chain integrates centralization into decentralization based on digital identity. The digital identity serves as a bridge between them. The user authentication way of internet centralization and the one of blockchain decentralization could achieve coexistence through the mapping relation of account and digital identity identifier, which could transfer the user group to CarLive Chain. It can be expected that the number of users will soon go off charts once CarLive Chain is launched based on AYocar’s tens of millions of users. We look forward to seeing CarLive’s progress with blockchain common chain construction in the automotive industry, which has been laid out and presented in the whitepaper.
The application of IOV block chain is of great prospect. The blockchain technology wouldn’t have come to existence and developed if it were not for the technology of “decentralization”. Due to its distributed structure and tamper-proof characteristics, the blockchain technology has solved trust issues between multiple parties, such as between users and users, users and car service providers, as well as users and various car platforms. The technology of decentralization has dismantled date and information monopoly by unicorn companies in the auto industry, and has created a level playing field for all parties in the automotive ecosystem. The combination of blockchain and auto industry, coupled with the large user base from YUTU, is very likely to take the lead in the all-round reform in both upstream and downstream industries in auto ecosystem.
According to statistics, there are more than 1.3 billion cars worldwide, and the number of cars in China has reached 217 million. Automotive industry has become the world’s largest consumer industry. It is a sunrise industry with unlimited prospect and great potential for investment.