Discover Crypto’s First Digital Vehicle Marketplace Powered By Blockchain With Josh Taylor COO of Carnomaly

Discover Crypto’s First Digital Vehicle Marketplace Powered By Blockchain With Josh Taylor COO of Carnomaly

SUMMARY KEYWORDS

carnomaly, crypto, vehicle, token, people, building, avalanche, utility functions, purchase, carfax, blockchain, tokenized, car, dealers, consumers, app, chain, cryptos, wallet, marketplace, listeners

SPEAKERS

Crypto Travels Michael, Josh Taylor

00:00

Imagine being able to buy cars and even financing them using crypto. Don’t miss this episode as I interviewed Josh Taylor, the CEO of Carnomaly, the first digital vehicle marketplace powered by blockchain technology. Stay tuned and don’t miss this.

00:16

Welcome to the New To Crypto Podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New To Crypto Podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, Are you new to crypto and don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

01:09

Brave wallet is the first secure crypto wallet built natively in a web three crypto browser, no extension required. You can store manage and grow your portfolio, get NFT’s and multi chain support. Download the brave privacy browser at Brave.com/newtocrypto and click on the wallet icon to get started. I’m excited about today’s episode today I have a special guest Josh Taylor is the COO of Carnomaly. And this is the first digital vehicle marketplace powered by blockchain technology. And Josh, thanks for coming out today. Thanks for joining us. Yeah. Hey, Michael, thanks. Appreciate you having us. Absolutely. Before we jump into everything, can you tell our listeners a little bit about yourself? Yeah, so I’m from Texas. I was born and raised in San Antonio, our company is based out of the Dallas area. But you know, from a very young age, I was very interested in vehicles and motorcycles and fast cars, trucks and so always been very interested in that got interested in the crypto industry in about 2017 sort of jumped headfirst into it and learned everything I could. And so anyway, working with Carnomaly sort of merging the two interests that I have, yeah, Awesome. I know a lot of our friends in crypto, everyone’s into cars, you know from Degen life to just the regular day to day get up. So that’s absolutely yeah, it’s it’s a lot of fun. Tell me in a nutshell, can you like unpack for our listeners? What is Carnomaly. So we are in as our website says we’re the first digital marketplace for vehicles, goals and solutions that we’re building out. One of the main ones is to allow people to interact with their vehicle history. So right now when you go to purchase a vehicle, you can get a CarFax and the dealers will provide that. But that really doesn’t give you a whole bunch of information. It doesn’t give you any maintenance data or anything like that. So we’re making it so that end users or the consumers can finally interact with that report, instead of just seeing what’s on there and saying like, okay, it has this many owners it’s been in this state. This is how old it is, how many miles or if it was in a wreck or not. We’re allowing people to be ordinary, we’re enabling people to go in and actually finally start uploading that data so that there can be more transparency for the consumers. And then also for the dealers when it comes to trade ends or private sales. Okay. And can you expand a little bit about, you know, on your website, it talks about you’re an all in one blockchain based car platform. So does that mean that I can buy cars and pay with my crypto or how does that work. So we are building out a car anomaly, the marketplace. So it will allow users to purchase vehicles with certain top Cryptos. But especially with the Carr token, using the Carr token, you’ll be able to get a little bit of a better deal on the vehicle. So yeah, people will be able to go in and purchase a vehicle there, they can pay for certain reports, if they want information on the vehicle, which are going to be much more detailed than like I had mentioned, with the current vehicle history reports like you see with Carfax, we’ve partnered with a government organization called NMVTIS, which is the National motor vehicle title information system here in the US. And so basically, they report a lot of the stuff that you’ll see if a vehicle is salvaged, or, you know, has certain recalls or anything like that all of that gets reported. And so all of that will tie in to our current reporting, as well as consumers being able to go in and actually see the type of maintenance that’s being done. Are there any aftermarket upgrades people make to vehicles, instead of just going to the dealer or to an individual and saying like, yeah, I got this done. Yeah, that’s actually gonna be recorded on the blockchain. And it’s on a hyper ledger, which is our car chain that was built on hyper ledger. So there won’t be any cost associated with the crypto side of it for uploading maintenance data, in fact, you’ll be getting incentives for uploading that information. Interesting. So basically, your new partnership with the National motor vehicle title information system, basically helps protect consumers from fraud, basically. Right. So they have an accurate account of information about that vehicle, Correct. That’s exactly right. And, you know, Carfax