ICO Review of CyClean: An Electric Vehicle Renting Service

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CyClean: An Electric Vehicle Renting Service using Blockchain Technology

The CyClean project is based on a simple idea. The car is one of the most widely used modes of transportation in the world, which up to now has run on gasoline. This is no longer sustainable and the car is evolving into an electric form. The CyClean project plans to connect its business fortunes to this historical and technological shift through creating a rental system of electric vehicles. The project’s whitepaper describes how it will develop its platform, conduct research, develop products (including a self-driving electric car!), and work to reward those who use their electric vehicles.  The Cyclean platform will soft launch the rental service through smart contracts using the CyClean coin as the starting point and then expand the product line. Currently, CyClean’ s business model covers electric bicycles and electrical motorbikes but it seeks to expand to electrical cars as well.

There are some questions about user adoption that face CyClean. The current market for electric cars is small relative to gasoline vehicles. Without government investment and/or regulation, it seems hard to believe that this market will grow rapidly in the next 3-5 years. Moreover, there are already electric car cooperatives in various cities in North America that serve those who are interested in electric cars. Membership includes a monthly fee that gives access to electric rental cars, which can be reserved and parked anywhere in the city. It is an existing and inexpensive solution for people who only need a car occasionally and do not want the hassle and expense of keeping one in a large city. One wonders how CyClean plans to penetrate such markets? Admittedly, the company is based in South Korea and plans to focus on South Asian markets before expanding worldwide. So perhaps once it has established itself in South Asia it will look like a more realistic competitor for the existing options elsewhere in the world.

Another question with this project relates to the fact that its ultimate plan is to develop a self-driving electric car, which if successful would definitely be a draw for customers. However, considering the known challenges of self-driving technology and the fact that that the project has not yet begun research in this area, one wonders if the plan of having a working prototype in the 3-5 years is realistic.

One strength of the CyClean project is that the CyCoin token is already integrated with the JPAY platform. This is a strength because JPAY is  currently used as a cryptocurrency payment system in South Korea. The JPAY platform has an established Kiosk system, MVNO smartphone business, as well as JPAY ATMS and member stores. Using JPAY, the CyCoin token will be used to pay rental and mobile service fees for electric bicycles and motorbikes, as well as other products that CyClean plans to launch down the road.

Mining

The project whitepaper also states that the Cyclean coin will be mineable, just by using CyClean products. For example, if a user rides a CyClean electric motorbike, the user gets coins based on the distance traveled. This form of mining will be made possible by server integration and a wireless network linking CyClean products.

CyCoin ICO Token

Token Name: CyClean Coin

Token Symbol: CCL

Platform: Ethereum Total Issue: 4,000,000,000

Price: 1 CCL = 0.0001 ETH

The total supply of tokens is 4,000,000,000. 30% (1,200 000 000) will be sold during the ICO and purchasable using ETH. The ICO will begin on June 27th, 2018. The pre-ICO is already underway and runs until May 28th.


Website: https://cyclean.io/
Beta App: http://cycleanrental.com/
Explainer video:

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