What is CarTaxi Token (CTX) Crypto Beginner’s Guide
The CarTaxi token is the digital currency of the CarTaxi blockchain platform. Its ticker symbol is CTX. The CarTaxi blockchain is based on the Ethereum blockchain. It provides an automated car towing service. All tow trucks are grouped together in this network. Drivers have access to the network anytime. They can receive towing services the next time they have an accident. The estimated arrival time is 14 minutes.
There’s a mobile app for Android and iOS devices. It is free. CarTaxi is available in 21 cities. It has over 18,700 registered clients. About 50% of tow truck operators in Russia have partnered with CarTaxi. When the app is moved to the Ethereum blockchain platform, it will use its smart contract system. The main uses of blockchain technology for CarTaxi are:
- Registering accounts (customers, partners, and contracts)
- Placing orders and managing their lifecycle
- Enacting settlements with contractors and partners
The advantages of blockchain technology include:
Decentralization, transparency, speed, and low fees.
The company is expanding to India and South America soon. CarTaxi is based in St. Petersburg, Russia.
CTX Initial Coin Offering
To participate in the CarTaxi ecosystem, users need CarTaxi tokens. The CTX token is a ERC20 token. Tokens are used as a payment method for towing service. Fiat currencies are accepted as well. 500 million tokens were available for sale during the Initial Coin Offering (ICO). This is 66% of the total supply (750 million). The ICO was held in Q3 2017.
During the token sale, the team fell short of their goal of $65 million. They only raised $8,710,939 (13%). The price of a CTX token at the token sale was 0.14 USD. There was a pre-sale; $914,000 was raised before the ICO. There was a 45% discount on pre-sale tokens. CarTaxi buys tokens back and destroys them; CarTaxi allocates 25% of revenue to buy-back tokens. Most of the funds raised from the ICO was used for advertising.
CTX Token Trading Information
CTX tokens are traded on one exchange – HitBTC. CTX tokens are paired with ETH and BTC tokens. CTX has a market capitalization of $174,000. Daily trading volume exceeds $500. The circulating supply is 39.9 million. The total supply is 59.9 million.
CTX Trading Data – CoinMarketCap
Good News for Investors
Investors can earn money from the growth of CarTaxi and from the increase in value of the token. 25% of company income is reserved for bonuses. This is given to token holders. Bonuses are expected to reach $75 million by 2020 and $150 million by 2021. CarTaxi’s goal is to obtain 20% of the towing market and earn $970 million in revenue by 2022.
Overview of CarTaxi’s Technology
CarTaxi is geolocation-based. All tow truck operators are linked via an application. The tow truck arrives quickly, and completes the service call in one-trip, without the need to return back to the service station for more equipment. CarTaxi’s operations are transparent due to blockchain technology. Funds are transferred safely between the customer and tow truck operator. The funds are transferred only when the service has been completed. The status of each payment can be tracked. All orders are stored in a database.