actually does work with them as well. And so this sort of allows us to come full circle. So it allows us to provide the same information that Carfax does, when you’re looking at vehicle history, but it also enhances it, because we’re getting data from the end user from the person that is actually driving the vehicle every day. Okay. So I also saw in my research that because you guys have some exciting things, different components of what you’re doing, can you share with our listeners about Carr DeFi and how it ties into DeFi. So basically Carr DeFi, is it allows people all over the world to take their crypto and fund certain things. Well, car dealers are the ones making most of the money on buying and selling vehicles, this allows you to make easy interest on financing vehicles for people worldwide. So you’ll be able to fund are called liquidity pools or funding pools to be able to send your Bitcoin or certain top Cryptos, including the Carr token, you’ll be able to send it into these funding pools. And once it’s fully funded, that money will be distributed to people that are seeking financing on vehicles. Interesting, huh? Very good. Yeah. So You know, so you take someone that is in another country, that wouldn’t have that opportunity to make easy interest on their money in the United States. And this facilitates that. So it’s one of those things where, when those liquidity pools get funded, and the vehicles are purchased by the individuals seeking the financing, say they were to default on their obligation, the Carnomaly would actually handle the repossession and sale of the vehicle to recoup those funds. But it’s going to be over a pool of vehicles, it’s not going to be like you’re funding one person. And all of your risk is on that one person since it’s spread out over a however big funding pool is. So you know, say there’s 20 vehicles that are purchased through that funding pool, your risk is diminished, because of the risk being spread out over 20 Different people purchasing vehicles. So it helps to offset some of the risk that with current DeFi, there’s not really anything backing it and this approach to defy allows them to be a physical asset that is backing the finance. Definitely yeah. And I also really like the part about minimizing risk. So breaking down another component of Carnomaly, what is a Carr chain? Well, how does that tie into what you’re doing? So CarrChain is the vehicle history reporting, that is where the information is going to be stored. So say you get your oil changed. And you want to upload that information to our solution CarrChain. We’re developing an app, we’ve developed an app where you basically just take your phone, and you scan your VIN, and then you record your mileage. So you’ll just say this is the mileage and it takes a little video to confirm the information and confirm that you’re the owner of the vehicle doing it. And then you’ll be able to upload your receipts. And all of that gets reported to the car chain. And the benefit, again, is transparency. Most people when they hear of a used car salesman, I mean that’s that’s a term in and of itself used car salesman, right, everyone thinks that they’re sleazy. And the reason is because you don’t know if they’re trying to sell you a lemon or what it is. So if a vehicle has been maintained, and all of that stuff, and it’s all been uploaded to the car chain, then it will provide that transparency to the consumer. So in the future, our hope is that if you’re going to buy a vehicle, and you don’t see any history reported on the car chain, you’re probably not gonna want to purchase it because you know that either one, they weren’t doing proper maintenance, or two, it’s just a quick, a quick flip something that they you know, bought off salvage at the auction, and they’re just trying to flip it to you. So it provides transparency for the consumer in that respect, but also for the dealers when you go into a trade vehicle, and they’re always trying to give you bottom dollar. And to echo that just last month, I went to a dealer and I was going to trade in a Toyota Camry, which is like one of the most reliable vehicles and the resale values on those are really good and they wanted to give me $2,500. And so I messaged them back and forth a little bit and they double what they were going to give me and so it just puts a bad taste in your mouth. But for a dealer. The reason they do that is because they don’t know what they’re getting into. They don’t know how it’s been maintained. They don’t know what the car has been through other than what they see on the Carfax which can be lacking in a lot of areas. So by providing all of this additional transparency to the dealer, it will give them more confidence when they go to offer you a certain amount for your vehicle. And is the marketplace going to be available for people to purchase vehicles just in the United States, or is this worldwide? Or what are your plans?  