Motoring on the blockchain: MOM Pioneers the Sale of Supercars online
Ever wanted to own one of those cool supercars favoured by James Bond et al? And in fact, did you ever wonder the provenance of such vehicles? If you answered yes to these questions, well, the Multiven Open Marketplace (MOM) is the place to be.
MOM is pioneering, in partnership with Absolut Cars, the online sale of supercars by selling, a very cool Lamborghini Aventador SVJ Roadster:
The Aventador model, one of only 800 ever made, fields a 6.51 V12 engine capable of producing 770hp, accelerating 0–60mph in less than 3s, and with a nominal top speed of 351 km/h. All in all, a rather powerful supercar, or better yet, computers-on-wheels, with the looks to match.
Tempted? You should be. But where there’s temptation, there’s a risk. Or at least, there used to be a risk. Investing in a car such as the Aventador is a huge gamble, particularly if the vehicle is second, or third hand. Who owned it before? Was the car driven recklessly? Where are its maintenance records? Or worse still, have these records been tampered with, to hide maintenance deficiencies? Was the car ever stolen?
All these questions are valid, of course, and should certainly be asked when considering the purchase of such a valuable item.
The good news is that MOM answers all those questions and removes uncertainty with one swift stroke of its blockchain-powered might.
MOM, and the transparency of blockchain
The retail price of a brand new Lamborghini Aventador SVJ roadster is over $600,000. Second hand prices range from $200,000 — $400,000. In other words, a large amount of money, so you really want to ensure that the car you’re putting your money into is legitimate, and that it has a visible and verifiable history. Problem is, this is not always the case.
The theft and smuggling of luxury cars is nothing new. Many stolen vehicles end up in eastern Europe and other parts of the world, where they are sold as new to unsuspecting buyers looking for a bargain. Often though, these buyers end up paying a much higher price for purchasing stolen goods.
Determining the origin, history, and authenticity of a particular car is crucial to not only ascertain its worth, but also to ensure that there is no criminality involved. Blockchain technology has all these bases covered. MOM gives you, the buyer, total peace of mind thanks to one of blockchain’s inherent traits: Transparency.
All transactions done through MOM are fully visible, traceable, accountable, and immutable. Blockchain is designed to be transparent. The full history of the item is there, so you know, at a glance, that what you buy is legitimate.
But why sell cars on the blockchain?
Traditionally, cars are sold either through dealerships or privately. Both scenarios require the mediation of banks to provide credit, handle cheques, validate the transaction, etc. This has two outright disadvantages: One, it incurs fees, of course, which are passed on to the customer, and two, people who may have a poor credit history, or no bank account at all, might not be able to purchase a vehicle through the ‘traditional’ channels.
Selling cars, or any other product for that matter, on the blockchain does not require the intervention of banks, financial entities, or indeed any other third parties, thus removing the barrier artificially erected by banks to segregate those people deemed ‘unworthy’ of credit, for whatever reason.
Specifically, MOM enables the sale of items to millions of crypto holders, without the need for a costly credit card, PLUS potentially access to the estimated 2.5 Billion unbanked customers worldwide. All that’s required to make a purchase on the MOM is the ownership of Multicoins (MTCN).
MOM, in a nutshell
MOM is the world’s marketplace on the blockchain.
MOM enables you to buy and sell software licenses, computers, servers, routers, firewalls, TVs, phones, video games, watches, cars, and much more, on a Peer-to-Peer basis, and at rock bottom prices. The platform is powered solely by smart contracts and one global currency, MTCN.
Buying on the blockchain, powered by the Multiven Open Marketplace (MOM), gives you the peace of mind that all your purchases are genuine and authentic. This in turn enhances their resale value, also on the MOM, to ensure continuous logging of ownership records for future buyers.
— Fernando Sanchez
Founded in 2005, Multiven is fulfilling its core mission of simplifying the way the world buys, maintains, and sells all Internet-enabled devices, by tokenising its business and launching the Multiven Open Marketplace (MOM) on the Ethereum blockchain.
As the world’s first blockchain-based marketplace for the global €4 Trillion IT industry, the MOM enables OEMs, businesses of all sizes and individuals to buy and sell on a peer-to-peer basis, powered solely by smart contracts and the MTCN, as the sole medium-of-exchange.
MTCN transaction fees from the MOM will fund the cyber-defense of Bitcoin, Ethereum, and all public blockchain nodes on Earth, as well as their future decentralisation into low-Earth-orbit.