No FUD Here: Connected Car Security Experts AMO Labs Launches Reverse ICO
AMO Labs, a blockchain project for the car data market by Penta Security Systems, is building an ecosystem for the hundreds of terabytes of car data that will soon become more valuable than cars themselves. Designed to be a transparent platform, secure data collection and personal information handling are a special focus of this project that will enable decentralized trade of data along with their proper ownership rights. In this reverse ICO, proof of concept is already available, with Penta Security’s AutoCrypt securing connected car communications in multiple ITS projects across South Korea.
Some of the current weaknesses of automobile and automotive service procurement arise from improper or unstandardized car data collection. Vehicle history records logged by human sources tend to contain inaccuracies or omissions, making these records less valuable to auto manufacturers, service providers or dealerships. However, the era of connected cars and IoT-enabled transport systems presents the opportunity for accurate and automatic data collection from communicating vehicles or devices. The AMO project will help unleash this untapped profitability in car data, and facilitate fair distribution of value with AMO Coin.
AMO Coin may be utilized in various ways, including the following:
Reward car users who contribute data (data providers), based on AI-assisted evaluation of data value
Broker procurement of data and data usage rights by auto manufacturers, aftermarket service providers, urban planners, etc. (data consumers)
Incentivize participation as blockchain nodes, block generation, and resource contribution for Peer Storage
Substitute credit card payments to lower transaction fees for goods and services providers using the publicly distributed AMO SDK (AMO Coin value is pegged at fixed rate of 1 ETH = 200,000 AMO)
One of the challenging undertakings of this project is to establish and publicly release industry standards for storing car data on AMO Blockchain. This ensures that access to necessary data for building useful mobility services and products remains open to Big Tech and independent developers alike. However, deep field expertise is required to work with these complicated and diverse vehicular communication modes such as V2V (Vehicle-to-Vehicle), V2I (Vehicle-to-Infrastructure), V2G (Vehicle-to-Grid), V2H (Vehicle-to-Home), V2P (Vehicle-to-Pedestrian), V2N (Vehicle-to-Network), V2S (Vehicle-to-Service), or V2C (Vehicle-to-Cloud) data. That is why many may fail in this mobility blockchain space, but AMO has the necessary resources to succeed.
Headed by AutoCrypt’s creator and AMO CEO, Dr. SangGyoo Sim, the AMO team possesses experience, technologies and industry networks in many crucial areas of the automobile ecosystem—data and IoT security, connected car communications, and smart energy. Dr Sim elaborates:
“We’ve been early pioneers in automobile security and our technology is on highways in Korea today. That experience guides our entire blockchain design, ensuring we’re properly managing sensitive car-relation information. While connectivity makes a car more powerful, it also makes the car increasingly vulnerable with more exposed communication channels. Not many players in the car data blockchain space are as equipped to tackle this angle of security, which time will prove to be the most important one.”
Besides creating the blockchain storage and market infrastructure, AMO will be launching its own software and hardware collectors, AMO Data Collector (2019 Q1) and AMO Auto Wallet (2019 Q2), to transmit data to the blockchain utilizing the open standards. AMO Coin, which is used to broker consent for use of shared car data, will debut on domestic and overseas exchanges when the ICO concludes.
With its pre-sale closing in a mere six hours, the team at AMO is now preparing for its crowd sale, which is scheduled to start on June 30. Completion of the mainnet blockchain can be expected in Q3 of 2019.
About AMO Labs
AMO Labs is the team behind the car data blockchain infrastructure project, AMO Market. Incorporated by Penta Security Systems, it is headquartered in Singapore and working to develop a blockchain ecosystem for the automotive industry. AMO expects to finish construction of the blockchain mainnet by Q3 of 2019. For more information on AMO, visit amo.foundation or contact firstname.lastname@example.org for partnership and ICO inquiries.
Company name: AMO Labs
Company site: amo.foundation
Company email: email@example.com