Buyers are usually afraid of fraud and untrustful, and in order to minify the risk of buying a potentially bad car, they offer lower prices for cars, in order to cover future expenses.
When a person wants to buy something on a secondary market, there appears a phenomenon which is called “asymmetric information”. It means that a seller has much more information about what he sells then a buyer. Most of such cases take place when dealing with used cars.
Vinchain is a company whose goal is to create a new market for supported cars, a market that will be absolutely transparent, reliable and honest and where all the necessary information for interested parties will be highlighted.
There exist a number of commercial centralised vehicle databases, although they don’t seem to be the solution as there is still a risk of inaccuracy. These commercial databases do not exchange information with open-source ones, so the buyer cannot be 100% guaranteed from financial loss.
The reliability of any piece of information, provided by VINchain, will be audited and confirmed by international consulting agencies.
The mechanics of the VINchain system work as follows:
- A request for data is received
- The entire chain is searched for relevant data
- Reports are created and provided in a structured form
- Members of the relevant registry receives a fee for providing information.
Problems:
Now, and before too, there is the problem of "asymmetric information". That is, the seller of the car knows about his product much more than the person who buys it. And usually this information is not particularly wanted to share, if it is certainly not positive.
Because of problems in this industry, namely, unscrupulousness of sellers, there is a threat to the most important - human life. After all, if the car was in a serious accident and the fatigue of the metal is at an extremely high level, then with a new accident, the sad consequences can not be avoided. Because of the dishonesty of some auto-sellers, distrust arises to all who want to sell their car. Thus, very often you can see an imbalance in the cost of the machine and its quality, and you will be lucky if a good car was sold cheaply, and not vice versa.
Objectives of the project:
* Creation of a huge information base, which will be well protected;
* Association of manufacturers, dealers, insurers, SRT and electronics developers into a single ecosystem with a database;
* Creation of an infrastructure to provide open access to the database for each car and the creation of a fundamentally new - transparent market for used cars.
Decision:
To solve this problem, Vinchain decided to create a database on the block, which will store absolutely all the information that relates to the vehicle. That is, completely everything that will happen with the car during his life will be structured into a report, which, in turn, will be stored in a distributed registry.
This information will be publicly available and everyone can get acquainted with it before buying a car. This will make life easier for honest sellers and drive the unscrupulous from the market. In addition, garbage on wheels will really be recycled, not repaired, which would resell, and ordinary cars will be sold at a stable and affordable price.a
Roadmap:
In early 2017, the idea of creating a platform was born. In October, the documentation was created and since November 23, early pre-sales of tokens began. From December 1 to December 24, 2017 Pre-Sale took place. In the 1st quarter of 2018, the project will be developed and the alpha version of the platform will be launched. From February 1 to April 15 - ICO. In May 2018, the alpha version of the block platform. In June - the beta version. In 3-4 quarters of the 2018 launch in the US and Europe respectively. In 2019, it is planned to launch the platform in all countries and further improve it.
Tokens of the company:
The sale of tokens will last from February 1 to April 15, 2018. You can buy tokens for ETH, BTC, LTC and DASH. In the open sale there will be 600 million tokens (total will generate 1 billion), but considering the market of supported cars, which is constantly increasing, this is not such a large number. The distribution of tokens will be made from April 16 to 23, 2018. The project's hardcap is 23,250 ethers.
ICO will be produced in seven stages and at each stage the price of tokens will be different. In order not to list them all (you can see this both on the website and in the information document), I will just say that reaching a certain number of tokens sold will increase their value. So for the first stage they were sold for 28 thousand for 1 ether, and in the last for 1 ether it will be possible to purchase only 20 thousand.
Distribution:
On account of the distribution of the remaining 400 million tokens, we can say the following: 250 million are reserved for founders, a team and consultants, they will be blocked for 2 years; 87.5 million will be sold after 2 years of the platform, 50 million will go to project consultants and 12.5 million will be reserved for early investors with a lockout of 3 months after the end of the marketing campaign.
The funds received after the ICO will be spent as follows: on the further development of the campaign and its development, on the salary of the project team, accounting, marketing, legal costs, the development of the VinChain network and staff training.
On the market VINchain will be represented as a website and as a mobile application. Having entered a car’s VIN number, a registered user will have access to the entire information about it. The buyer will be given a short report, then, if the buyer is satisfied with the short one, he or she may proceed to buying the full report.
The logics of VINchain is clear and simple, but it still has no decentralized analogues.
To find out more about this fascinating project, you may visit their official
website: https://vinchain.io/en
and read the white paper: https://vinchain.io/files/white_paper.pdf
stay tuned at social media:
https://twitter.com/VINChain_io
https://www.facebook.com/vinchainio/
https://t.me/vinchainio