CarBlock CEO Alex Lee AMA Live

In order to give everyone a deeper understanding of CarBlock’s entire project, CarBlock CEO Alex Lee conducted the first AMA (Ask Me Anything) live broadcast on last Friday, further clarifying CarBlock’s future development plans and practices.

“The whole community is very concerned about our projects. Everyone asked a lot of questions. Therefore, first time we hold this live broadcast to have a direct communication with the community. However, due to time limit, we are not able to answer all 50 questions but have selected a couple of key questions to give you a better understanding of the project and the future plans.”

Q: The project is doing very well. But why the price of CAR is falling?

- Main reason is because the price of the entire ERC-20 is not linked to the value of the project. This is the biggest problem in the current cryptocurrency market.

- After this bear market, the biggest change we expect is that the price of the currency will be related to the actual value generated by the project, rather than being related to the increase of the project side.

- The second reason is the trend of the bear market. Basically, 90% of all the cryptocurrencies on the market are under the ICO price. Given by this situation, it is a typical bear market and we can’t avoid.

Q: What are the plans for the currency price and what are the substantive solutions?

- Our commitment is that CarBlock will be the first project to be realized in the automotive industry. This is our commitment to every CarBlock investor. Accelerating CarBlock’s realization in the automotive industry, more importantly, let the CAR be able to circulate in the non-secondary market. This is our most substantial commitment.

- CarBlock has signed a strategic cooperation agreement MOBI with Ford BMW GM in June. In July, Munich Re, the world’s largest auto reinsurance company owned by Warren Buffett, has also signed an agreement with us and planned to release the world’s first blockchain insurance white paper in October this year. On July 3, CarBlock was listed on Bibox, and the valuation was the lowest. In addition, CarBlock has a project progress report updated every 2 weeks, there are always more things have been done than the previous weeks. So, by comparison, we are the best project and has the lowest valuation in blockchain & car data industry.

Q: Why Bibox is compared with Hadax and OK? Top ten trading platform?! Are you kidding me? Have you ever considered us investors?

- Very sharp question. We understand that right now everyone has emotions. No one will be happy when CAR price goes under the ICO price. And we felt exactly the same as you. Think about it, we could have finance better in the secondary market, but now, there is no liquidity at all, thus we can’t have more finance to make the project a better one.

- Why Bibox is the top ten trading platform? Because I have seen Coinbase’s statisctics shown that Bibox’s global trading volume ranks eighth, so it is just the fact. In terms of the question that when will we be listed on other exchanges, let me show you a set of data first. There were 15 tokens listed on Bibox in the past 2 months. 10 of them went under the ICO price, the percentage is 67%. Coincidentally, there were also 15 coins listed on Hadax, 13 of them went under the ICO price, and the percentage is 90%. If everyone thinks that Bibox is not good, then we actually can see that Hadax is the same because of the lack of liquidity. So, for new exchanges, our attitude is that being listed on the same level exchange as Bibox makes no sense. And the first-tier exchange has no liquidity, still it doesn’t make any sense to be listed on. But, will CAR token be listed on a new exchange? The answer is for sure yes! And only the first-tier exchanges such as Hadax and Binance will be considered and we won’t spend any penny on listing. I will spoil a little bit more here, weeks earlier, we had contacts with Lin Li, the manager of Hadax, he promised that as long as we are a high-quality token and the project goes as planned, we can be listed on Hadax for free. So, the only thing we want to do now is to proceed the project as quickly as possible. Because if the project can be accomplished in October or November, CAR token will be listed on Hadax for free. We also saw that EGCC spent 46 million RMB just to be listed on Hadax, and now it has fallen to almost 1 cent. Therefore, not being able to be listed on the first-tier exchange is not the only measure of the project. It still depends on the value of the project itself.

Q: I hope that the project can give more confidence to the holders. For example, CarBlock will promise that the project will be able to recover the CAR tokens in an unlimited amount of 0.05 RMB (or 0.10 RMB) regardless of the market price.

- What I can say for sure is that if you sell CAR tokens for 0.05 RMB, there will be a lot of investors willing to buy , no matter how large the volume is. CAR token will never fall to 0 price. You have to know that there are still a lot of people who recognize our progress and solidity of the project.

