Autopass3 is an all-in-one solution that not only streamlines the cryptocurrency payment process for automobile services, but also allows Autopass to conduct DeFi strategies with their temporary withheld payments to increase revenue. With the integration of blockchain technology, this project aims to improve the efficiency and security of payments made by vehicle owners for services such as refueling, parking, and auto-repair services.
The current automobile payment system is often slow, insecure, and prone to errors, leading to inconvenience for vehicle owners and service providers, higher costs, and decreased efficiency in the transportation industry. Furthermore, the high fees charged by credit card companies for payment processing adds an additional burden on both vehicle owners and service providers, making it a costly affair. In addition, Autopass usually holds payments from merchants for a specific period of time depending on the contracts they have before releasing payment to the merchants. This is usually a large sum of money which could be deployed into capital markets to boost revenue for Autopass.
To create a blockchain-based automobile payment solution that integrates with Autopass, to improve the efficiency, security, and transparency of payments made by vehicle owners. The solution will provide an additional payment gateway, allowing users more options to pay for automobile services and will use smart contracts to facilitate transactions automatically, ensuring that all payments are secure, transparent, and cannot be tampered with. In addition, create a safe and easy way to manage the withheld payments fund (treasury) to be more capital efficient.
Integrating Autopass with Gnosis Chain's XDAI token can provide further advantages for the automobile payment solution. XDAI is the main gas token of Gnosis Chain, which means that it is used to pay for transaction fees on the blockchain.
One of the key advantages of using XDAI as the gas token is its stablecoin property. XDAI is pegged to the US Dollar at a 1:1 ratio, which means that its value is stable and not subject to the volatility that is common in other cryptocurrencies. This makes it an excellent use case for the Autopass automobile payment solution, as it can provide a stable and predictable transaction cost, reducing the complexity and risk associated with volatile cryptocurrency prices.
Furthermore, the use of XDAI as the gas token can also provide faster transaction speeds and lower transaction fees compared to other blockchain platforms. This can further improve the efficiency and affordability of payments made through Autopass, providing an even better user experience for vehicle owners and service providers.
Autopass3 is the MVP that showcases the integration of cryptocurrency payments into Autopass which is cost-effective and fast. It also shows the on-off-ramp of existing web2 merchants, as well as an admin dashboard to manage treasury funds for the Autopass team.
Autopass3 takes advantage of Thundercore's lightning fast block times, as web2 users would not want to have that much loading time when paying for gas. As compared to other chains which usually confirms the block within 4-8 seconds, Thundercore is a perfect solution for scaling Autopass3's payments in case of large volume.
Integration with other blockchains.
Internal crypto wallet implementation for Autopass.
Full DeFi yield optimiser based on a monthly subscription - similar to a fund manager.
More onboarding options for merchants.
Governance proposals by motorists (used to survey) -> incentivise customers with crypto to take certain polls.