Author: Isabelle Yeo
On 17 June, Engine participated in GENESIS C.A.T Meetup in Seoul. This is the second stop of roadshow around the world after Tokyo, Japan, which were held by Genesis Capital. It provides the best blockchain projects to global market and promote the landing and resource docking of blockchain applications.
Max Tang, the representative of ENGINE, gave a speech at the meeting to introduce Engine’s development goals, ecological design, business model and technical advantages. He also conducted in-depth communication with Korean investors, media, and exchanges .
The Korean market is an important part of the strategic layout of Engine. Through this roadshow, Engine gave Korean investors and users a better understanding of the details and current progress of the project.
With blockchain as its core technology, Engine is building a robust and dynamic automotive data ecosystem, and is giving full play to the power of the whole society to maintain data, reduce the data cost effectively while solving data ownership and improving the efficiency, and enabling global users to share and access data on an equal footing. By establishing a life-time temper-proof digital automotive archive, the company provides users with public-chain service such as car data query, vehicle condition tracking, value assessment, automotive finance with no cost of trust, and fundamentally eliminates the present problems of automotive industry ecosystem centralization, information asymmetry, and opaque profit distribution, thus opening up a new era in the automotive industry.
The construction of the Engine car big data blockchain ecosystem is realized by collecting and precipitating the pre-project scale data, and putting the data into products that use blockchain as the underlying technology to activate the characteristics of the blockchain, transmit the value of information, thus reaching the user’s pain points and solving existing problems. At the same time, individual users and corporate users are mobilized through the car owner’s service and the entire chain of products, urging people and organizations from all walks of life to participate in the joint development of value and get rewards.
In order to ensure the availability of data on the chain, and greatly improve the data writing rate, scalability, and different authorization management mechanisms, Engine uses the original “basic primary chain + ecological side chain” chain group model, through independent research and development of smart contracts, to realize the interaction between the primary chain and sidechains, construct the data ecology, and at the same time supports multi-chain expansion, thereby effectively increasing the transaction rate and promoting the construction of ecological mechanisms.
Based on the chain group structure and automotive data ecology, Engine combines the characteristics of decentralization, point-to-point transmission, traceability, temper-proof, and data security of the blockchain to provide second-hand car transactions, auto rental, auto insurance, auto parts and car owner services for individual and institutional users.
Engine 1.0.0 Alpha was released on-line in April 2018. After continuous updates and iterations, the official primary chain is expected to be released in September 2018 and the first side chain and corresponding applications will be released in December of this year. At the data collection level, Engine has got 200,000 relevant vehicle data and added 100 vehicles and 1,000 data daily.
Engine has gained the favor and support of many famous investment institutions including Creation Capital. The digital currency EGCC, which is the original assets and value measurement of Engine blockchain ecology, has also been listed and circulated on four digital currency exchanges.