Good day , today i will introduce you to a very a nice and promising project called vin chain.
What is Vinchain?
VinChain is a blockchain database that records all information related to the vehicle. For each vehicle, information accumulates during the entire period of use. This history is transparent and easily accessible to everyone.
Major problems in car industry
- All of the information about a vehicle can be faked - things like odometer mileage, accident history, how many owners the car had, vehicle usage history, and other important information
- If you are buying a car, you can lose money because you don’t know if the car has any unknown problems
- As the seller, you make less money because the buyer cannot know the true condition of the car with certainty
- Existing databases are closed off and do not share information with others
- Information is out-of-date, unreliable, and not updated frequently
The Idea and Solution
VinChain is creating a worldwide decentralized database of vehicle information that is 100% transparent, reliable, and accessible by everyone. This database is blockchain based, which will guarantee that the information in it has not been faked, changed, or deleted. The blockchain guarantees full transparency and builds trust in the system. Information is captured from country registries, insurance and leasing companies, different partnered services, private registers, paid APIs, and certified members. Information is also captured directly from the vehicle, so the data is live and updated in real time.
AIM
VINchain wants to change the global market of used cars by making it honest, transparent, reliable, with equal access to information for each participant and this can be made possible because :
- VINchain will create a block with different levels of access and information protection. Data security access level should meet the needs of government agencies.
- VINchain will unite its participants in the automotive industry, such as manufacturers, insurance companies, dealers, service stations, and developers of navigation systems into a single ecosystem for data exchange purposes.
- VINchain will create an infrastructure and provide direct access to the database for each market participant.
HOW IT WORKS
The Buyer registers on a service provider’s website or in the mobile app. When the registration is approved, the buyer is allowed to check the vehicle’s Blockchain - passport availability by entering the VIN number of the vehicle.The service provider verifies the Buyer’s request by checking the availability of the data in all service-providers’ databases and gives the Buyer a short report free of charge.This short free report is a preview of the quantity of information that is contained inside the full report if the buyer is satisfied with the abbreviated report, they can proceed and purchase the full report. If the Buyer decides to make a purchase they pay with a pre-defined method of payment and in turn receive the full version of the vehicle’s Blockchain passport.
Business model
The supplier data evaluation is based on the ranking scale. Each blockchain request is a paid token. Each report contains data about the car from multiple suppliers. Each vendor that the data used in the report receives a payment token. VinChain receives a commission from each request.
TOKEN
The VINchain token is a utility token. VINchain tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive dividends, other payments, intellectual property rights, or any other form of participation in or relating to the project described in this white paper and/or in VINchain or any of its affiliates.
Token Details
- Token Sale Volume: 600,000,000 VIN tokens
- Token Issue Volume: 1,000,000,000 VIN tokens
- Soft Cap: 3,300 ETH
- Hard Cap: 23,250 ETH
- ICO Dates: 1 Feb, 2018 – 15 Apr, 2018
- ICO Bonus Stages: 7 stages with bonuses ranging from 5 to 40%
- Token Distribution: 16-23 Apr, 2018
- Token Rate at Issue: 1 ETH = 20,000 VIN tokens
- Preferred Form of Payment: Ethereum (ETH)
- Accepted Forms of Payment: Bitcoin (BTC), Litecoin (LTC), Dash (DASH)
Token Distributions
- Founders, Consultants and Team: 250,000,000 VIN tokens (sale restricted for 2 years)
- Reserve: 87,500,000 VIN tokens (sale restricted for 2 years)
- Advisory Board Reserve: 50,000,000 VIN tokens
- Reserved for Early Investors: 12,500,000 (sale restricted for 3 months)
The Team
To know more about this project you can visit:
- Website - https://vinchain.io
- White paper - https://vinchain.io/files/VinChainWhitePaperEn.pdf
You can also contact on social media: - Facebook - https://www.facebook.com/vinchainio/
- Twitter -https://twitter.com/VINChain_io
- Telegram-https://t.me/vinchainio
- Bitcointalk- https://bitcointalk.org/index.php?topic=2349186.0
My bitcointalk profile: https://bitcointalk.org/index.php?action=profile&u=1811169
Wallet address: 0x11Bc482Ef059AFFAEa099FC909BcdC5b021E0393