- More importantly, today I want to share some of my own personal experiences with you and hope to give you some confidence. Including CarBlock, I had founded a total of eight companies. The first five companies were small companies and the last three companies were all invested by VCs and angel investors. The three most recent founded companies, the first one is Baixing.com, I am the co-founder and have been working there for ten years. We have a total financing of 600 million US dollars. It was invested by Xiaohu Zhu. If you don’t know who Xiaohu Zhu is, you can google it. I have earned 100 times for Xiaohu Zhu in 8 years, which is the performance of the Baixing.com.

- Then nonda, the connected car company we have mentioned before, it is the first American company and the first hardware company I founded in Silicon Valley after graduating from Colombia University five years ago. Nonda has raised 15 million US dollars, and the valuation has increased 10 times in 3 years. Those angel investors who invested for nonda, like China Growth Capital, earned 10 times in 3 years. So, this is why China Growth Capital, as our angel investor, invested in CarBlock without hesitation. Basically, nonda will have an income of 20 million US dollars this year, and it may be listed in 2 years.

- The third company is CarBlock. We have very little financing this time, nearly 15,000 ETHs. According to the current price, it is about $6 million. So, everyone can rest assured that on one side, among all the companies that I founded, CarBlock has the least financing, and on the other side, our investors China Growth Capital, Danhua Capital, Bo Shen, Tao Zhang, Min Gong, Hongfei Da, Dr. Jin Haiping, these seven renowned investors actually invested more than 80% of the $6 million, and they are the biggest investors in the CarBlock project. For me, my biggest pressure is the trust of all the investors, and I need to take responsibility for them.

- I think the blockchain is like the Internet of 1999. In 1999, I was an Internet entrepreneur. I started a website with my classmates in the university and earned a lot of money. Then we met the Internet bubble in 2001. Soon website started to lose money. My classmates and I decided to shut down the website without considering the future. At that time, the traffic on our website was as much as Netease. If we stayed strong during the Internet bubble, we might become a CEO like Lei Ding, CEO of Netease. So, looking at the blockchain, I feel that it is exactly the same as 20 years ago. Scammers are everywhere. Everyone can tell a story to get the money and then burn it. And now it comes the bubble, investors are very nervous, 90% of the projects may die, the same as before, there is no difference. I did something stupid in 2001, I missed the opportunity. But this time CarBlock must be the one that survive the bubble.

- Moreover, it is when you are at the bottom, it is more likely that the cryptocurreny will rise 100 times or even 1000times. And CarBlock is going to be the company that lives after the blockchain bubble. All of our big investors have never complain abouy anything, because they know that CarBlock is going to survive in the bubble and become the biggest and best company after the bubble. I am sorry that I have not told you these before but still, if anyone who just wants to sell CAR token for 0.05 RMB, then just sell it, and I’m sure others will buy it. But if you are willing to give it a try, believing that one day CAR tokens will increase 100 times in the future, then let’s do it together. Our investors are also smart people, if you don’t believe in me you should believe in them.

Q: What’s the next step, including marketing, project development, business cooperation, etc.?

- We have development plans for the next three years all the time, and already talked with many our angel investors and won their recognitions. I can’t disclose the specific project plan in the live broadcast or in the community. The reason is that it is too detailed. If you make it public, other companies will directly copy it. I don’t want to see this happen. However, I can tell you the development direction of CarBlock, the money will be used in which three directions.

- The first direction is to develop data providers, accessing Internet car equipment and car companies. I went to see Ford last week and will go to see BMW next month, so basically we are negotiating with the car factories. Next month, a larger American connected car company with about 20 million users will have a meeting with CarBlock. In October, a strategic cooperation agreement should be signed between us.

- The second focus is on data buyers. The aim is quite simple that is the insurance company. Because the car insurance companies have the world’s largest demand for car data, therefore we are basically talking to insurance companies. For example, in the United States, we signed an agreement with Munich Re in July, and will soon issue a white paper on insurance blockchain in October. In China, we are talking to Ping An. Ping An agrees to issue a new car insurance with CarBlock, which will be based on blockchain and car data. So, the second direction is the purchaser of the data.

