— FAQ —

1. What other functions does IoV On-board diagnostics have? Our consensus algorithm is based on CarLive Chain blockchain technology. Apart from mining through contributing data, IoV On-board diagnostics also acts as an onboard device which can help car owners easily track locations, enhance car security, replay videos, and examine vehicles. IoV On-board diagnostics can also collect live ECU data and map out car owners’ driving habits such as fuel consumption, sudden acceleration and sudden deceleration based on our unique algorithm. Its core functions include providing vehicle maintenance information, tracking car locations, managing driving information, driving rating, historic driving information, warning when losing electricity, traffic violations inquiry, aid service, self-driving tours, shopping guidance and so on.

2. How does car mine work? Car mine promotes safe and low-carbon driving. A fixed amount of IOV tokens will be released to miners who participated in mining. Driving information contributed by vehicles everyday starting from 00:00 to 23:59:59 will be accumulated as car owners’ computing power and the amount of such computing power will determine how many tokens the car owner receives. Several factors such as the amount of information contributed, ecofriendly driving behaviors and driving habits will have a direct bearing on the computing power. The car mine will release IOV tokens to users based on their proportion of computing power to the whole computing power in the mine.

3. What does permanent improvement of computing power mean? The amount of IOV tokens a user gains depends on the computing power they have, which could be determined by several factors such as the amount of information contributed by car owners, car owners’ ecofriendly driving behaviors and driving habits. Permanent improvement means that owners’ computing power will be multiplied by a coefficient λ to increase their mining efficiency.

4. When can we start mining? Simply connect IoV On-board diagnostics to your car and activate the miner. You can start mining whenever you start your car. The first 2000 IoV On-board diagnostics will be equipped with extremely fast mining speed within the first week since activation. IOV tokens equivalent to the price of the miners will be released to users within 3 months.

5. What types of vehices does IoV On-board diagnostics support? Can we use the same IoV On-board diagnostics on different vehicle? The first generation of IoV On-board diagnostics only support cars and do not support trucks and buses. You can use the same IoV On-board diagnostics on different cars. As long as the car generates data, it can engage in mining.

6. Does one account support multiple IoV On-board diagnostics? Yes. IoV On-board diagnostics can be linked to users’ car mine accounts through activation codes. Users can choose to link multiple IoV On-board diagnostics to improve computing power.

7. When do you deliver IoV On-board diagnostics? The first batch of IoV On-board diagnostics will be delivered within 2 two weeks after the preorder finishes. The estimated data would be end-September.

8. How can we withdraw the IOV tokens? After you receive IoV On-board diagnostics, you will need to activate them on car mine to participate mining. Users of the first 2000 IoV On-board diagnostics will receive their rewards through a period of 3 months. All users can check their IOV tokens in car mine and transfer them to their digital wallets.