PARKGENE (ICO)

Peer-to-Peer Parking

“Airbnb like” Revolution on Blockchain

ABOUT PARKGENE

PARKGENE is a decentralized ecosystem where parking owners and drivers meet to conclude short-term or long-term parking rental contracts. PARKGENE, based on the Ethereum Blockchain combined with smart contracts, will eliminate the dependence on centralized systems between the transaction participants, and will significantly reduce the cost of parking for drivers, while offering an 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. The ecosystem will be of interest to individual, professional or municipal parking owners, who are engaged in offering parking spaces, as well as to the drivers. PARKGENE will create the most comfortable and straightforward conditions for all platform users to achieve their goals. Furthermore, due to its decentralized nature, PARKGENE will offer all the tools to customize and streamline all operations according to specific needs and requirements.

We believe that over time PARKGENE will offer a valuable solution not only in Western Europe and North American markets, but also in other markets around the world that face congestion and parking problems, providing a viable alternative that can help improve the entire parking industry. PARKGENE PTE Ltd is incorporated in Singapore and is wholly subsidiary of PARKGURU LTD (UK), a company that owns and operates an advanced omnichannel parking booking service (https://parkguru.com).

Today, PARKGURU’s applications provide booking services and detailed information on millions of parking spaces located in Europe and North America. The introduction of PARKGENE will create an operational fork. PARKGURU will remain focused on providing on-street and off-street parking, sourced by municipalities and professional parking operators (garages), while PARKGENE will be a new product focused on efficient decentralized peer-to-peer parking for individually owned driveways and home garages.

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, sized at $100 billion annually, and to provide drivers with a better parking experience, while helping cities become smarter and environmentally friendly.

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

Parking Industry Overview

Industry Overview

In the present scenario, the world is facing critical issues of traffic cramming with a significant rise in the vehicle population and congestion in cities, and this has become an ongoing challenge for municipal councils and the traffic authorities to track and manage vehicular traffic.

According to research by Frost & Sullivan[1], the worldwide parking industry is about $100 billion and is expected to attract institutional and strategic investments to the tune of $200-$250 million over the next 3–5 years, mostly to spur innovation and smarter parking. One big reason for this infusion of capital is to remove the inefficiencies in the ways that we currently park, per recent findings.

A 2011 study by Cisco[3] revealed that just within the US alone, the total cost of personal transportation amounts to $3 trillion per year. Parking represented a staggering 12.5 percent of this total, or $374 billion. This includes not only the actual cost to park but also associated inefficiencies, such as the urban traffic created by people looking for parking.

With numbers this large, it’s not surprising that automotive OEMs increasingly view parking as an important service that needs to be integrated within the vehicle’s telematics system to streamline efficiencies. In the coming years, P2P parking will generate new opportunities globally for myriad commercial parking lots, garages and residents to rent out their parking spaces with the aid of online marketplaces running over mobile and web platforms.

On-street & Off-street Parking Market

Until recently, parking and innovation have mixed like water and oil. This is largely due to the slow-changing nature of the two-headed parking industry, which is comprised of both on-street and off-street parking. On-street parking represents about one-third of all parking-related revenue[1] in the US and is typically controlled by cities and municipalities.

These organizations are not the fastest moving when it comes to initiating technical change, and while there has been progress within the realm of mobile payments at meters, truly scalable, innovative parking availability projects that help drivers find spots when they need them are few and far between.

Off-street parking represents about two-thirds of all parking-related revenue in the US and is largely owned by private enterprise and therefore, theoretically, should be faster moving when it comes to innovation. But even this segment of parking has been slow to change, mostly because its fragmented nature.

Despite the theoretical supply of parking spots sourced by Municipalities and Private Parking Operators, drivers globally spend an average of nearly 20 minutes per trip in pursuit of a parking space according to a 2011 IBM survey.

This is a colossal waste of time and the concept of pre-booking parking prior to arriving at a destination is still nascent. Most people continue to drive around searching for a spot, either on-street or off-street, typically unaware of what parking inventory is available to them.

Peer-to-Peer (P2P) Parking Market

Parking in private garages and driveways is a massive market by itself. According to a research published by CNT (Center for Neighborhood Technology (CNT))[5] there is a huge supply of parking spaces totaling 61% of the number of residential units in Chicago, when only half of them are occupied during night. According a study contacted by PARKGENE, based on housing and driving data published by the US Census Bureau, Eurostat and indexmundi.com, we estimate that the 100 biggest and busiest cities in the US and Europe generate a market of 20 million usable parking spaces and a potential revenue of 60 Billion USD.

It is obvious that P2P Market is massive and its efficient utilization could result in tremendous benefits for the cities, drivers, parking space owners and the economy overall. Over the past two years, several innovative startups (JustPark, ParkEasier, CitiFYD), mainly in the US and Europe, have launched services and apps focusing on P2P Parking offerings. The P2P concept is simple.

Individuals buy and sell goods and services from one another. In doing so, they circumvent traditional businesses, including parking operators. Nevertheless, all these apps are still facing scaling issues and most of them are counting a few thousand users, as their operational geographies are limited and global marketing is a big issue. Transparency, payment, security, high credit card processing fees, regulatory and tax issues are some of the major barriers for all these startups to scale, to become national or international champions.

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.

