VinChain — 100% Trustworthy Vehicle History on the Blockchain
VinChain is a decentralised databased built on the blockchain which aims to provide a comprehensive record of each cars history. Users will be able to purchase car history reports using either fiat or VIN tokens. The payment will be distributed amongst the Vinchain platform and the participants who provide the data.
ABOUT VinChain
After the discovery of the Henry Ford system change in the automotive industry, the entire world is the modification of the locomotive has been going by so many technicians and mechanics more reminiscent ofform, function and style from a bunch of different car brands to progress knowledge delivered by the 21st century. technological innovation. The number of cars and equipment in production and circulationincreased exponentially and a large number of investors have indicated interest in the industry over time.Analysts have found that a large number of vehicles are not sold to consumers that really need it because of the lack of trust from the buyer. While the seller had knowledge of the vehicle, for example, buyers only buywith faith, thus paying less because the probability that such vehicles may not correspond to the prices givenare offered . As a corollary, the market gradually depreciate in value as more issues related to religionappear every day because of the nature of the market that is not symmetrical. To overcome these challenges and more closely related to it, a decentralized vehicle ecosystem.
Vinchain is the warehouse decentralized vehicle life cycle, undeniable, invisibility, protected, and last a long time. Blockchain this is a database that records all information relating to the vehicle. For each vehicle, the information accumulated during the entire period of use. This history is transparent and accessible toeveryone. By implication, the number of years a particular vehicle used by different users at different timesand will be automatically recorded and published for everyone and anyone has access without restrictionsand chauvinisme. To do this, each buyer has a background knowledge about what he wanted to buy;Considering the value and an equivalent adjustment, relative. The VinChain as a project that was carved out of the demands of the 21st century will unify all the data provider and creates a history of unrelenting car, without the disadvantages of a centralised data base.
Why 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
BENEFITS
The platform will be beneficial to the buyer and the seller. This creates trust on the side of the seller and the buyer in most trust. Therefore, this means that the system diversify platform is of mutual benefit. Over time, this platform will be developed into a hub of car number one most used in the world, where the percentage of the population of the larger world would use that platform in one way or another vis-à-vis the purchasethe product is.
*Huge market
According to Macquaire Bank 88.1 million cars and light commercial vehicles were sold in 2016. That was an increase of 4.8% from the previous year. Globally car sales are booming. Car history reports frequently need to be obtained when cars exchange between buyers and sellers, especially for second hand vehicles. VinChain only needs to capture a portion of this market in order to be successful.
*Increased regulation
In the United States in some states there is already a prohibition against selling a vehicle without a VIN history. This may be expanded to the federal level. Similar regulations in regards to odometer reading documentation are going to be required by the EU in 2018. VinChain is well capitalised to take advantage of these trends as more people are required by law to obtain car history reports.
*Much cheaper
Its estimated that the average car history report costs about $9. In contrast a car history report with VinChain would be as low as $1.20. Users don’t need to know anything about cryptocurrencies in order to use VinChain. Payment is available in fiat currency, so its just like any other website that they may normally use. It seems very likely that consumers are going to opt for a much cheaper alternative.
*Participants are incentivised to contribute data
The payments made for the car history report are distributed to the participants who provide the data. These participants can be car leasing companies, dealers, insurance companies and the like. Because they are rewarded when their information is used they have strong incentives to provide accurate and current data.
Problem
The problem was captured and described by Nobel prize-winning economist George Akerlof in his scientific work published “The Market for ‘Lemon’: Quality Uncertainty and the Market Mechanism” in 1970. He described the market mechanics in which one party (seller) knew significantly more about products from other parties (buyers). This is
also known as a “market with asymmetric information”.
Used car market is an example. When selling a car, the seller usually knows more about the vehicle than the buyer. This is an issue for buyers as it opens them to the possibility of cheating. Protecting the value against the risk of buying a ‘bad’ car buyer reduces the price he wants to pay for the vehicle This can cause the entire used vehicle market to disappear.
Here’s how:
Buyers can not distinguish good cars well from bad ones, so they are willing to pay less for the vehicle. This reduces the average price of the vehicle.
Because of the lower average prices, most cars are sold for poorer quality, so those who sell good cars leave the market.
As a result, the average quality of goods on the market is deteriorating further, and as a result buyers are willing to pay even less than before Because of this the average car price is reduced even further.
Now mid-size car salesmen are forced to leave the market.
The quality of the car will worsen again, and the average number of buyers willing to pay will drop proportionately. This cycle will
continue until the buyer stops buying the car because they will do it assuming that everything is poor quality.
As a result, this will lead to a loss of the market as a whole.
This is the nature of the market with asymmetric information
Solutions
Main Project ObjectivesChange the global market of used cars by making them honest, transparent, reliable and with equal access to information for each participant.
The purpose of the project
Create blocks with different levels of access and information protection. The level of data security should be in accordance with the needs of government agencies.
Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, workshops, navigation system developers, into a single ecosystem for the purposes of data exchange.
Create the infrastructure and provide direct access to the database for each market participant.
Vinchains customer base
Vinchains primary customers will be consumers buying a vehicle. Tens of millions of cars are sold each year and many of these will require a car history report so this consumer market should be substantial.
This is not Vinchains only market however. There is also the B2B market as well. Insurance companies will be able to use the information on the Vinchain blockchain before they make insurance payments. These will help to insure cars are insured on their actual state as well as to identify bad cars.
Car dealers will be able to use the Vinchain blockchain in order to provide a more accurate analysis of a cars market value. When they sell a car they will be able to provide more detailed information about it which should be seen as advantage by customers.
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.
Cost of car history reports
The cost of a car history report on Vinchain is 25 VIN tokens. This is roughly the equivalent of $1.25. This compares to an average market price for a similar report of $9.
Get the VIN (Token) is the first step in order to authenticate the actual workings of certain vehicles that are intended to buy or sell through the platform. This platform will also develop B2B B2C mechanisms includingchannels to create and enhance the valuable communication between buyers and sellers and businessrelated. The image below shows a prototype pattern chat platform.
To really decentralize the system and make the platform accessible to all andsundry, this platform organizingICO public to allow the general public to take part of the revolutions of the motor vehicle who is quite usedto this . To get the token or join crowdsale click on vinchain.io
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
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
The tokens will be distributed between the buyers within 72 hours of the ICO finishing.
Hard cap
Maximum investment amount: $34,500,000.
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.
600,000,000 => are distributed among ICO members;
250,000,000 => are reserved among founders, consultants and other members of the team with a sale restriction of 2 years;
137,500,000 => are reserved with a sale restriction of 2 years;
12,500,000 => are reserved for early investors with a sale restriction of 3 months after ICO ending
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.
WEBSITE https://vinchain.io
WHITEPAPER https://vinchain.io/files/VinChainWhitePaper.pdf
ANN THREAD https://bitcointalk.org/index.php?topic=2349186.0
TELEGRAM https://t.me/vinchainio
FACEBOOK https://www.facebook.com/vinchainio/
Username Btalk: Celin23
Btalk: https://bitcointalk.org/index.php?action=profile;u=1382509;
Wallet ETH: 0x1060C87081B6221acC9cE11c7e15DA9526456981