VinChain
Decentralized vehicle history
Problem The problem is captured and explained by Nobel laureate 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 seller) know significantly more about the product than the other party (the buyer). This is also referred to as "markets with asymmetric information". The used car market is an example. When selling a car, the seller typically knows significantly more about the vehicle than the buyer. This is a problem for the buyers, which opens them up for possible fraud. To protect against the risk of a "bad" car, the buyer reduces the price he is willing to pay for the vehicle. This can cause
This is how it happens:
● A buyer can not completely differentiate a good car from a bad car, so he is willing to pay less for the vehicle. This reduces the average price of the vehicle.
● Due to the lower average price, most of the cars sold are of lower quality so that those who sell good cars leave the market.
● As a result, the average quality of goods in the market continues to deteriorate, leaving buyers willing to pay even less than before. For this reason, the average price of a car is reduced even further. 2
● Meanwhile, sellers of medium quality vehicles are forced to leave the market.
● The quality of cars will deteriorate again, and the average amount that buyers are willing to pay will fall proportionately. This cycle continues until buyers stop buying cars because they assume they are all of poor quality.
● This leads to a complete disappearance of the market. This is the nature of markets with asymmetric information. This cycle can only be stopped by removing the information asymmetry. Solution: VinChain Project VinChain solves the problem of asymmetric information in the used car market by creating a decentralized, unchangeable, transparent, secure and reliable Vehicle Lifecycle Repository.
This cycle can only be stopped by removing the information asymmetry.
Solution: VinChain
The VinChain project solves the problem of asymmetric information in the used car market by creating a decentralized, unchangeable, transparent, secure and reliable Vehicle Lifecycle Repository.
VinChain is a blockchain database that records all information about vehicles. For each vehicle, the information accumulates during the entire service life. This story is transparent and accessible to everyone.
To protect the accuracy of the information, the distributed memory technology is used. This guarantees absolute reliability and security of the data. Every day, hundreds of thousands of used cars are sold worldwide, and every buyer wants reliable information about the technical condition of the car. This is an important security, finance and security problem.
Unfortunately, there is not a single database of cars. There are commercial basics, but they do not solve this problem. Your information is stored centrally and there is a risk that it will not be accurate. Commercial bases are closed and do not exchange information with each other. As a result, the buyer of the car risks his own safety and loses money.
VinChain solves this problem using blockchain technology.
For each car we will issue a blockchain pass, which will be stored in a distributed registry. The VinChain project will bring together all data providers and create a continuous history of the car without the disadvantages of centralized databases. Market participants such as automakers, car dealers, insurance companies, banks and leasing companies need a history of exploitation and must make it transparent, affordable, reliable and authentic. Even buyers who are currently choosing a car, can order our report immediately.
How it works
On request, the information corresponding to the requested VIN number is searched for and selected in the blockchain. Each record contains information about the data provider, date, VIN and use of the vehicle.
Basic Usage and Client Economy Vinchain intends to implement a token to smooth the processing of auto-information requests on the VinChain system. An end user pays VinCoin in exchange for any information relating to a Vin number currently stored in the chain. The information queries are designed to be based on a very simple token economy for the customer that is faced with aspects of the payment system. To have a successful token system, it is necessary to use simple economy. The most common way to deploy a system is to have end users understand the process so well that they can trust it. For a user who wants to retrieve information from the VinChain system,
Market volatility should be linked to the fluctuation of car history data rather than to speculation. The VinChain token will primarily be a utility or utility token used to create a stable transaction rate and allow the payment of liquidity fees and profit distributions to all information providers. The initial pre-ico token pricing is $ 0.03, token pricing is $ 0.05, and long-term transaction rates are expected to reach at least $ 3 per transaction. Compared to competitors' current rates, this $ 3 rate can easily be seen as a 98% saving compared to similar name brand car history queries.
