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.
Solution: VinChain
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. 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.
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.
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.
In the future, the technology can be scaled to adjacent different segments of the market: yachts, construction machinery, real estate
Project goals
Change the global market of used cars by making it honest, transparent, reliable and with equal access to information for each participant.
How It Works
When requested, the information corresponding to the requested VIN number will be searched and selected in the blockchain. Each record will have information about data provider, date, VIN and the use of the car.
- Supplier’s data evaluation is based on ranking scale
- Each blockchain request is paid tokens
- Each report contains data about the car from several suppliers
- Each vendor whose data was used in the report receives payment tokens
- VinChain receives a commission from each request
Details of Token Sales
Pre-Sale Begins : December 1, 2017
Pre-Sale End : December 24, 2017
Token Sale Begins : March 22, 2018
Token Sale End : April 15, 2018
Name: Vinchain
Symbol: VIN
Token Price: 1 VIN = 1 cents
Total Suplay: 1.000.000.000 SCT
Maximum Sales Target: $34,500,000
Distribution of funds
collected during pre-ICO
40% - MVP creation
30% - Marketing campaign in the US and Europe
20% - Creating a legal shell for ICO in the US
10% - ICO delivery preparation
61.25% - Public Contributors
13.75% - Reserve Funds
25% - Team & Advisors
More Info
Website : https://vinchain.io/Whitepaper : https://vinchain.io/files/VinChainVehicleHistory.pdf
Facebook : https://www.facebook.com/vinchainio/
Twitter : https://twitter.com/VINChain_io
Telegram : https://t.me/vinchainio
Ann Thread : https://bitcointalk.org/index.php?topic=2349186.0
Author : mriansa
https://bitcointalk.org/index.php?action=profile;u=886049
