Carnomoly, also known as Carr, performs on the Ethereum network platform. The ERC-20smart contract hosts the Carnomoly token. Carnomoly aims to bridge the gap between the trading of cars and cryptocurrency in the online automotive sector. Also, Carnomoly aims to create a convenient platform for online vehicle shopping. Therefore, car dealers and purchasers can trade, earn, and finance their vehicles using the Carnomoly platform.
Car purchasers many times are unable to find good options in online vehicle shopping. In the same way, car dealers find difficulty in getting a suitable bid for the cars. According to the whitepaper, Carr aims to help the dealers in two ways: the first one is the process to connect with the consumers and the second with the procedure to buy and sell the cars from the dealers. An online auction for vehicles is conducted at Carnomoly to assist in trading cars.
The ecosystem of Carnomoly has been divided into two parts—CarrDeFi and CarrChain. With CarrChain, all the vehicle details can be stored in the digital vehicle identification number. CarrDeFi is a decentralized finance DeFi as well as the tired automotive lending platform on blockchain technology. Furthermore, borrowers have the option to select from an asset-backed loan or credit-based loan to borrow cryptos for car purchasing. Also, any cryptocurrency holder can earn yield from the borrowers by lending crypto for car purchasing/maintenance. Minting of Carr tokens is done by mywish.io.
The token name for Carnomoly is Carr. The primary function of the Carr token is to help the members gain rewards in car purchasing or maintenance. Furthermore, as per the whitepaper, the rewards aim to include incentives to purchase a new, used, or servicing of a car, comprehensive reports of a vehicle. and quick access to prime DeFipools.
The Carnomoly whitepaper states that the token seeks to bring an array of changes in the auto industry ecosystem by introducing:
