Zeniex, which is a joint cryptocurrency exchange between South Korea and China, is going to list cryptocurrency called ‘Engine Chain Coin (EGCC)’ on the 30th.
EGCC, which is Ethereum platform-based token (ERC-20), is a cryptocurrency that can be used to compensate or pay within ‘Engine’ ecosystem. ‘Engine’ is the world’s first blockchain-based automotive lifecycle data sharing platform.
People can participate in creating data by registering their VIN numbers into Engine platform. Other companies or individual businesses can use registered data by paying with EGCC.
Engine already has data on about 200,000 vehicles and it is being constantly updated with 100 vehicles and more than 1,000 data daily.
About 10 billion EGCC coins are going to be issued and 4 billion EGCC coins are already distributed to markets. Out of 6 billion EGCC coins, 1.5 billion, 2.5 billion, and 2 billion EGCC coins will be used for business operation, program foundation, and deposits for business activities respectively.
Official Mainnet ‘Engine 1.0’ is expected to be launched in September. Side-chain that implements various functions within Engine ecosystem will be launched in December.
“Value of EGCC will start to go up as it can improve automotive industry in many different ways such as finance, trades, and maintenance through Engine blockchain.” said CEO Choi Kyung-joon of Zeniex. “It has high chance of continuing to develop and we are going to introduce a promising project that is well composed of communities of investors, miners, and developers.”
Staff Reporter Ham, Jihyun | goham@etnews.com