VinChain is a company looking to create the world’s first database of used vehicles to offer potential new owners complete access to information regarding the performance of a vehicle being sold in the secondhand market.
The company aims to create a blockchain log with different stages of access and data protection while inviting every player in the automotive industry to participate in the expansion of their ecosystem by providing their own data and exchanging it in the platform.
The company is looking forward to work with private owners, all the major brands, insurance companies, independent dealers, navigation apps and many others to create a framework connecting all the information provided by them into a single database with a different structure for each participant.
The VinChain platform is being developed to offer a number of benefits for those who choose to sing up with them. Users will be able to get big discounts on their insurance policies if they contract the service using the platform. Owners will be able to locate the best deal in their area to offer maintenance to their vehicles; the platform is designed to even help drivers to locate a parking spot.
The statics collected by the platform will inform future owners about the driving habits of the previous owner as well as every incident that merits recording. Owners will also be rewarded when they choose to share this data with the people requesting it.
Financing an Initiative
As impressive as it is this list of proposed features, the company still needs to finance a part of their operation. To achieve their goal they are issuing the VIN token. The financial tool will be used as a means of crowdfunding by VinChain to complete development, and once it’s released, it will be the main payment method within the company’s platform.
A Pre-ICO event took place in December of 2017 and 12.5 million units of VIN tokens where released. The only means of payment accepted by the company at the moment where Ethereum, with 1 ETH granting 28,000 VIN. They were able to collect 1,670 ETH (nearly $1.5 million) in just 24 hours making the presale successful.
VinChain ICO Details
The public sale for the VIN Token started out on February 1st of 2018, and it will end on April 15th of 2018. The company will issue 1 billion VIN units, but only 60% of them will be offered in the public sale. The current value of the VIN is fixed at 20,000 units granted in exchange for 1 ETH. VinChain has hard-capped the sale at 23,250 ETH and soft capped the offer at 3,330 ETH to consider it successful.
The token distribution will go as it follows: 600 million VIN units will be awarded in the public sale. 250 million will be distributed between the founders and the developers (they will be restricted for 2 years after the ICO event ends). 87.5 million VIN units will be used for rewards and discount programs, 50 million will be distributed among the advisors and 12.5 million were already distributed in the Pre-ICO sale.
After the sale is done the distribution of the earnings will go this way: 26% will be used to further development of the platform, 25% will be used for product infrastructure, 20% will be spent on marketing efforts 10% will go to the integration of partnerships, 6% will be used for power plat development, 10% will be destined for legal expenses, 2% will be used for research, 0.6% will go to administrative goals and other expenses while the remaining 0.4% will be used for accounting expenses and recruitment.
To get a wider scope of VinChain’s ICO offering, you can go to https://vinchain.io/.