RaceCoin came about as the simple solution to a practical problem. How can people who race cars as a hobby fund their passion? Yes, there’s the traditional route of sponsorship, but as everyone who has done any racing knows only too well, that’s increasingly hard to come by. So, a brand-new approach was needed. Something that was truly outside the established box and made use of all the possibilities that modern technology brings. Something that can grow to become much more than just a way of getting money.
The big ideas
Imagine if you equipped race tracks and cars with sensors that would capture data and convert it into a universal language of performance, making it possible for the very first time to accurately compare the performance of two different drivers on two different tracks? What if you then stored all that data – from thousands of drivers, cars, and tracks – on a blockchain network: the data-rich and secure building blocks used for cryptocurrency, to create a global motorsport database that has never been seen before? And what if fans were able to place bets on the outcome of these unprecedented virtual races via the RaceCoin social community – with revenue being generated and then shared among stakeholders? It might seem like science fiction. But it's deceptively simple in reality.
Modernizing motorsport finance
It’s crazy that the conventional fund-raising route in motorsport has remained largely unaltered for decades. RaceCoin is about to change that. The idea came to our CEO, Joachim Baron Von Behr-Baerwald, when he was raising funds for a race track he was planning to build in Latvia. What if the funds themselves became a mechanism for making more money? And what if the actual race track became a test bed for new technology that could also make money for racers to go racing? His mind was also racing. One of the oldest arguments in motorsport is this one: who is faster out of X or Y? That can be easily sorted if you both put them in the same car on the same track, but what if you can’t? You’ll never know. Until now. Joachim had a very big idea. Or rather, three ideas.
Building the platform
RaceCoin is an entirely new platform, on which drivers and fans can interact. Not just that, but people can race anywhere at any time, with no limits. Exciting, isn’t it? As you read this, all the hardware and software to make it happen is being finalized. By 2022, RaceCoin will have partnered with more than 40 race tracks and 5000 drivers, with aggressive expansion planned even further into the future. That’s why we call it a racing revolution. The future, right now. And we’d like to invite you to be a part of it from the very beginning.
Let's talk about the facts!
RaceCoin came about as the simple solution to a practical problem. How can people who race cars as a hobby fund their passion? Yes, there’s the traditional route of sponsorship, but as everyone who has done any racing knows only too well, that’s increasingly hard to come by.