Yeah, so the plan is to be worldwide. Now obviously, there’s certain rules and regulations that we need to follow and make sure that we’re in compliance with all of those things, which is, which is, you know, one of those things that we’re going to be working on moving forward. But yeah, for the time being, as soon as we launch the marketplace, it will be here in the US. And then we will begin to expand, you know, especially to North America, and then other countries. Okay. And let’s, let’s talk about your token, just for a moment, you touched on it earlier, but Carnomaly has its own token called the Carr token. And that’s Carr and so can you share with the listeners how this ties into the overall platform? You know, I see that the car token is an ERC 20 token? Yeah. So the card actually stands for comprehensive automotive records repository, which is what the car chain is going to be. So it’s just a repository for all the data on vehicles. And the reason we’ve tokenized it is obviously one for funding, you know, for developing out, that was one of the the main things, but we’re also including certain utility functions for the token, one of them being you’ll be able to pay for a vehicle with the car token, and you’ll be able to fund the liquidity pools. So we’re gonna have those main utility functions built, and we have several others that we’re working on as well. We’re looking at different types of membership, that will allow you to benefit and certain incentives based on those memberships, or just maybe like a single membership. And so in order to purchase those, you would use the car token. So it’s not just one of those tokens that a lot of companies will develop for funding, and then there’s really no use case for it. That’s the big problem with crypto is you’ve got so many tokens. And there’s nothing you can do with them other than they’re sort of, in a way tied to a company because it’s associated with it, but there’s no utility function for it. That’s one of the big problems. And so there’s just faith in it. And that’s what keeps the value high based on how the company is doing. But a big misconception that people have is that when you purchase a token, or you purchase a coin that a company has developed, you’re not purchasing that company, you’re not purchasing, like on the stock exchange, you don’t purchase a share, I mean, on the stock exchange, you purchase a share of the company. But with crypto, that’s not how it works at all, you’re not purchasing part of the company, you’re not becoming an owner of the company, by purchasing a token, you’re just purchasing the asset, or the token that they have developed to help them with their system. And so that’s why there’s governance for certain tokens that allow you to vote and have voting rights. So that’s basically what we’re doing is we’re developing that out so that there will be major utility functions for the car token and not just something that’s associated with this because it has a car on it. Understood. Yeah. And then I want to say one more thing. It is an ERC 20 token. But one of the things we’re actually working on right now, because as you know, gas fees for the Ethereum network are horrible. And especially if you want to send one of the tokens like to send ETH. It’s not, I mean, it’s not cheap. But it’s also not super expensive, maybe 10 bucks or so the price fluctuates. But if you want to send a token, it can be $30, sometimes even more. So we’re actually going to be migrating over to the Avalanche platform, which will really help the speed of our transactions for the token, as well as bringing the cost essentially to nothing. So to make it a lot easier, I really like that, what are your plans in terms of timeline when you guys make that move over the Avalanche? So the goal is to have our migration done by February. So we’ve done all of the build out on the smart contract, we’re just finalizing a couple of the things. We’ve got some security audits that we’ve got to get done for it. So we’re working on sort of putting up everything when it comes to the smart contract and making sure that that is where it needs to be. And then we’ll have the security audit, and then we’ll be good to go. Excellent. And what was the token supply for the card token, by the way, The current supply is 530 million, the circulating supply, which is really what matters is I think, like 380 million. Okay. Excellent. And I wanted to ask you in terms of your platform where people can actually go and purchase vehicles, when what is the rollout? What’s your roadmap look like with that? So the Marketplace is where you’re going to be able to go in and purchase vehicles. So we’re building out, we built out the car chain, we’re just developing the app. And then we’re going to work on the DeFi component. And then after that comes the Carnomaly marketplace. So that’s sort of the steps that we’re moving forward with. And it’s all going to be part of the same app that you’ll be able to do with now we will have the website for the marketplace, but most of it is going to be in an app. And the reason we decided to do it that way, Michael, is because most people worldwide use mobile phones, not PCs. And so that’s why since we’re going worldwide, we wanted to make sure that the priority was to develop the app out and have that be the primary goal for development moving forward. But yeah, so it’s going to be a carr chain and we’ll have that performing and working on the app. And then after that, it’s going to be the defi that we build out, followed up by the Carnomaly Marketplace.  Wow, you guys are building an entire well rounded, you know, platform. How long have you guys been working on this project since inception?

