Engine Coin: Everything you need to know!

What is Engine?

With the help of pre-project scale data collection and precipitation, the Engine team aims to develop an auto data ecology on the blockchain, and then incorporate the data into products that use blockchain as the underlying technology to activate blockchain characteristics and transmit the value of information, thereby alleviating user pain points and solving existing problems. As a result of the owner's service as well as the entire chain of products, individuals and organizations from all walks of life are encouraged to participate in the joint creation of value and rewards.

Engine, as the world's first global vehicle full life cycle data sharing platform based on the blockchain, actively promotes the integration of information and industrialization, as well as the sustainable development of the automobile industry, through the realization of open and transparent, traceable, and queryable automobile life cycle data, to establish a “vehicle full life cycle database based on VIN code” as the mainline database, and to provide standardized data service.

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What is the technology behind Engine Coin?

Engine Coin

It is based on the principles of “safe, efficient, open and innovative” and it is composed primarily of consensus mechanisms, smart contracts, sidechain management (including network communication and record storage), network communication, and record storage. It also monitors and controls the entirety of the Engine service throughout its entire life cycle. Each node can be deployed in a specified server cluster in a containerized operation mode through user configuration, and each node supports the ability to be expanded indefinitely. When a node fails, the system automatically repairs it, ensuring the dependability of blockchain-based applications.

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Which exchanges support Engine Coin?

Engine Coin

  • Huobi
  • KEX
  • Bit-Z

What are the uses of Engine Coin?

Engine Coin

Second-hand Car Transactions

Using blockchain technology to acquire data on vehicles from vehicle owners, 4S shops, maintenance centers, and authorized insurance agencies to the greatest extent possible, Engine can eliminate the fraud and rent-seeking behavior caused by information asymmetry in the second-hand car market to the greatest extent possible through a data validation system, allowing for the fair trade and sale of second-hand cars to be realized to the greatest extent possible.

Car Rental

Engine will develop a more professional and powerful financial evaluation model and risk control model based on the mass auto data it has collected in order to provide all-around services for car finance services such as car rental, mortgage, and loans.

Car Insurance

Because of the blockchain + automotive hardware model, sensors are installed on the vehicle and data sensed is recorded in real-time. Because of the blockchain's consensus mechanism and tamper-proof features, accident data can be disclosed accurately during the claim settlement process. The blockchain + automotive hardware model has several advantages. In addition, it helps to prevent disputes between insurance claims, improve the efficiency and accuracy of insurance claims, and reduce the likelihood of insurance fraud occurring.

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What are the latest stats of Engine Coin (EGCC)?

As of 14th February 2022 at 2:41 pm, the price of 1 EGCC is $0.0001054.

Final Words

That’s All About Engine Coin. Stay Tuned For More Updates And Bookmark Our Site For More News. Thank You For Reading!