PARKGENE

Maret 13, 2018

What is PARKGENE?

To put it simply, PARKGENE is similar to the “Airbnbfor parking”. We will connect people that own parking spaces with drivers who want to park, provide additional parking spaces to the market, and undercut the cost of high parking fees, while providing an income source to all parking spot owners who rent out their driveways and garages.

PARKGENE, built on the Ethereum blockchain, will be the first system which allows drivers and owners of parking spaces to transact with each other directly.

Our aim is to create a more transparent and liquid way to park. PARKGENE addresses both the short and long -term parking rental markets by lowering fees, using decentralized conflict resolutions and making this market truly P2P, eliminating various middlemen, and ensuring that reviews and listings are honest, as they are stored on an immutable blockchain.

How does PARKGENEwork?

Drivers looking for a parking spot meet virtually with parking owners through the PARKGENE app. The following diagram shows the different stages of a parking session completed on the PARKGENE platform and over the Ethereum Blockchain with smart contracts.

Once a driver reserves a parking spot, the reservation triggers the PARKGENE smart contract on the Ethereum Public Blockchain.The PARKGENE App transfers the full parking fee amount in GENEsfrom the driver wallet, to a depository (a temporary wallet). Should there not be enough GENEs balance in the driver’s wallet, the driver can use his credit card or other means of payment (Bitcoins, Ethers) to buy GENEs real-time and pay for thetransaction.

The parking space owners

receive, from the depository to their wallet, 70-80% of smart contract in GENE tokens, when drivers check out of the parking space. The remaining:

5% of the total amount is paid to the driver and parking space owner as they perform several actions that enhance the ecosystem (e.g. Ratings, Reviews).
10-20% of the total amount is paid to PARKGENE to cover operational, development, cloud services and advertising costs.

At any time, the users of the platform can buy or sell GENE tokens for FIAT currency (USD, EUR, JPY, CNY, etc.) or other cryptocurrency (BTC, ETH, etc) byusing several cryptocurrency exchange services that may trade the GENE token (if and once GENEs may be available at such exchanges).

GENE is available in a limited edition of 1,000,000,000 GENE Tokens

Executive Summary

Imagine a world where your car takes you to where you’re going and drives away to go and park itself. Imagine a world where your car using its own digital wallet pays for parking, completely on its own.

The future is bright and we are only getting started at PARKGENE.

PARKGENE is a decentra lized ecosystem where parking owners and drivers meet to conclude short-term or long-term parking rental contracts. PARKGENE, basedon the Ethereum Blockchain combined with smart contracts, will eliminate the dependence on centralized systems between the t ransaction participants, and will significantly reduce the cost of parking for drivers, while offeringan alternative source of income to parking owners. PARKGENE provides innovative approaches, openness, convenience and ease of use to enable the parking industry and its stakeholders to raise the quality of urban life to a whole new level.

Vision

PARKGENE is a convenient and secure way to find parking, connecting drivers, individuals and businesses. Our Vision is to disrupt the traditional–mainly off line –Parking industry, sizedat $100 billion annually, and to provide drivers with abetter parking experience, while helping cities become smarter and environmentally friendly.

We aim to make parking in cities twice as easy and ten timesas cheap. We will establish the GENE token asa payment method for the automotive industry, allowing drivers to pay for parking and integrating it with mobility services, vehicles and automotive infrastructure.

The Problem

Parking imposes a significant burden on drivers and the wider economy. One in three drivers abandoned their search for a parking space [6] at least once in the past year in pursuit of a coveted spot.

The factors that predispose a city to congestion are the same as those that cause parking pain: large and growing populations, vibrant economies, relatively cheap motoring, and dense urban environments with limited land space.

In short, parking pain extends far beyond the driver’s seat. The economic cost of parking pain is quantified and monetized in terms of: searching for parking, which results in wasted time, fuel and emissions, overpaying for parking, and parking fines. Several non-economic costs are also quan tified, such as avoiding trips due to problems finding parking as well as increased frustration and stress. Standard parking charges are a cost of driving like fuel and maintenance, but parking pain imposes an unnecessary economic burden in much the same way as traffic congestion does. According to a recent market resea rch, conducted by INRIX Inc [6], the parking pain costs (time lost in search for parking, parking fines, fuel consumption etc) ford rivers in the U.S. $95.7 billion a year, drivers in the U.K. £31.2 billion and drivers in Germany €45.2 billion.

Opportunity

This is where PARKGENE comes in. PARKGENE’s decentral ized technology will supply new parking spots in already crowded cities, which now remain unutilized, by enabling not only the Peer-to-Peer sharing but also the seamless integration of all competing parking technology solutions offered by the industry, thus creating a functional marketplace. P2P marketplaces, is not a new idea. We have seen several successful applications in the lodging industry with companies like Airbnb, or in the automotive industry with Uber and Lyft. A few startups have already evolved inoffering P2P Parking but scaling has always been a problem.

Success factors

It is understandable that the average ICO participant

today is bombarded by ICO opportunities, making it extremely difficult to evaluate and choose. Many factors need to be considered and the purpose of this paper is to educate and inform the community on the specifics, firstly of the parking industry and secondly of PARKGENE’s ICO.

More specifically, one needs to investigate several aspects of the ICO process, as well as the necessity of utilizing a token structure to execute the venture. Our research team has made significant strides in valuing the potential of the GENE token.

We are very excited about the projections, during this valuation process. The table below represents a small summary of the valuation projections Our business success, may determine the GENE token value as the demand for an increasing P2P parking payments fulfillment is met with a finite amount of GENE Tokens that will be available

the market