Vinchain – A Decentralized Vehicle Market Cycle

Vinchain – A Decentralized Vehicle Market Cycle of Blokchain System

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Project VinChain solves the problem of asymmetric information in the used vehicle market by creating a decentralized, unchanged, transparent, secure, and reliable vehicle life cycle repository.

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. To protect the accuracy of information, distributed storage technology is used. It ensures absolute reliability and data security. Every day hundreds of thousands of used cars are sold in the world, and every buyer wants to get reliable information about the technical condition of the car. This is an important security, financial, and security issue.

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.

How VinChain Works

Since only the seller is aware of the true condition of the rescue car, it is not easy for the buyer to predict whether the car is really in “good” or “bad” condition.

VinChain is the world’s leading decentralized automotive data market. The VinChain team is working to ensure complete transparency of the history of a vehicle.

Problem

The problem was captured and described by Nobel prize-winning economist George Akerlof in his scientific work published “The Market for ‘Lemon’: Quality Uncertainty and the Market Mechanism” in 1970. He described the market mechanics in which one party (the seller) knew significantly more about products from other parties (buyers). This is
also known as a “market with asymmetric information”.

Used car market is an example. When selling a car, the seller usually knows more about the vehicle than the buyer. This is an issue for buyers as it opens them to possible fraud. Shielding value against the risk of buying a ‘bad’ car buyer reduces the price he wants to pay for the vehicle This can cause the entire used vehicle market to disappear.
Here’s how:

  • Buyers can not distinguish good cars well from bad ones, so they are willing to pay less for the vehicle. This reduces the average price of the vehicle
  • Because of the lower average prices, most cars are sold for poorer quality, so those who sell good cars leave the market.
  • As a result, the average quality of goods on the market is deteriorating further, and as a result buyers are willing to pay even less than before Because of this the average car price is reduced even further.
  • Now mid-size car salesmen are forced to leave the market.
  • The quality of the car will worsen again, and the average number of buyers willing to pay will drop proportionately. This cycle will
    continue until the buyer stops buying the car because they will do it assuming that everything is of poor quality.
  • As a result, this will lead to a loss of the market as a whole.
    This is the nature of the market with asymmetric information

VinChain Solutions

Main Project Objectives

Change the global market of used cars by making them honest, transparent, reliable and with equal access to information for each participant.

Project Goals
Create blocks with different levels of access and information protection. The level of data security should be in accordance with the needs of government agencies.
Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, workshops, navigation system developers, into a single ecosystem for the purposes of data exchange.
Create the infrastructure and provide direct access to the database for each market participant.

Distribution of funds collected during pre-ICO

Token Distribution

Token Sale

Token Role: Enable data trading between data owner and buyer
Symbol: VIN
Supply: 1.000.000.000 VIN
For Sale: 600,000,000 VIN
Emission Rate: No new token will be made
Price: 1 VIN = 5 cent
Currency Received: ETH, BTC, XRP, LTC, WAVES, USD, EURO
Sales Period: March 22, 2018 14:00 UTC to 15 April 2018 14:00 UTC
Distribution Date Token: April 17 – April 29, 2018
Minimum objective: $ 5,000,000
Maximum goal: $ 34.500.000

Roadmap

  • February 2017: Concept Development,
    Founders learn the capabilities of blockchain technology to collect and store information; The first prototype was developed.
  • October 2017: Approval of the concept of white paper and projects
    White paper issues, collecting feedback from the development of community concepts, concepts and workflows based on data collected
  • 23 November 2017: pre-sale token to early stage investors
    What’s this?
  • December 1 through December 24, 2017: VinChain pre-ICO Pre-ICO
    VinChain will be held from December 1 to 24 December 2017 until the required amount is collected.
  • March 2018: MVP Testing
    Product testingĀ  launched From 22 March to 15 April 2018: ICO VinChain, ICO launch. The main objective during this period is to sell token qualitatively and seamlessly.
  • April 16, 2018: token sale
    Once ICO expires, the token procedure will be issued to the investor
  • April 20, 2018: product development and optimization, releasing new version
    Fourth quarter 2018: finalization of VinChain project work.

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