The goal of the VinChain project is to solve the asymmetric information problem in the used vehicle market by creating a decentralized, unchanged, transparent, secure, and reliable vehicle life cycle repository.
Unfortunately there is no single car database. There is a commercial base, but it does not solve this problem. Their information is stored centrally and there is an incorrect risk. The commercial base is closed and does not exchange information among themselves. As a result, car buyers risk resigning and losing money.
The VinChain project will unite all data providers and create a continuous history of the car, devoid of the disadvantages of centralized databases. Market participants such as car manufacturers, car dealers, insurance companies, banks, and leasing companies all need a history of exploitation and they need it to be transparent, affordable, reliable, and authentic.
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.
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.
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.
Current Problems
- Subject to change for commercial purpones
- Has no continuous, periodic update
- Not verified by the data provider
- Lack of consumer trust
- Bank, Insurance, and Leasing companies fraud
Solution
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.
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.
The VinChain project will unite all data providers and create a continuous history of the car, devoid of the disadvantages of centralized databases. Market participants such as car manufacturers, car dealers, insurance companies, banks, and leasing companies all need a history of exploitation and they need it to be transparent, affordable, reliable, and authentic. Also buyers who are choosing a car right now are able to order our report immediately.
Distribution
Distribution of funds collected during pre-ICO
Token distribution
Roadmap
- February 2017: Concept developmentThe founders are studying the blockchain technology's ability to collect and store information, first prototypes are developed.
- October 2017: White paper and project concept approvalWhite paper issue, collecting feedback from the community, concept and work flow chart development based on the collected data.
- since November 23, 2017: tokens pre-sale to early-stage investors|
- since 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
VinChain Team
Quick Links
Website: https://vinchain.io/en
Ann Thread: https://bitcointalk.org/index.php?topic=2349186.0.all
Facebook: https://facebook.com/vinchainio/
Twitter: https://mobile.twitter.com/VinChain_io
Telegram: https://t.me/vinchainio
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