Forget about Uber. Drive mining is the new money-making machine.

Forget about Uber. Drive mining is the new money-making machine.

Driving is a nightmare.

Since the very moment you step into a car dealership you’re subjected to the tricks and traps the entire automotive industry has weaved around the car buying and usage experience.

DREAMS OR NIGHTMARES

Let’s explore some of the elements normally included in a laundry list of items a buyer must go through when purchasing the automobile of their dreams -or nightmares.

* Test drive
* Car financing structure
* Trade-in valuation
* Dealer-push accessories
* Down payment
* Monthly installments
* Insurance and extended warranty
* Tag and vehicle title

Oftentimes, a buyer requires an entire day at the dealer to sort all of those things out.

As an added-on feature, the buyer got to be a sort of accounting maven to understand all the trickery involved in the car purchase process.

The car has always been a financial item with a similar level of volatility of a Bitcoin. But no one has told you that yet.

Acquiring a new car brings a level of personal joy and financial achievement to anyone’s life.

Sometimes, it may bring you status, and a perception of how deep your pockets are. Your discretionary income is displayed publicly upon cruising the streets behind the wheel of the car recently acquired.

REALITY STRIKES

You may think car dealerships are working for your best interest. Normally, they have their own interests to protect.

For instance and despite the popular wisdom that car manufacturers make money on every sale, the reality is that things work a little different.

Automakers are generating money from the financing side of the deal more than selling the actual vehicle to the dealerships.

Entities such as Ford Motor Credit, Toyota Credit or Ally Bank among others, finance new and pre-owned vehicles normally under their own badges.

Things get a little tricky when your credit history is coming to play.

So, if you have a bad FICO score you may have gotten a deal tailored for the subprime buyer. That’s basically compounded by a higher interest rate and a hefty down payment.

You may also be taken advantage of in your trade-in value.

Still, the financial company might have set you payments scheduled for every fifteen days spanning up to sixty months. Exhausting, huh?

Yes, it’s not every 15th and 30th of every month. No!

Let’s explain: If you bought your car and got approved for financing on the 3rd of July, your next payment will be on the 18th of July coming up and then fifteen days later, or around the 4th of the following month of August you must pay the third installment and so forth. 120 payments throughout sixty long months.

A payment configuration clearly doomed to make the loan recipient fails. A hard to comply with payment plan that has been configured as a trap for loan recipients to default on their obligations forcing the lender to repossess the vehicle -eventually.

Fortunately, this is not a practice of the financial institutions mentioned above but it is rampant through Buy Here-Pay Here outlets dealing under loan-sharks terms, specially designed for subprime buyers.

So, this concurrent lending practice is partially responsible for the level of debt on car loans the industry is experiencing today. The American automaker industry has reached a whopping number in excess of 8 million car owners that are 90 days behind on their car loans obligations.

Well, certainly salaries have stagnated and price for must-get social vanity gadgets like the latest iPhone, the T-Mobile bill, Netflix, the FiOS invoice, the gym membership, and buying organic groceries at Trader Joe’s have become expensive items to bear with.

So, also car financing.

OVERCOMING CAR FINANCING

The auto nightmare is not only loan related. It’s also a bag of hurdles any driver got to deal with every day.

From dense traffic, during your morning commute, thru parking expenses, gas, wear & tear, tires, oil change and toll-roads for using your own car has no room for happiness.

On top, drivers deal with road rage, insurance claims, and the not-so-sensible law enforcement apparatus pulling drivers over for whatever reason they feel like it -including the need to hit a monthly revenue quota for the municipality they work for.

Yes, the same ones who call you at home asking for a charitable contribution to keep the local police brotherhood running.

Evidently, most of us have no clue about car mechanics. So, it is normal to trust in a franchise shop or the car dealer you bought the car from, to perform the maintenance and repairs.

It is always not one but a set of mechanical failures the mechanics normally find, plus the difficulties they must go through to get the automobile repaired.

Some stats make references to the annual cost of car maintenance reaching values over $8K. That’s every year though.

That’s really a setback.

At the end of the payment lifetime of the car, you decide is time for you to award yourself with a new one.

Well, the entire cycle of nightmares is triggered all over again.

WHAT WILL BE THE FINANCIAL SOLUTION FOR CAR OWNERS

walletever is a co-responsible society-oriented platform fueled by crypto that allows cars to become mining rigs by installing a computer vision algorithm embedded in a mobile app attached to a dashcam.