The parking problem is compounded due to the lack of information; many drivers simply don’t know where space is available, increasing driver frustration and wasting time. Just like congestion, parking pain is costly. For the individual driver, the search for parking results in wasted time and fuel, and incorrectly parking or running out of time can result in a parking fine. In the city, the search for parking clogs intersections and city streets, increasing traffic congestion.

The search for parking also worsens air quality, as vehicles emit greenhouse gases into the environment. Generally, off-street parking rates reflect local market conditions and central locations in major cities of commercial, political or cultural significance. Similarly, local political and policy considerations generally dictate on-street parking rates with many cities favoring relatively high on-street fees to encourage high turnover and to support local business activity.

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 quantified, 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 research, conducted by INRIX Inc[6], the parking pain costs (time lost in search for parking, parking fines, fuel consumption etc) for drivers in the U.S. $95.7 billion a year, drivers in the U.K. £31.2 billion and drivers in Germany €45.2 billion. To reduce these costs, technology providers, automakers, cities and businesses are relying more on providing drivers with real-time parking availability to ease parking pain. But as cities grow bigger and busier, while real estate value is rocketing, parking spots in the city are becoming more and more difficult to find.

More Detail Information Please Read Our Whitepaper

Drivers looking for a parking spot connect with parking owners through the PARKGENE app.

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’s wallet, to a depository (a temporary wallet). In the event that the driver doesn’t have enough GENEs, he can use his credit card or other means of payment (bitcoins, ethers) to buy GENEs in real-time and pay for the transaction.

Successful reservation and payment offers drivers and parking owners additional features needed for the completion of the parking session:

For example, the driver will have the ability to open the garage door using his mobile phone, while the parking owner is notified and can monitor – the video of the vehicle entry and departure. This optional functionality is possible using remote access tools, currently available in the market, integrated on the PARKGENE platform, or through a low-cost PARKGENE device.

At the end of a successful transaction, parties conclude a smart contract on Ethereum, with the entry and its confirmation on the blockchain.
The parking space owner receives 75% of smart contract in GENE tokens, , from the depository to their wallet, when drivers check out of the parking space.

The remaining 25% is distributed as follows:
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).
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 cryptocurrencies (BTC, ETH, etc) by using several cryptocurrency exchange services that trade the GENE token.

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

We expect that the increase of users and number of smart contracts will increase the demand for GENEs among drivers, resulting in a token that other service providers (i.e. Tolls, Car Wash, Car Insurance, Tow Service providers etc.) will accept as payment for their services.

Token Sale

To execute on PARKGENE’s vision, we are launching a Token Sale to issue GENE tokens on the public Ethereum blockchain. The tokens called GENE Tokens will be offered during the PRE-ICO Closed Round and the ICO public sale.
On December 15, 2017, PARKGENE will launch its PRE-ICO Closed Round to distribute up to 2% of the token supply (the hard cap during the PRE-ICO Closed Round Token Sale will be 20 million GENE Tokens). To participate in the PRE-ICO Closed Round Token Sale you need to qualify and receive an invitation. [The PRE-ICO Closed Round is SOLD-OUT]

The Public ICO will commence on January 15, 2018, 10:00 am GMT, to distribute up to 35% of the token supply.

Any unsold GENE Tokens at the ICO phase will be burned

The ICO will be conducted at PARKGENE’s Token Sale Platform. To be able to participate in the PARKGENE’s ICO and get GENE Tokens, you should register for a free account. GENE Tokens will be issued as ERC20 compliant tokens for Ethereum blockchain so you will need an ERC20 compatible – Ethereum wallet to receive them.

You will be able to pay in Ethers, Bitcoins, Bitcoin Cash, Dash. Litecoin and USD via wire transfer

GENE Tokens will be issued on the Ethereum Blockchain at the end of the Token Sale and distributed to the contributors. We expect that GENE will be traded in Cryptocurrency Exchanges shortly after their issuance.

GENE Token Price: 0.1 USD

GENE Token: ERC-20 – 0x6dd4e4aad29a40edd6a409b9c1625186c9855b4d

Bonus depends on the contribution amount

Participation: Open to all

Minimum Participation: No minimum

ICORATING Audit: STABLE – Risk: LOW – Hype: HIGH

ICO Start date: 15 Jan 2018, 10:00 AM (GMT)

ICO End date: 19 Mar 2018, 10:00 AM (GMT)

or until hardcap of 350,000,000 tokens sold

PRE-ICO: Sold Out at 20M Tokens.

USD Payments accepted: PayPal, Credit, Wire Transfer

Crypto Payments accepted: ETH, BTC, BCH, DASH, LTC

Funds held in Escrow until the end of the ICO

Secure Offer

All ICO funds are held in Escrow
Multi Signature Wallets
Unsold ICO Tokens will be burned
GENE Tokens are issued only for investors
GENE Tokens are transferred to investors right after the ICO
GENE Tokens of Founders, development team and key personnel are locked in for 6 months.
Bounty, Advisors and Team GENE Tokens will be distributed at the end of the ICO
Any Bounty unallocated Tokens will be transferred to the “PARKGENE Charity Fund”

Rated by ICORATING

“GENE tokens have long term growth potential, provided the quality of the service is high and there is a continuous increase in demand. Purchase of the tokens during the ICO is a good opportunity for potential users of the service.”