By implementing a low-friction solution, we can offer a comparable product at a fraction of the cost. In contrast to traditional vehicle history options, certified mechanics and other actors in the chain of control will be able to provide long-term vehicle information that was previously overlooked due to lack of insurance coverage.
Over time, as more information providers are verified, VinChain will allow more widespread information about auto stories.
business model
- The data evaluation of the supplier is based on the ranking.
- Each blockchain request is paid for tokens.
- Each report contains data about the vehicle from multiple suppliers.
- Each provider whose data was used in the report receives payment tokens.
- VinChain receives a commission from each request.
The mechanics of the VinChain system is as follows:
When we get a request to the blockchain, we look for the data along the entire chain and prepare and provide the information in a structured form. The fee for the information is received by the members of the registry whose information was used. Both sellers and buyers of used vehicles will benefit from the elimination of information asymmetry from the used car market.
If the buyer knows all available information about a particular vehicle, it creates confidence in the process and is willing to pay more. For the seller, disclosure of the complete vehicle history actually increases the value of the vehicle at the time of sale. If a buyer knows the full operational history of the vehicle, he / she has the guarantee that the vehicle will retain a certain value. The same can not be said about a vehicle without a report.
This can be explained with the following example:
If a buyer needs to choose between two exactly identical vehicles, one will have a complete business progress report while the other will not; The buyer will select the vehicle with the full operational report - even if the report indicates that the vehicle has been damaged and repaired in the past. That's because a report would guarantee the history of the vehicle. The VinChain project will tell the truth. Every market participant has the right to know this.
In the future, the technology can be scaled to adjacent different segments of the market: yachts, construction equipment, real estate.
Project Goals Change the world market for used cars by making them honest, transparent, reliable and with equal access to information for each participant.
project objectives
1. Create a block with different access and information protection levels. Data security level should meet the needs of government agencies.
2. Merge automotive industry participants, such as manufacturers, insurance companies, distributors, service stations, navigation system developers, into a single ecosystem for data exchange purposes.
3. Create an infrastructure and provide direct access to the database for each market participant.
ICO description
Why Blockchain?
The Benefits of Using Blockchain Technology for VinChain:
- Blockchain can save all information about vehicle maintenance.
- The ability to customize the access levels for different users.
- Absolute reliability.
- Transparent system of awards for the data providers
- The opportunity to work directly with any market participant \
- Resistance to network attacks
Advance sale of tokens for early investors
Advance sale: 1.-24. December 12,000,000 tokens will be available for placement with the ban on sales for 3 months after the ICO.
Tokens issue and sale on ICO
ICO will take place from March 22 to April 15, 2017. The following payment methods are 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 among the buyers within 72 hours after the ICO has ended.
Hard cap
Maximum investment: $ 34.5 million.
The distribution pattern of tokens is as follows:
The distribution pattern of the Genesis block on the VinChain network will contain 1,000,000,000 service tokens.
- 600,000,000 => are distributed among ICO members;
- 250,000,000 => are reserved for founders, consultants and other team members with a 2-year sales limit;
- 137.500.000 => are reserved with a sales restriction of 2 years;
- 12,500,000 => are reserved for early investors with a sell restriction of 3 months after ICO termination
VinChain Team
Everyone in our team is an expert and has experience in the automotive industry. Each of us knows how to reach the goal.
Alex Miles - Project Manager. Founder of Mealful LLC. Elena Krasenkova - Head of Sales at A Better Bid Auto Auctions LLC, increased monthly sales by 150%.
Alexey Listopad - Director of Marketing. Bought 9 projects, including A Better Bid Car Auction in the US market.
Andrey Krainik - Founder of Easyexport.us, one of the top 10 companies in inc. 500 with an annual turnover of more than 45 million US dollars
Jurgis Plikaitis - CEO and Founder. Online auction expert. Serial entrepreneur. $ 500 million total revenue from established companies.
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For more informations :
WEBSITE: https://vinchain.io/en
WHITEPAPER: https://vinchain.io/files/white_paper.pdf
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