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Startup Launches Blockchain Powered Electric Vehicles That Mine Cryptocurrency

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A Singapore startup is tackling transport carbon emissions with blockchain-enabled electric vehicles that mine cryptocurrency for the user as a reward.

A Singapore blockchain startup is launching a fleet of blockchain-enabled electric vehicles that mine crypto as users travel. The company intends to reduce carbon emissions and to reward people for doing so.

Cars and climate change

Road vehicles such as cars, trucks and motorcycles are the largest contributors of CO2 emissions in the transport sector, overshadowing that of trains, planes and boats. In the United Kingdom, the transport sector is the U.K.’s biggest contributor to CO2 emissions, and at present, there is a scramble not only in the U.K. but worldwide to put more electric vehicles on the roads.

CyClean aims to combat the issue by combining blockchain and cryptocurrency software with electric-powered vehicles as well as other products, such as solar panels and bicycles. The company will allow its users to rent these energy-efficient products and be rewarded with cryptocurrency.

Electric vehicles and products supplied to CyClean by leading producers are upgraded with a chip that connects to the CyClean server, it then tracks the traveled meters or watts of the user and rewards them accordingly.

There is a fixed amount of daily rewards for users and that total is divided by the number of users who have exceeded more than a kilometer of travel that day or produced more than one watt. With that said, the amount of CyClean coins awarded to users will be proportionate to the distance travelled or watts produced.

According to the CyClean white paper, their business model covers the electric bicycles and motorbikes, and they will be moving toward electric cars in the near future. They also have intentions to expand their motorbike sales to Southeast Asia, where usage of these vehicles is very high.

Up and running

CyClean says it is an operating business that has recently completed a successful Initial Coin Offering (ICO) and is preparing to launch domestic solar panels and an e-bike, adding to their range of products that mine the platform’s native cryptocurrency, the CyClean Coin (CCL). A CCL/USDT trading pair is now listed on HitBTC, a global cryptocurrency exchange, the CyClean team announced in August. At the time of writing, CCL is the highest trading ICO token on HitBTC, following only the established cryptocurrencies and altcoins, according to CoinMarketCap.

The company is taking itself rather seriously and is firmly combating the negative stereotypes of ICOs and blockchain technologies. At a recent blockchain conference in Seoul, CyClean’s strategic planner Joseph Nam spoke with others regarding the past, present and future of technology, discussing regulations, ICO laws and how important blockchain will be “in the coming Fourth Industrial Revolution.”

The conference was attended by former ministers of education in Korea, the president of the Korea Blockchain Association and other prominent government and industry figures. CyClean is attempting to establish solid connections with governments, groups and other organizations to see its presence expand beyond South Korea to other parts of the world.

Energy efficient

The trend of electric or hybrid vehicles is on the rise, and recent research has estimated that 13 million new electric vehicles are going to be produced every year until 2021; International Energy reported that in 2017, the number of electric cars in circulation had surpassed 3 million globally and is expected to reach 125 million by 2030.  

Blockchain technology solutions paired with electric vehicles have begun to take off. Recently, a partnership was struck between a United States-based company and China’s largest electric bus operator to provide financial services.

In 2017, another blockchain company began testing a peer-to-peer electric vehicle charger marketplace that enabled users to charge their cars by using another person’s power outlet.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Home Crypto News Platform Allows Content Creators to Sell Footage to News Media Via Blockchain Auction
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Platform Allows Content Creators to Sell Footage to News Media Via Blockchain Auction
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Platform Allows Content Creators to Sell Footage to News Media Via Blockchain Auction

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Users can upload their photos and videos to the platform and get the “best deal” from the media with a new auction system. All the rewards are made in tokens.

The media sharing and advertising platform Snapparazzi has announced a release of its minimum viable product (MVP) of a blockchain-based platform. The app aims to allow everyone with a smartphone “to become a reporter” or a content creator. The user takes footage or a photo of newsworthy events with their smartphone and shares it using the platform. The interested buyers — TV, newspapers, radio, etc. — pay for the content in fiat currency. The user will in turn be paid in SnapCoin, the platform’s token for their contribution. The platform also targets content creators and says they can get paid substantially more with Snapparazzi compared to YouTube for creating or watching content.

How the application works

According to the company, the platform is dedicated to solving the problem that conventional media is facing — incomplete media coverage: Many media companies don’t have enough journalists to send to the scene, and it is also expensive. Snapparazzi say they are ready to bridge the gap by encouraging users to capture the footage of an interesting social, political or entertainment event and get paid for sharing it. That means that every person with a smartphone can be a “unique and unrivaled source” for the exclusive content. Moreover, the number of those potential sources increases every year. According to the Statista analytics, there will be more than five billion mobile phone users in the world by 2019.  

Snapparazzi promises an innovative auction system that allows users to sell their breaking news footage by using blockchain technology and guarantees a fair return of 80 percent of the sale price, ensuring they will get a good deal. It allows them to choose the best price and sell their content to the top bidder. The company says another way to share the advertising revenue and for users to earn the SnapCoin is by being rewarded for watching targeted advertisements. These are optional for viewing, so users decide whenever they want these ads to be included with their video. For those who wish to be a more advanced user within Snapparazzi, there is the opportunity of becoming a moderator. This job requires ensuring that the other users view the most relevant content. The moderators efficacy and performance is judged by the other members before they are rewarded accordingly with SnapCoin.

Snapparazzi assures that everybody who uses the platform will be able to earn. According to the company’s revenue sharing model, 60 percent of the ad revenue will belong to the content creator, 80 percent of the amount paid by the buyer will go to the reporter, 2 percent of the revenue will be received by the moderator and 20 percent of ad revenue will be the viewer’s share.

The integration of the blockchain

SnapCoin, which is used for payments on Snapparazzi, is an Ethereum-based token. The Smart Contract saves all bids on the blockchain. The buyer and the seller use this Smart Contract once they agree on the price of the content. It allows the payment for the content to be transferred instantly and automatically and will protect the copyright for those choosing to keep it, Snapparazzi says. All transactions that occur on the platform are stored as an immutable ledger, which makes them tamper-proof and protects against cybersecurity threats thanks to the blockchain.

Plans for the future

The company is launching a pre-ICO on Sept. 14th, together with the release of the MVP. A private sale has helped Snapparazzi raise $5 million. The company believes that their strong community within social networks has had an impact on the success of the initial sales — with 85K followers of Snapparazzi on Telegram, 23K on Twitter, 16K on Instagram, 2260 ‘Karma Points’ on Reddit, etc.

The Snapparazzi team says that there are a few big steps planned for November 2018. There will be the start of the beta testing for the app and the release of SnapCoin on exchanges. At the end of the year, in December, the Snapparazzi app will be released on the App Store and Google Play. Next year, the company hopes to open offices in three continents, including North America, Asia and Europe, and will present the beta version of a live broadcast feature.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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