Breaking News
Black Friday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Carnomaly to Bridge the Gap Between the Automotive Marketplace and the DeFi World

CryptocurrencyNov 25, 2021 04:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Carnomaly to Bridge the Gap Between the Automotive Marketplace and the DeFi World

Amidst mainstream adoption, it is almost impossible to build a blockchain project without including a decentralized finance (DeFi) component. The reason for this can be attributed to various factors, one of which is the fact that most blockchain initiatives are community-driven.

As a result, most blockchain initiatives require the implementation of a native token which, in the possession of a community member, guarantees voting rights. In other words, community members who own a share of a project’s native tokens can participate in the decision-making process, as well as enjoy unlimited access to a suite of DeFi tools.

The same can also be said in the case of Carnomaly, a blockchain-based protocol that facilitates the sales and management of vehicles in the most secure, decentralized, and transparent way possible. If you would like to learn more about the primary purpose Carnomaly was built for, you can read about it in our previous publication here.

A major reason for the existence of Carnomaly is to bridge the gap between the automotive marketplace and the DeFi world in general. Thankfully, DailyCoin was lucky to have an exclusive chat with Josh Taylor, one of the masterminds behind the decentralized protocol.

As you may imagine, Taylor had a lot of insight to share as to how the team at Carnomaly links its global network of users to the DeFi World, leveraging its automotive marketplace as a common playground for everyone.

To begin with, Carnomaly incentivizes its users to provide data about their vehicle’s history in a bid to ensure trust and transparency amongst all stakeholders (i.e car owners, potential buyers, and dealers) involved in the end-to-end transactions on the platform.

While the incentives are paid out as a form of encouragement, members can further maximize their profits by leveraging the network’s suite of DeFi tools, including lending and collateralization for car loans, among other benefits.

Car DeFi and Everything it Entails

Being one of the components of Carnomaly, Car DeFi, as the name implies, enables members to use the incentives received during maintenance (i.e, from providing data of car management history) to earn more tokens.

“Essentially, Car DeFi is a form of staking, but you'll be lending it out for people to borrow your tokens. That way, you're not just receiving an incentive, but you're also receiving access to being able to use those tokens for further gains financially,” Taylor noted.

According to Taylor, members can use both the native crypto asset as well as other acceptable tokens to secure loans through the Car DeFi.

In addition to lending and borrowing, members will also be able to make use of the native token on the Carnomaly marketplace, which is still in its Beta stage, when making purchases of new vehicles on the Carnomaly marketplace.

While the native tokens grant discounts on vehicle purchases, members can also make use of other top crypto assets that will be made available to interested members.

Car DeFi Still Leverages Components of the Centralized System

Carnomaly isn’t completely void of the old system. According to Taylor, the company has filed for Car DeFi with the SEC, and has established a partnership with the National Motor Vehicle Title Information System (NMVTIS), which is the same system that Carfax employs.

Just like Carfax, the decentralized protocol also uses the NMVTIS system to retrieve data from the network, as well as to classify it into various categories. For instance, the system is able to provide relevant vehicle history such as whether an incident was accidental, or if a part has been replaced, among other things.

Ultimately, Carnomaly has positioned itself to be at the forefront of the automobile industry’s imminent evolution, and is doing so by leveraging its proprietary blockchain solution.

On The Flipside

  • Car DeFi, being a component of the Carnomaly protocol, is still in its Beta stage, implying that the rate of adoption may be slow at the onset.
  • The DeFi space is a mess, with major regulatory enforcement pushing in on all sides, this, as well as learning how things operate, not to mention the fear of the unknown, make adoption challenging to justify for newcomers.

Why You Should Care?

Carnomaly affords members the opportunity not only to navigate the automotive industry seamlessly and transparently, but to also maximize the range of benefits that come with doing what’s right. By leveraging the decentralized protocol, every stakeholder gains the benefits of having access to the best car deals in the industry.

Watch the full interview here

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

Carnomaly to Bridge the Gap Between the Automotive Marketplace and the DeFi World
 

Related Articles

Top 10 Crypto Youtube Accounts To Follow
Top 10 Crypto Youtube Accounts To Follow By DailyCoin - Nov 27, 2021

As an emerging industry, the crypto industry is advancing rapidly, with new information and technology being developed every other day. While it is nigh impossible to keep...

LBank Exchange Will List ORBIT on November 29, 2021
LBank Exchange Will List ORBIT on November 29, 2021 By CoinQuora - Nov 27, 2021

INTERNET CITY, DUBAI, Nov. 26, 2021 – LBank Exchange, a global digital asset trading platform, will list ORBIT token on November 29, 2021. For all users of LBank Exchange,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email