This platform will not only help drivers to earn crypto but also it’ll contribute to saving lives by making roads safer through incentivizing the good law-abiding drivers over punishing the bad ones.

The walletever mining algorithm is guided by local traffic laws. So, drivers will be evaluated by the New York city traffic laws if you happen to be driving around Manhattan. Miami-Dade country laws of the Florida state for this matter will be the norm to apply when driving across Miami roads.

It’s an Artificial Intelligence engined facility monitoring and evaluating your driving skills. Not law enforcement will ever be involved.

FROM MONEY BLEEDING TO MONEY MAKING MACHINE

For cars, the monetization system is clear. Safe drivers earn more.

Initially, earned money will be held in custody temporarily, so it can be good for microlending to third-party prospects at rates that will be affordable.

Road miners along with crypto recipients may use digital assets mined to convert them in resources to pay for their car loans, insurance premium, road assistance, major repairs, and some other car-related incidences.

There will be earning coming from mining but also from network management, P2P lending and other perks that the system is configured for.

So, in the case of P2P loans, requests will be posted for individual approval while the Action Guidance system embedded into Medular, the walletever brain, will be in charge of collecting the resources lent out.

Action Guidance is the walletever version of smart contracts and will be capable of managing the lending process from A thru Z, including digital documentation, installments, collections, and settlements individually by account and lending roadminer.

So, in other words, walletever licensed road miners will be fractional owners of many car loans navigating the roads.

walletever will eventually branch out its FinTech framework to other areas that are associated with the automotive business like restaurants, hospitality, health care, and more under the same computer vision mining framework

WHAT’S THE HYPE ABOUT CRYPTO?

It might not be really a hype after all.

Citizens are exploring ways to access decentralized models that appear to be more equitable for their aims.

So, encrypted digital assets issued by walletever and compiled from your driving score are normally supported through Blockchain, a database modeling that decentralizes the information allowing it to flow securely, privately, and on an encrypted way.

Due to the decentralized nature of the walletever network, drivers are licensed to partially own the facility for the length of their licenses.

As in any membership club, drivers should acquire a road mining license that will allow them to car-drive mining simply by commuting to work and drive around town doing family errands and routine local traveling like going to the church, school, attend doctor’s appointments, go to the gym, take the kids to soccer practice, dine out at any local restaurant, go grocery shopping, pets checkout at the vet, and at least 15 registered stops of your liking.

MY CAR HAS A TELEMATIC DEVICE FROM MY INSURANCE COMPANY

walletever decentralized ledger graph is not associated with any insurance company, financial organization or law enforcement agency.

That being said, the data collected by the system is for car-drive mining and not to be shared.

Data is not only private but encrypted and because it does not fulfill any purpose for insurance companies, then it’s used to build driving scores for rewards only.

As far as telematics, walletever is not extracting data from a 16-pin ODB device attached to the underside of the car dashboard.

Besides, the walletever business model does not monitor your hard brakes, sudden accelerations, speed of your driving turns, mileage or time of the day when driving.

It won’t discount you any percentage of your insurance carrier.

walletever, through Eyetour, the computer vision-powered algorithm will measure your driving habits based on the rules of the road. Those that you’re already acquainted with even before you’ve got your driving license.

So, if you run a red light you’re in trouble with the cops or even you may incur in an accident. Well, walletever Eyetour will discount your accrued points off your driving balance. Hence, your crypto rewards will be less than any law-abiding safe driver.

For drivers to have access to the mining platform, an annual license must be purchased. A road mining license that is.

Depending on the license type drivers might be able to mine between 15 stops daily all the way to unlimited stops throughout a year period.

walletever checks your driving every 3 miles to guarantee you’re hitting a proper driving score in order to be rewarded.

The license can be acquired for one thru 10 years at once as well.

If you grew tired of ubering people around or delivery pizza to the lady in the 10th floor and were hoping to find an alternative to make money driving, walletever may easily be what you were looking for.

Perhaps, even better.

walletever is not promoting a public offering like ICO, STO or IEO. The digital assets issuance is 100% mineable. so the crypto assets can only be gained not acquired.

Armando Castellano Jr is the founder of walletever

Published at Mon, 08 Jul 2019 04:29:17 +0000