|Token price||6,000 VIN = 1 ETH|
|Tokens for sale||600,000,000|
|Accepting||ETH, BTC, XRP, LTC, WAVES, Fiat|
|Hard cap||34500000 USD|
|Distributed in ICO||60%|
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. 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.
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. 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.
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.
The mechanics of the VinChain system are as follows: when we receive a request to the blockchain, we search for the data along the entire chain, and we create 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 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.
If a buyer knows the full operational history of the vehicle, then he/she has a guarantee that the vehicle retains a certain level of value. The same cannot be said about a vehicle with no report. This can be explained with the following example: If a buyer has to choose between two exactly identical vehicles but one has a full operational history report, while the other doesn’t; the buyer will choose the vehicle with the full operational report - even if the report indicates that the vehicle has been damaged inthe past and has been repaired. This is so, because a report would guarantee the 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. 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. In addition it is a long term goal of the project to leverage the economic control of having a usage coin in order to eventually reach a relatively stable token price relative to traditional state-backed currencies. Market volatility should be linked to the fluctuation of car history data and not speculation. The VinChain token will primarily be a usage or utility token leveraged to create a stable transaction rate and to allow fluid fee payments and profit distributions for all information providers.
Initial pre-ico token pricing will be $.03, ico token pricing will be $.05 and long term transaction rates are expected to reach at least $3 per transaction. Compared to the current rates of competitors this $3 rate can be seen easily as a 98% savings over similar name brand car history queries. Through implementing a low friction solution we can offer a comparable product to competitors at a fraction of the cost.
Unlike traditional car history options, long term it will be possible for certified mechanics and other actors in the chain of control to submit car information that previously would go overlooked due to a lack of insurance reporting. Over time as more information providers are verified VinChain will allow for more widely crowdsourced information on car histories.
- 61.25% Public Contributors
- 13.75% Reserve Funds & Advisors
- Alex Miles - CEO
- Stacy Denver - Head of sale, Bitcoin advocate
- Aleksey Listopad - CMO
- Sergey Pakhomov - Full Stack Developer
- Sergey Shostyr - UI/UX Specialist, Front end designer
- Andrei Krainik - Strategic Partnerships
- Jurgis S Plikaitis - Strategic Partnerships
- Anastasiya Kazakova - Customer support
- Gordon Hansen - Community Manager
- Ethan Clark - SEO Expert
- Oleg Khovayko - Advisors
- Stanislav Polozov - Advisors
- Richard Patterson - Advisors
- Ryan Scott - Advisors
- Roger Crook - Advisors
- February 2017
- Concept development
- October 2017
- Validation of concepts
- November 23, 2017
- Token Pre-sale
- December 1, 2017
- VINChain Token pre-Sale
- December 24, 2017
- End of VinChain Token pre-Sale
- March 2018
- MVP Testing
- March 22, 2018
- ICO VINChain
- April 16, 2018
- The beginning of token distribution
- April 20, 2018
- Product finalization and add-on for faster operation
- 4th quarter of 2018
- Final product for users