15:14

So Carnomaly was founded in 2018. Back then it was just very simple. We were kind of wanting to just tokenize the industry and make it so that you would get like a little bit of a reward for purchasing or maintaining a vehicle. We hadn’t even conceptualized the carr chain and all of the data that end users could benefit from by knowing, you know, what materials and what maintenance products are being used on vehicles. So it’s really come a long way since then. And when we originally tokenized it the original supply and everything like that it was specifically only for rewards to be paid out. It didn’t. It didn’t have anything to do with defy that was something that we came up with, and 2020 and then adding the economy marketplace. And there’s several other things that we’re going to be working on like car pay, which allows you to make your vehicle payment with the car token or other top Cryptos. So you’ll be able to make monthly payments with it. And then there’s going to be other things too, that we’re building into it. For instance, like when you get into a car accident, you call your insurance company, and you tell them, Hey, I was in an accident. And then they need the police report showing that and then hopefully you have dashcam footage and stuff like that. So we’re making it so that you can actually file a claim within the app. So there’s other things that we’re building into it, you know, not just the DVIR, not just the car chain, but so that it’s all in one place, everything that comes that goes with your vehicle, the economy app is going to be sort of tied to it. And if you don’t have that, then it’s gonna be hard to just keep a clean record of your vehicle.

16:46

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18:46

Right, which is, you know, it sort of harkens back to the utility function of certain Cryptos. And there’s over 15,000 out there, and what can you do with most of them? Well, the hope for most people in the crypto industry is to just make money off of it, but there’s not really much you can do with it, you can make payments, or you can pay for certain things. But for it to be, you know, a daily thing where you can actually use it for certain functions, and then tying that into our ecosystem. You know, we’re just really hoping to and the other thing, too, is that a lot of the problems plaguing the auto industry, it’s one of those things where, well, the auto industry in and of itself is sort of age older, they’ve been doing things the way they’ve been doing it for a long time it works you know, why try and change it but with technology improving and changing so much, it makes sense to provide this additional transparency to consumers to dealers, and even on the manufacturing side. So that when a vehicle starts to be manufactured, say over there in Mexico or in Japan or Germany or wherever all of that is recorded on the blockchain so that so that you know okay, my vehicle was made here. It was made at this factory with these parts and so if something’s wrong with it, you can just look at the blockchain and it’s all recorded right? there and you don’t have to keep files for yourself. It’s all in the blockchain.

20:03

Yeah, I really like the transparency of that. Let me ask you: Where can our listeners actually acquire your tokens? Where are they available, you know, to attack SAS right now? Yeah, so right now they’re trading on Kucoin and ProBit. And then there’s some decentralized exchanges of the Uniswap as well, okay, so they could go there and purchase it for the time being because of the migration. If you do purchase it on Kucoin, then they’re going to be handling the migration over to AVAX. So if you were holding it on Carr coin, you wouldn’t have to worry at all. But if you’re holding it, or if you trade it on a decentralized exchange, like we haven’t on pancake swap, you would need to migrate it back over or you need to bridge it back over to make sure on the ETH network because when we do the migration, we’re just basically going to be taking a snapshot of everything on the ERC 20 network, and then minting tokens on a Vax. And then we’re just going to be canceling everything that goes on, on the ERC 20 side. And so that’s all going to be handled by the exchanges that that the token trades on. Okay.So just to reiterate that that change is going to be February 2022. For the migration. Yeah, exactly. Yep. Okay, excellent. Yeah, that’s, that’s the goal. Hopefully, the security audits come back quickly. We never know how long sometimes that can take. But on our side, we’re pretty much almost wrapped up with where we need to be on, on getting the migration done. Okay. And what’s your roadmap look like for the rest of 2022? With more of the rollout? What are your What do you get your team? And, you know, plans over Carnomaly?

21:37

Yeah, so as I mentioned, we’re going to be finishing up the development of the app. And then the first feature that we’re going to have is CarrChain. So you’ll be able to when you do maintenance, or when you purchase a new vehicle, you’ll be able to record all of that on the car chain. So the hope is to have that done soon. With development, there’s always bugs and things that come up. So we don’t have any hard set dates, but should be very soon. We’re almost where we need to be on the app when it comes to carr chain. And then we’ll follow that up with car DeFi. Yeah, but we don’t want to, we don’t want to come out with hard, hard dates. Because if you know, through development, if we’re unable to meet those things, then we don’t want to, to make people frustrated or anything like that. But yeah, the priority for now is getting a car chain done with an app. And we’re almost where we need to be on that. So it shouldn’t be too long now.