- The third focus is on the core technology and basically CarBlock will invest millions in core technology patents. You can see our new vice president of engineering. He used to manage the IPs in the Continental Group. He applied 25 IPs for the Continental Group last year. And this year we should be able to apply for 60- 70 IPs, and CarBlock should then be the company which applied most IPs in blockchain & car data industry.

Q: What kind of cooperation is the cooperation between CarBlock, Ford, General Motors and other world-renowned car companies? Is there an appraisal agreement?

- The agreement is signed for sure, otherwise the car companies will sue us.

- The most immediate cooperation is how to use blockchain technology to solve the GDPR problem of vehicle data. The GDPR issue is one of the most stringent data protection regulations released in Europe recently. After GDPR is released, many people just took it to sue Facebook and Google, and Facebook and Google lost more than $90 billion. Thus, most of the car companies are frightened. What they think now is that whether the blockchain can solve the problem of GDPR. Next month’s meeting with BMW in their German headquarters is also about this question.

Q: Is there any plan for building communities, and have foreign communities started to build? I hope that the project can pay more attention to build communities

- This is a very interesting question. CarBlock is a company in Silicon Valley, and so as nonda. I have been doing business in Silicon Valley for the past 5 years, so almost all of our users are in Silicon Valley. We had a big community in the United States, but the US Securities and Exchange Commission was hesitant about whether the blockchain was legal, so we did not dare to activate the entire US blockchain community. However, the recent progress is quite obvious, SEC has given clearer regulations about the blockchain.

- We expect to have the entire US car blockchain community open in two months, so that there will be 400,000 members in the US at once, and it should be the largest community in the world. In addition, the Russia and South Korea communities are also being developed now. In Southeast Asia, we also will soon work with Thailand, so basically the global community is under development.

Q: You once said CarBlock would create a vertical industry chain, and now you do application on a public chain, and we have not seen any progress in technology development.

- Before we did say that there would be a vertical chain in the automotive industry, but in the past two months our team had done a lot of docking and research with public chains such as ONT, ETH, VeChain and found one thing that was very interesting. We know that any public chain has its own problems and advantages, but in fact, any public chain will limit the use of our application. So, after talking to many public chains, we decided to upgrade the technical architecture of the industry vertical chain to an inter-industry protocol layer. The advantage of the protocol layer is that it will not be bundled with any public chain. The protocol layer stipulates the realization of car date based on blockchain. It can be connected to the dapp as well as any public chain. This is our latest architecture.

Q: What is the use of CAR token except for secondary market trading?

- I like this question very much. In theory, the cryptocurrency should be in circulation, and the current cryptocurrency is only used for speculation.

- As for CarBlock, how to make CAR token circulate in the real world is the goal of our efforts. Before the end of the year, we will run through the first data transaction based on CarBlock, allowing our users to get the first personal data income。

- And before the first quarter of next year, there are at least three channels in the world can use CAR tokens, buying smart hardware, renting cars in the US, and purchasing insurances. Before October of this year, our website will also undergo a major revision. By using CAR tokens, you can buy more and more products and services on the official website.

In conclusion, what we can do now is to make the project a better one, so that the value of the company will be reflected. In this way, no matter what the situation of the cryptocurrency circle is, the value of the company is fixed, and the value of the token is also fixed.

I am very grateful to our investors who have provided us with much help. The environment of the market can’t be changed. But I can say that when the bull market comes, CarBlock will be the star project. When other cryptocurrencies rise, CarBlock will rise the most. So, this is my feelings and thoughts. Thanks for listening. I hope it could be a help to everyone. Thank you.

About CarBlock

CarBlock is the world’s first blockchain-based transportation solution built on data generated by smart devices. This circulation of car data on the blockchain is set to disrupt the entire connected car industry. You can find out more information about CarBlock, its partners, and current happenings find us at:

CarBlock official website: CarBlock.io

CarBlock Twitter: https://twitter.com/carblock_io

CarBlock Medium: https://medium.com/carblock

CarBlock Telegram Group: https://t.me/CarBlockGlobal

CarBlock Wechat Official Account: CarBlock

CarBlock Reddit: reddit.com/r/CarBlock_io/