How PARKGENE Works
PARKGENE is a game-changer in shared Mobility services, with a vision to establish the GENE token as the automotive industry standard means of payment.
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 GENEs from 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 the transaction.
The successful reservation and payment provide additional App functionality to drivers and parking owners which is needed for the completion of the actual parking session. For example, the driver will have the ability to open the garage door from his mobile phone, while the parking owner is notified and monitors – in live video – the entrance and exit of the vehicle. This functionality is optional – although very helpful – and is achieved through integration of PARKGENE platform with existing remote access tools that are available in the market, or a specific device that PARKGENE will offer to the Parking Space owners at very low cost.
At the end of a successful transaction the parties conclude a smart contract on Ethereum, with the entry and its confirmation on the blockchain.
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) by using several cryptocurrency exchange services that may trade the GENE token (if and once GENEs may be available at such exchanges).