Taking care of your car is just something good car owners do, right? If you don’t, your investment goes to waste. But if you keep up with maintenance, you’ll have a reliable, more valuable vehicle for years to come. So what if someone actually rewarded you for taking great care of your car? Well, with CARR Token rewards, we do.
Today we’re sharing how you will soon be able to earn rewards in the form of CARR — our ERC-20 Token — when you use the CarrChain app to track your car’s maintenance record.
What is CarrChain?
CarrChain offers a practical application of blockchain technology to vehicle owners through a comprehensive vehicle records repository. It brings the unparalleled transparency and security offered by blockchain to the automotive industry, allowing vehicle buyers and sellers to track and view a vehicle’s history in more detail than ever before.
Think of it as an online profile for your car. Owners register their vehicles in the web-based CarrChain app using their vehicle identification number (VIN). A digital vehicle identification number (DVIN) is then generated, which will be permanently tied to your vehicle’s VIN.
Once the online profile has been created for your car, you can begin to log maintenance, incidents, or other relevant events in your vehicle’s lifecycle. Traditional vehicle records are incomplete and rely on disparate sources of information, not all of which record data with the same standard of thoroughness. For example, the maintenance logged by a dealership may be very different from the maintenance reported by your local auto body shop.
With CarrChain, the power to log maintenance is in the vehicle owner’s hands, and as the car is maintained, its trust score grows. That means that when it comes time to sell your vehicle, prospective buyers will be able to look at your car’s score and a thorough history of maintenance and incidents and purchase with confidence.
What does that mean for you as the vehicle owner? Well, you’ll know that you can get the best price possible for your used car.
What is CARR?
CARR is the digital currency that powers the Carnomaly ecosystem of automotive blockchain solutions. It is an ERC-20 Token, meaning that it was minted on the Ethereum network — the second largest and most trusted blockchain in existence.
You can learn more about how ERC-20 tokens, including our very own CARR tokens, are minted in this recent article.
CARR is also the means by which vehicle owners gain membership in the automotive rewards program that is part of CarrChain. All you need to do to get started is purchase CARR tokens and create your online profile over at Carnomaly.io.
What are the CarrChain membership tiers?
Tier 1 requires an initial purchase of CARR tokens in the equivalent dollar value of $9.00 with a $7.00 renewal each year. Additional household vehicles may be added by purchasing CARR in the amount of $5.00.
Tier 1 members are entitled to a 1% reward in CARR Tokens on the purchase of new or used vehicles, as well as a 3% reward on the maintenance cost of household vehicles.
Members can earn even more rewards when they join at the Tier 2 level, which requires an initial purchase of CARR Tokens in the dollar value of $15.00. The yearly renewal fee at this tier is $13.00 (in CARR Tokens), and members can add additional household vehicles for $7.00.
Tier 2 members are eligible to earn 3% back in CARR Tokens on the purchase price of new or used vehicles (up to a purchase price of $50,000), as well as 5% in maintenance rewards.
Tier 3 offers the maximum level of rewards to members. The membership fee in the dollar value of CARR tokens is $19.00, with an annual renewal of $15.00. Additional household vehicles can be added for $9.00.
Tier 3 members can earn 5% back in CARR tokens on the purchase price of new and used vehicles, plus 10% back on maintenance costs!
How do you earn CARR Tokens?
Depending on your CarrChain membership tier, you can earn increasing levels of rewards simply by taking care of your car and participating in the Carnomaly ecosystem.
CarrChain offers incentives and rewards on a number of activities, including:
Incentives for Buying and Selling a Car with CARR Tokens
In addition to the percentage CarrChain members receive back in CARR Tokens when they purchase a new or used car, drivers who purchase a vehicle with cryptocurrency through Carnomaly.com can also receive 1% off the purchase price when they choose to pay in CARR Tokens in place of other cryptocurrencies like Bitcoin (BTC) and Ether (ETH).
Incentives When You Service Your Car
CarrChain members can earn either 3%, 5%, or even up to 10% back in CARR Tokens (depending on their membership tier) when they service their vehicles and log their records in the CarrChain app.
With the CarrChain app, you can log routine maintenance activities like:
- Oil Changes
- Brake Pads & Drums
- New Tires
- Routine Inspections
You’ll also be able to log repairs, incidents, and events like:
- Change in ownership
Earn More When You Use CARR to Fund a DeFi Lending Pool
Funding a DeFi auto lending pool through CarrDefi is a fantastic way to make your idle cryptocurrency assets work for you. Funding a liquidity pool allows you to earn interest on your digital assets that would otherwise sit unused without growth.
You can earn anywhere between 3% to 18% interest, depending on your tier and your choice of pool: sub-prime, mid-prime, and prime. You can earn an even higher interest rate when you fund lending pools with CARR Tokens as an added incentive.
Many Ways to Earn with CARR
We minted CARR so both dealerships and the average joe could leverage the power of blockchain technology for the automotive industry.
Whether you’re earning interest on your cryptocurrency through funding DeFi lending pools or getting up to 10% back in CARR tokens on the cost of your vehicle’s maintenance, Carnomaly will soon give you the opportunity to break free of the big banks — and reward yourself for doing it.
If you’re ready to elevate the experience of buying, selling, and owning a car, discover more of what Carnomaly has to offer.