REPO

What is Repo Coin?

Repo Coin (REPO) is a novel blockchain project that is focused on the auto lending and repossession industry. Its goal is to provide a faster, more e­fficient means of recovery of assets for auto lenders by crowdsourcing the crypto community to assist in locating delinquent vehicles, in which they are rewarded with REPO. Unlike most other token-based projects which are Ethereum-based, REPO is a token created on the Stellar Lumens platform. The idea is to decentralize the towing industry by letting everyone help locate repossesable assets, thereby making the process faster, cheaper, and more e­cient through use of smart contracts on the blockchain.

History of Repo Coin

Repo Coin was co-founded by Fahim Aref and Mohammed Majid, and first announced to the public on April 21^st, 2018. Unlike most other blockchain projects, there was no pre or post sale of tokens, which were initially distributed through several social media campaigns and related airdrops. The tokens first hit the exchanges in May 2018, and by early January 2019, the coin briefly surpassed a market cap of $50 million, putting it in the top 100 coins by market cap.

How Repo Coin Works

Repo Coin works by decentralizing a substantial portion of the auto repossession process by giving everyday people and crypto users the power to locate lost assets on behalf of lenders, while still leaving the actual work of repossession to companies which specialize in this task. Auto loan services use the platform to announce vehicles that need to be repossessed to the network, and users submit identification of such vehicles to the auto loan services, being rewarded in the form of REPO. Repo Coin’s revenue model is centered around partnerships with banks and auto lenders who pay fees based on the vehicle to be recovered and the delivery point. Repo Coin tokens will have a variety of uses, including purchasing products from the Repo Coin website, voting in the We Care program, where Repo Coin will donate a car once every month to a family or individual in need, transfering to other parties who use the Repo digital wallet, paying for services such as auto repairs, assistance during a breakdown, or flat tires, and oaying for ride share services.

Why Repo Coin?

Repo Coin is an interesting use case scenario of the blockchain and hopes to improve upon classic models of auto repossession using the following advantages:

• Mobile app for users features license plate scanning technology, making it easy to quickly identify vehicles to be repossessed.
• GPS tracking technology alerts repossession partners in proximity when a delinquent vehicle has been located, while also sending an alert to the auto lender that such a vehicle has been located.
• Participants can use Repo Coin tokens in the marketplace on their website to purchase goods and services, with future plans to allow users to purchase services like auto maintenance and roadside assistance.
• The simplicity and speed of the Stellar system means REPO token transactions can be confirmed quickly and securely, with a median settlement time of 5 seconds (as compared to Ethereum’s 3.5 minutes).