Project VinChain solves the problem of asymmetrical information in the used vehicle market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
VinChain is a blockchain database that records all information pertaining to vehicles. For each vehicle, the information accumulates during the entire period of use. This history is transparent and accessible to everyone. To protect accuracy of the information, the technology of distributed storage is used. This guarantees absolute reliability and security of data. Every day hundreds of thousands of used cars are sold in the world, and each buyer wants to get reliable information about the technical condition of the car. This is an important security, financial, and safety issue.
Unfortunately there is no single database of cars. There are commercial bases, but they do not solve this problem. Their information is stored centrally and there is a risk of it being incorrect. Commercial bases are closed and do not exchange information among themselves. As a result, the buyer of the car risks their own safety and losing money.
VinChain Works
Since only seller is aware of the true condition of a salvage car, it’s not easy for the buyer to predict whether the car will truly be in a “good" or "bad" condition.
VinChain is the world’s first decentralized international automotive data marketplace. The VinChain team is working to ensure the complete transparency of a vehicle’s history.
Current Problems
Solution: VinChain
Project VinChain solves the problem of asymmetrical information in the used vehicle market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
VinChain is a blockchain database that records all information pertaining to vehicles. For each vehicle, the information accumulates during the entire period of use. This history is transparent and accessible to everyone.
To protect accuracy of the information, the technology of distributed storage is used. This guarantees absolute reliability and security of data. Every day hundreds of thousands of used cars are sold in the world, and each buyer wants to get reliable information about the technical condition of the car. This is an important security, financial, and safety issue. Unfortunately there is no single database of cars. There are commercial bases, but they do not solve this problem. Their information is stored centrally and there is a risk of it being incorrect. Commercial bases are closed and do not exchange information among themselves. As a result, the buyer of the car risks their own safety and losing money.
Project goals
Change the global market of used cars by making it honest, transparent, reliable and with equal access to information for each participant.
Project Objectives
Create a block with different levels of access and information protection. Data security level should correspond to the needs of government agencies.
Unite the participants in the automotive industry, such as manufacturers, insurance companies, dealers, service stations, developers of navigation systems, into a single ecosystem for data exchange purposes.
Create an infrastructure and provide direct access to the database for each market participant.
Distribution of funds collected during pre-ICO
Token distribution
Token Sale
Role of Token : Enable trade of data between data owners and buyers
Symbol : VIN
Supply : 1.000.000.000 VIN
For Sale : 600.000.000 VIN
Emission Rate : No new tokens will be created
Price : 1 VIN = 5 cents
Accepted Currencies : ETH, BTC, XRP, LTC, WAVES, USD, EURO
Sale Period : 22th March 2018 14:00 UTC to 15th April 2018 14:00 UTC
Token distribution date : 17th April to 29th April 2018
Minimum goal : $5.000.000
Maximum goal : $34.500.000
Roadmap
February 2017: Concept development ,
The founders are studying the blockchain technology’s ability to collect and store information; first prototypes are developed.
October 2017: White paper and project concept approval
White paper issue, collecting feedback from the community, concept and work flow chart development based on the collected data
November 23, 2017: tokens pre-sale to early-stage investors
December 1 to December 24, 2017: VinChain pre-ICO. Pre-ICO
VinChain will be held from December 1 to December 24, 2017 until the required amount is collected.
March 2018: MVP testing
Product testing launched Since March 22 to April 15, 2018: ICO VinChain, ICO launch. The key objective during this period is to sell tokens qualitatively and without a hitch.
April 16, 2018: tokens sale
Once ICO ends, the procedure tokens will be issued to investors
April 20, 2018: product development and optimization, release of new versions
4th quarter 2018: work finalization on VinChain project.
ICO Description
Blockchain
The advantages of using the blockchain technology for VinChain:
Blockchain can store any information about the vehicle maintenance
The opportunity to adjust the access levels for different users
Absolute reliability
Transparent system of awards for the data suppliers
The opportunity to work directly with each market player\
Resistance to network attacks
Pre-sale of tokens for early investors
Pre-sale: December, 1st – 24th 12,000,000 tokens will become available for placement with the sale prohibition during 3 months after the ICO is over.
Tokens emission and sale on ICO.
ICO will be held from March, 22d through April, 15th, 2017. Payment
methods available for the VinChain tokens:
Bitcoin (BTC)
Ethereum (ETH)
Riple (XRP)
Litecoin (LTC)
Waves (WAVES)
USD, EUR, GBP
Available for placement: 600,000,000 tokens.
The tokens will be distributed between the buyers within 72 hours of the
ICO finishing.
Hard cap
Maximum investment amount: $34,500,000.
For your information
Facebook: https://facebook.com/vinchainio/
Twitter: https://mobile.twitter.com/VinChain_io
Telegram: https://t.me/vinchainio
Website: https://vinchain.io/en