I knew a scientist who actually made a similar system work. I watched his Camaro SS run on it... very f'ing cool... Figuratively and literally. The fuel actually burns cooler, thus reducing operating temperature. It's only byproducst were water and trace amounts of oxygen, hyrogen, & carbon. It was not yet drivable, but sounded as though it had as much power as gasoline. When I last spoke to him, he was trying to raise a significant amount of money to work out some kinks with safe containment and consumable carbon tips.

After seeing how it works and was engineered, the link above is similar but has some key differences that will probably prevent it from working.