Monthly update vol. 1: June
Over the past few weeks, we have received an increasing number of questions from the community that had reasonable grounds. As our biggest focus has been on product development and launch, we spent less time updating our community, hence we feel that a new blog post should help the community to be up-to-date with the recent events.
As you may know, after finishing our ICO in January, the crypto market has suffered a severe dip. Ethereum, for instance, dipped almost 3x below its peak price. Because we raised funds in ETH, BTC and LTC, the funds we collected have a much lower value in FIAT. As a result, if we converted our crypto funds now, it would drastically shorten our runway and budget.
However, this dip hasn't impacted any exchanges in terms of pricing, and all top exchanges still cost over 1 million USD. We think it’s not fair to take away money from development and marketing and put it to exchanges only to satisfy short term investors, as it won't contribute to our long term vision. This, however, doesn't mean that we have put this topic aside - we are still putting a lot of effort to find a middle ground solution. One of the ways is to use our strong community in order to be listed in popular exchanges.
Product & Development
As far as our roadmap goes, we are still on schedule and we plan to release our product in at least 4 European countries this year: Lithuania, Belgium, Romania and Poland.
You may have also heard that we have selected testers, which will try a stable version of our backend joined with frontend. Instead of testing back-end and front-end separately, we’ve decided it would be more efficient to examine a pre-release version of our product as a whole. Once the selected testers will give their feedback, we will make final touches and will be ready to launch into the Lithuanian market. The exciting news is that we will have a public testing version, where for a short period of time, the carVertical.reports service in Lithuanian market will be free (which is also a part of our marketing strategy).
If you haven't done it before, you can check our sample report here.
As per roadmap, we have made a custom-tailored whitelabel solutions for two classified websites in Baltic region. At this moment, we are in a tender where we are waiting to be selected and sign the agreement of providing a service.
While the roadmap suggests that the first generation of revenue will start on June, we have set this point to when we plan to launch our product (July).
Something you may not have known, is that straight after entering Lithuanian market, we will release a new roadmap for the next year, which will be clear and focused.
We've recently been accepted into Volkswagen (VW) Future Mobility Incubator in Dresden, where some part of our team will spend 6 months creating a Blockchain product where they will have access to Volkswagen's advice, tools and experience, allowing a much bigger solution to be born.
At this stage, majority of our partnerships are focused on creating foundation for our whitelabel product as well as data sources (which is a never ending process that will make us the leader in the industry). Over the last month, the data sources has increased as follows:
- Photos for another 4 million vehicles;
- 2 more agreements with national registries;
- A huge batch of data for advisory/explanatory parts of our report.
- Starting this week, every Friday at 10 AM London time, our co-founders team will join the Telegram channel and will take an hour to answer your frequently asked questions.
- We will also start informal video series, including interviews with our team members and our office life.
- Official blog posts like this will be published at the end of every month.
At the end of the day, we hope you see the grand vision of carVertical that got us to the point we are today - we aim to become the world leader as a vehicle data history company, and as a carVertical token holder, you are the part of this future. A future where people can't imagine buying a car without using carVertical services.