The total number of BITCAR tokens designed is 500 million, out of which 250 million tokens will be allocated towards the token generation event. Out of the remaining tokens, 60 million tokens will be allocated towards the growth of the platform, its partnerships, user acquisition, and incentivization.
Moreover, 55 million tokens are going to be kept in the reserve for future use. 95 million tokens will be allocated towards the growth of its escrow team, future employees, and founders. The remaining 40 million tokens will be used for early backers and bounty campaigns.
The funds that will be generated from the token event will be utilized in the working capital as well as platform and project development. There is a possibility that the BitCar platform will conduct a presale before the main sale.
If the presale will be conducted, then the information about it will be uploaded on the main website of BitCar. The price of every token will be fixed on the basis of set values in the event of the token generation. Around 250 million tokens will be released in the initial four weeks of the token generation event. The purchases of the BITCAR tokens will not be refundable.
According to the terms and conditions mentioned, the payment received in the token generation event will only be accepted in digital currencies like LTC, ETH, BTC, and paper currencies. BITCAR may liquidate or hedge the digital currencies received by it after its issuance from the Escrow for its price volatility and tax reasons.
According to the terms and conditions of this platform, namely BitCar, the tokens will be utilized as per the amount of digital currency contributed by the buyers. The tokens of BITCAR will be released immediately after the amount of funds is received from the buyer. But it is not anticipated to take more than a month after the closing of the token generation event.
The tokens of BITCAR are going to be delivered to the Ethereum address given by the purchaser during the time of purchase. This platform will not be responsible for the wrong delivery of the tokens, in case a wrong address is provided by the purchaser.
The development funds received by BitCar will be utilized in the development of its team. The token generation event will commence in the first quarter of 2018. It will enable the sale of BITCAR tokens to finance the increased platform incentivization as well as development. The completion of the token generation event will also take place in the first quarter of the year 2018. Additionally, the tokens of BITCAR will be integrated with the platform of BitCar.
In the second quarter of 2018, there will be more emphasis on the legal work for the growth of the CAR tokens on the platform of BitCar. The current platform of BitCar is going to be converted into an independent and decentralized platform. In the third quarter of 2018, analysis of smart contract security and on boarding of exotics will take place.