The automotive ecosystem is preparing for the arrival of the CDK token, which intends to tokenize the services provided by CodeNekt, a revolutionary app founded in France that centralizes a vehicle’s and driver’s data. The tokenization of vehicles allows for their sale as NFTs, and the CDK token secures sensitive data about the vehicle, including mileage, past ownership, and past repairs.
With this feature, drivers will be able to use the CodeNekt app to instantly pay any fees or charges related to their vehicle. This groundbreaking use of blockchain technology in the automotive sector will also help reduce drivers’ carbon footprints, as well as prioritize vehicle safety.
With the CDK token, built over the Algorand blockchain, CodeNekt anticipates an influx of over one million total new users over the next few years. To avoid congestion on the Algorand blockchain, the company will pre-compile compatible transactions, which will be stored on IPFS while the hash of each document is on the Algorand blockchain.
The nature of the CDK token also provides stakeholders with plenty of incentives, as its value is linked to the success of the CodeNekt app. The non-reliance on the traditional push/pull crypto bear markets makes CDK unique amongst tokens, with its future value linked to its real-world success and not determined by market speculation. For example, after the second-hand sale of a vehicle, the associated NFT is passed onto the new owner. The commissions generated by these transactions are then distributed between CodeNekt and CDK stakeholders.
Stakeholders are also incentivized to hold on to their tokens through a progressive rewards system. These rewards are calculated by looking at how long tokens have been staked for, as well as how many tokens have been staked. With this system in place, the staking of tokens is encouraged for a longer period of time.
CodeNekt will not draw from funds raised during their ICO for operational costs. Instead, these funds will be placed in DeFi on low-risk, low-volatility products. The interest rates generated by them will then be used to fund operations.
This unique approach to an ICO will involve investors in the growth process from the ground up, whilst providing stakeholders with a guarantee of security. This falls in line with CodeNekt’s wishes to be fully decentralized, with stakeholders having input in the development of the app and thus the success of the CDK token.
CodeNekt’s team is already looking into other functions, such as the development of additional insurance, loyalty systems, and incentives for sustainability. There is a lot of potential growth for this project which, when combined with the benefits for token holders, makes the CDK token one well worth keeping an eye on.
With over 30,000 members already, you can visit the CDK token website for more information.