22:29

Okay, and if our listeners want to stay in the conversation with you guys and be part of the community, where do you interact with your community,we’re pretty active on Telegram, and then we have a discord channel as well. So they could go to either of those two places, and even meet the CEO on the telegram on occasion. And, you know, and send messages and stuff and respond to people, we try to be very, very available and not closed off like some other organizations.  That’s great. And the links are on our website, newtocrypto.io under today’s episode, all of your guys’ links, so people can just head over there and won’t even have to type in the website directly, just access and find you guys to be part of your community. Is there anything else you want to share with the world with which you guys, you know, have planned or anything? Yeah, well, we were just very excited to be rolling out our solutions. And, you know, it’s one of those things where it can’t, it can’t come fast enough with crypto. And as fast as all of that it has been evolving, for us to finally get on the scene and be able to market our products to dealers, and then you know, allow consumers to be uploading their information and providing all that transparency. It’s something that we’ve been working on for a long time, we’re very excited. And, you know, we’re here, we’re working, and, you know, we’re not going away. And that’s one of the things that people get, I guess a little bit concerned about with crypto projects such as these pumping dumps, or they raise money and run off. It’s not at all what we’re doing. That’s why we’re doing this interview. Sure, make sure that people feel confident in knowing that the team is here, we’re working and no development is slow sometimes. You know, it’s still being worked on every day. We’re excited to be bringing our solutions to market. Awesome. Yeah, I mean, everything that you guys have been building, it’s it’s actually a large project to do the build out of each component to have an entire platform. You know, that’s kudos to you guys for and your team for Absolutely, yeah. And, you know, making sure the whole time we’re in compliance, especially on the crypto side, you know, with people allowing them to make their car payments, we’ve got to make sure that when people make a car payment, a lot of the finance companies or the banks when they receive those payments, they want them in USD. So facilitating the swap from crypto over to USD or whatever other you know, there’s a lot of back end stuff that needs to be negotiated and worked out. Yeah. So definitely, Hey, can you share with our listeners, how did you guys make the decision to actually choose Avalanche. Move over, as opposed to, you know, some of the other, you know, their options out there. What were the benefits that, you know, you and your team, you know, saw with Avalanche?

25:09

Well, for one avalanche is based here in the US, which is where we’re based. And we sponsored a NASCAR driver, Landon castle. And so he knows the CEO of Avalanche pretty well. And so we gotta talk to him. And just felt like it would be a really good fit for us, especially being based here in the United States, and just battling some of the things when it comes to listing on different exchanges, having that good relationship and a really good rapport with them, as opposed to, you know, listing on another or migrating over to another blockchain where we don’t have access to those people. So this would just allow us to be able to do that a little bit better. But then also, the avalanche has really come on the scene lately, and with the speed of transactions, and the cost has been another major factor. So sort of looking at all of those different things. That’s sort of why we figured that avalanche would be a really good fit for us.

25:58

Awesome. Yeah, no, I really like Avalanche. I did an episode all about it. Actually, I would love to interview the CEO as well on the show. But yeah, sure, Lance is a great project and the speed. And then as you mentioned, the cost, you know, is significantly less than, you know, Ethereum.

26:15

Absolutely. Yeah. Yeah, it’s exorbitant right now. I don’t even want to look at ERC-20 tokens. So anytime I find a token that trades on Uniswap I’m like, yeah, no, I’m not interested.

26:26

Josh, man, we thank you for for unpacking and sharing information here about exciting things that that you guys have gone in Carnomaly and, and the depth of all the different components and actually building this out as to, you know, where it’s going to be in, say, Q2 & Q3 of this year and the years to come. I mean, you guys are really building something sustainable for the decades to come. And man, totally support what you guys are doing. It’s awesome. Well,

26:55

We thank you for having us. Really, you know, appreciate you giving us the time to come on here and sort of explain some of the stuff and we just look forward to where we’re heading. Can’t it can’t come fast enough for us getting our solutions, or we’re hammering the developers every day. Come on, like, help us help us meet our deadlines. Like we want to get this stuff out. But it’s work in progress.

27:13

Absolutely. Thanks for coming out, Josh. And definitely like and subscribe to the podcast. If you like today’s episode, head over to the site. You can find out where to access and hang out with Josh online and his team and the entire community at card anomaly as well as read and learn everything that they have going on their website, and I highly recommend that you do that chime in here tomorrow for another special episode. Until then, make it a great day.

27:44

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