VINChain
DECENTRALIZED VEHICLE PROJECT
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.
It’s no longer a news that if you purchase a brand new car and wishes to sell it off even the same day of purchase, the Buyer due to lack of more information about the car, might not be too sure of the quality and the car’s healthiness as such, will always want the car’s price drastically slash from the normal purchase price as it is tagged “Second Hand Value”. This has created so many problems between the Buyer and the Seller causing most of the sellers of these vehicles to back off the business.
The problem is captured and explained by Nobel prize winning economist George Akerlof in his published scientific work "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism" in 1970. He described the mechanics of markets where one party (the sellers) know significantly more about the product than the other party (the buyers). This is also known as "markets with asymmetric information".
#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.
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.
VinChain solves this problem with the help of blockchain technology. For each car, we will issue a blockchain-passport, which will be stored in a distributed registry.
Information about the car is accumulated in the databases of all participants in the system (car manufacturers, insurance companies, service stations, banks and leasing companies, dealers, etc.) during the entire period of its use.
The VinChain project unites all data providers and creates a continuous history of the car, free of distrust to information from centralized databases, and guarantees data unchanged during the entire storage period by means of blockchain technology and data hashing using SHA-256 cryptographic algorithm (sha 2 family) *
The blockchain-passport of the car connected to the vin-code, placed in the VinChain blockchain system, at any time is available to any user and service provider who has access to the system.
With Vinchain, Both the sellers and the buyers of used vehicles will benefit from the removal of information asymmetry from the used car market. When the buyer knows all of the available information on a given vehicle, that will create trust in the process and will be willing to pay more. For the seller, disclosing the full vehicle history actually increases the value of the car at the time of the sale.
- 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
Here are able and capable hard working team members, all here are experts and experienced in Automobile industry. They are all goal getters.
These are just few of them, comprehensive list and their contacts are Vinchain whitepaper.
Alex Miles
Marketing strategist with specialization in brand development. Founded Mealful LLC, a passion project to help individuals achieve their fitness goals.
Stacy Denver-
Increased monthly sales by 150% in 2012-2013 as the Head of the Sales at A Better Bid Car Auctions LLC.
Alexey Listopad
Brought 9 huge projects to the US market as the Head of Marketing at at A Better Bid Car Auctions LLC. Project marketing and design specialist. Created ‘Logistic Club’ when 19 years old
When requested, the information corresponding to the requested VIN number will be searched and selected in the blockchain.
Each record will have information about data provider, date, VIN and the use of the car.
Vinchain intends to implement a token to smooth the processing of car information queries on the VinChain system. An end user will pay VinCoin in exchange for all information related to a vin number that is currently being stored on-chain. The information queries are designed to rely on extremely simple token economics for the client facing aspects of the payment system. In order to have a successful token system currently, it’s necessary to leverage simple economics. Widespread adoption of any system comes most easily when end-users can understand the process enough to trust it. For a user wishing to retrieve information from the VinChain system the transactional costs will always be VinCoin.
Sold in 2016 - 95 million cars, sales grow every year, manufacturers increase the production.
The market for all cars in the world in 2016 totaled 1.38 billion pieces. With the cost of a history report at $15, the total volume of VinChain's market is $20 billion.
Interaction process between data providers and users
*Supplier’s data evaluation is based on ranking scale
*Each blockchain request is paid tokens
*Each report contains data about the car from several suppliers
*Each vendor whose data was used in the report receives payment tokens
*VinChain receives a commission from each request
OUR ICO
The benefits of Blockchain Technology for Vinchain cannot be over emphasis, here are some of them;
- Blockchain can store any information about the vehicle maintenance.
- Absolute reliability
- Transparent system of awards for the data suppliers
- Resistance to network attacks, etc…
Tokens Emission and Sale on ICO.
ICO will be held from March, 22d through April, 15th, 2018. 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.
Bonuses and Discounts
The amount of tokens sold Price
0 - 1 000 000 1 ETH - 20.000 VIN
1 000 001 - 5 000 000 1 ETH – 17.140 VIN
5 000 001 - 12 500 000 1 ETH – 15.000 VIN
12 500 001 - 100 000 000 1 ETH – 12.000 VIN
100 000 001 - 250 000 000 1 ETH -10.910 VIN
250 000 001 - 612 500 000 1 ETH – 10.000 VIN
The distribution pattern of tokens is the following:
The distribution pattern of Genesis block in VinChain Network will include 1,000,000,000 utility tokens.
Vinchain Project was came as a result of long time hunger to put an #end to the problems between Buyers and Sellers which is Information Gap otherwise known as; the problem of asymmetrical information in the used vehicle market through Blockchain Technoology.
More Information Connect To Vinchain
Official Website: https://vinchain.io/
Whitepaper Link: https://vinchain.io/files/white_paper.pdf
Telegram Channel: https://t.me/vinchainio
Official Twitter: https://twitter.com/VINChain_io
Official Medium: https://medium.com/@VINChain
Authorized By:
My Bitcointalk Username: Prinox2
My Bitcointalk Profile link: https://bitcointalk.org/index.php?action=profile;u=1318207
ETH wallet address: 0x17E320ed9C910fA40a484e9B795bB12fF437B74e