The VinChain project solves the asymmetric information problem at used vehicle market by creating decentralized, unchanged, transparent, safe, and reliable recycling vehicles. The problem that became the background of the birth of VINchain has been described by George Akerlof, a Nobel-winning economist. He explains the market mechanism by which the seller knows more about the product than the buyer. This is called a market with asymmetric information. We can take the example of used car market. Generally, sellers know more about vehicles sold than buyers. This poses a problem for buyers because it will open up opportunities for cheating. To cover up the real situation, they lower the selling price compared to the purchase price. This is what causes the car market to disappear.VINCHAIN is the Solution
A survey shows that buyers need data access on safe and transparent vehicles. VINchain comes as a solution. The VINCHAIN project creates balanced information in the marketplace. VINCHAIN is a centralized blockchain database and records all relevant and vehicle related information. VINchain also generates reports that can be ordered directly by sellers, buyers and other market participants. Information on the vehicle is fully accumulated in the system participant database. This information is very easy and transparent to be accessed by people who have access to the system. To keep information accurate, blockchain and hashing data technologies are processed through the SHA-256 cryptographic algorithm. This ensures data security.
Hundreds of thousands of used cars are sold every day and this makes buyers want accurate information about cars. Unfortunately, there is still no single vehicle database. Even if there is a commercial database, they can not solve the problem because there is a risk of inaccuracy. The database is closed and can not exchange information. Car buyers are at risk of losing their money. The VINCHIAN project wants to attract international consulting agencies to system audits that will produce detailed reports. For the information provided by VINchain to be accurate.
The purpose of Vinchain
Change the global market of used cars by making them honest, transparent, reliable and with equal access to information for each participant.
The purpose of the project
- 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 data exchange purposes.
- Create the infrastructure and provide direct access to the database every market participant
For each car we will issue a blockchain passport, which will be stored in a distributed list. The VinChain project will unite all data providers and create a continuing car history, with no lack of a centralized database. Market participants such as car manufacturers, car dealers, insurance companies, banks and leasing companies all require a history of exploitation and they need transparency, affordability, reliability and authenticity. Buyers who currently choose a car can also order our report immediately.
Benefits of using VinChain blockchain technology:
- Blockchain can store information about vehicle maintenance
- Opportunity to adjust access levels for different users
- Absolute reliability
- A transparent reward system for data suppliers
- Opportunity to work directly with every market participant
- Resistance to network attacks
Ways of working
The buyer signs up on the website of the service provider or mobile application. When the registration is approved, buyers may check the vehicle Blockchain. Service providers verify buyer requests by checking the availability of data in all service provider databases and providing short reports to buyers for free.
This singular report to review the various information contained in the full report. If the buyer is satisfied with the brief report, they can continue to purchase the full report. If the buyer decides to make a purchase, they can pay by the prescribed method and will receive the full version of the vehicle’s Blockchain passport.
Payment methods available for VinChain tokens:
USD, EUR, GBP
the distribution of the Genesis block in the VinChain Network will include 1,000,000,000 utility tokens
USD, EUR, GBP
Bonuses and discounts
Token distribution patterns are as follows:
- 600,000,000 => distributed among ICO members;
- 50,000,000 => reserved among founders, consultants and others team members with a 2 year sales limit;
- 137,500,000 => backed up with a 2 year sales restriction;
- 12.500.000 => is reserved for initial investors with sales restrictions 3 months after the ICO ended
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