Monthly update vol. 2: July
As declared in June, we’ve determined to publish in-depth updates about carVertical’s progression at the end of each month. To be sincere, when we look back on the fading July, even we ourselves find it difficult to believe how many things have happened in a single month.
Product & Development
To begin with, a few weeks ago we had a very fruitful strategic session with carVertical advisors Olaf Zschiedrich (Global CTO at OLX Group), Peter Kuepper (Head of Transmissions’ Program Management at BMW Group) and Raid Naim (ex-IT Chief Architect at BMW Group) who arrived in Vilnius. Together we discussed biggest future challenges and most efficient solutions.
Infused with the inspiration, carVertical team continued developing our product. We’ve evaluated results of a load test and private-alpha users feedback. Also, we trimmed slow/low-quality data sources.
The last challenges we faced weren’t surprising but it required big effort to overcome them.
It’s not some complex coding problems or love triangles in tech department, but a banal lack of unified data standards in the market.
Different sources provide the same data in different measures. For example, some databases indicate car power in kilowatts while others give horsepower numbers, and this is the most simple example.
All in all, our system is fully operational, but we’re still improving some sections to make them work in the better quality.
Therefore, having in mind we have some time for the last corrections, we decided to go live. So here is our breaking news:
carVertical launches the first full-blooded product on August 7.
carVertical.reports will become available in Lithuania, the first EU market of four we are planning to enter this year. Customers will be able to pay both fiat and CV tokens.
That’s amazing because we will not only present the most user-friendly and reliable vehicle’s history reports service, but also will start generating revenue.
Anyway, we want to stress that digital products are never finished. It’s always an evolving process. So, we’ll keep polishing our Lithuanian product even after the launch.
Here our new Chief Innovation and Product Officer Arnoldas Vasiliauskas will contribute his talent, skills and expertise as he already does since the beginning of the month. Arnoldas is a top class automotive industry expert, who has accumulated his experience in various automakers’ offices and several huge vehicle data projects.
Moreover, our CIPO will also be the hero of the next chapter…
As carVertical is a member Car Remarketing Association (CARA), Arnoldas represented the company in the annual CARA General Assembly. He took part in the discussions about mileage fraud prevention, cross-border car trade and other topics.
We also made another big win becoming the newest partner of Mobility Open Blockchain Initiative (MOBI), a global consortium aiming to speed up an adoption of blockchain technology in automotive industry.
Founded this May, MOBI could be called the elite mobility industry club uniting more than 30 companies and organizations. This includes four of the world's largest automakers - BMW, Ford, Renault and General Motors - as well as such giants like IBM, Bosch, public transportation providers, energy companies, insurance firms and regulatory bodies. Read the full article about our newest partnership here.
A short description: we’re in the process.
We’ve delegated a team for this very important task. These guys are in discussion with CoinMarketCap’s TOP 20 exchanges.
However, the path is more complicated than it looks. Top exchanges are not accepting new tokens in simple submit ➡ be evaluated ➡ pay ➡ get listed way. The biggest obstacle right now is some legal nuances.
We hired a US law firm to make our token's audit and provide opinion on CV utility token status. A-few-hundred-pages-long documents should be prepared in August.
We already have the Lithuanian Central Bank’s opinion that CV is strictly a 100% utility token. But we need to get same documentation from US jurisdiction as well in order to close the deals with top-notch exchanges.
Our new roadmap for the next year is “under construction”. We’re thinking, rethinking, evaluating and discussing the details. The plan is to announce it after the product launch, in the beginning of autumn. It will include launch dates and new markets we will target.
All in all, we’re excited about the upcoming August. Not only because of the product launch - many more things await in this always pulsating industry. We hope you enjoy the journey no less than we do. Let’s go!