VINCHAIN – DECENTRALIZED VEHICLE HISTORY
PROBLEM
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 seller’s) know significantly more about the product than the other party (the buyer’s). This is also known as “markets with asymmetric information”.
The used car market is an example. When selling a car, the seller typically knows significantly more about the vehicle than the buyer. This is a problem for the buyers as that opens them up for possible fraud. To hedge against the risk of buying a ‘bad’ car the buyer reduces the price he/she is willing to pay for the vehicle. This can lead the entire used vehicle market to disappear.
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 seller’s) know significantly more about the product than the other party (the buyer’s). This is also known as “markets with asymmetric information”.
The used car market is an example. When selling a car, the seller typically knows significantly more about the vehicle than the buyer. This is a problem for the buyers as that opens them up for possible fraud. To hedge against the risk of buying a ‘bad’ car the buyer reduces the price he/she is willing to pay for the vehicle. This can lead the entire used vehicle market to disappear.
SOLUTION
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.
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.
ICO DESCRIPTION
Why Blockchain?
The advantages of using the blockchain technology for VinChain:
● Blockchain can store any information about the vehicle maintenance
● The opportunity to adjust the access levels for different users
● Absolute reliability
● Transparent system of awards for the data suppliers
● The opportunity to work directly with each market player\
● Resistance to network attacks
Pre-sale of tokens for early investors
Pre-sale: December, 1st – 24th 12,000,000 tokens will become available for placement with the sale prohibition during 3 months after the ICO is over.
Tokens emission and sale on ICO.
ICO will be held from March, 22d through April, 15th, 2017. Payment
methods available for the VinChain tokens:
● Bitcoin (BTC)
● Ethereum (ETH)
● Riple (XRP)
● Litecoin (LTC)
● Waves (WAVES)
● USD, EUR, GBP
Available for placement: 600,000,000 tokens.
The tokens will be distributed between the buyers within 72 hours of the
ICO finishing.
Hard cap
Maximum investment amount: $34,500,000.
Why Blockchain?
The advantages of using the blockchain technology for VinChain:
● Blockchain can store any information about the vehicle maintenance
● The opportunity to adjust the access levels for different users
● Absolute reliability
● Transparent system of awards for the data suppliers
● The opportunity to work directly with each market player\
● Resistance to network attacks
Pre-sale of tokens for early investors
Pre-sale: December, 1st – 24th 12,000,000 tokens will become available for placement with the sale prohibition during 3 months after the ICO is over.
Tokens emission and sale on ICO.
ICO will be held from March, 22d through April, 15th, 2017. Payment
methods available for the VinChain tokens:
● Bitcoin (BTC)
● Ethereum (ETH)
● Riple (XRP)
● Litecoin (LTC)
● Waves (WAVES)
● USD, EUR, GBP
Available for placement: 600,000,000 tokens.
The tokens will be distributed between the buyers within 72 hours of the
ICO finishing.
Hard cap
Maximum investment amount: $34,500,000.
THE DISTRIBUTION PATTERN OF TOKENS IS THE FOLLOWING:
The distribution pattern of Genesis block in VinChain Network will include 1,000,000,000 utility tokens.
• 600,000,000 => are distributed among ICO members;
• 250,000,000 => are reserved among founders, consultants and other members of the team with a sale restriction of 2 years;
• 137,500,000 => are reserved with a sale restriction of 2 years;
• 12,500,000 => are reserved for early investors with a sale restriction of 3 months after ICO ending
The distribution pattern of Genesis block in VinChain Network will include 1,000,000,000 utility tokens.
• 600,000,000 => are distributed among ICO members;
• 250,000,000 => are reserved among founders, consultants and other members of the team with a sale restriction of 2 years;
• 137,500,000 => are reserved with a sale restriction of 2 years;
• 12,500,000 => are reserved for early investors with a sale restriction of 3 months after ICO ending
SPENDING FUNDS FROM TOKEN PLACEMENT
• Project development
VinChain product and VinChain Network infrastructure development
• Activity expenses
• Accounting expenses
• Study
• Recruitment
• Other administrative goals
• Marketing expenses
• VinChain, VinChain Network and VinChain Power Plant development
• Law expenses
Legal Service expenses, organizations setup and their activity, chosen as service providers for VinChain Network.
• VinChain Power Plant development and developers’ platform promoting. Partner’s projects integration.
• Project development
VinChain product and VinChain Network infrastructure development
• Activity expenses
• Accounting expenses
• Study
• Recruitment
• Other administrative goals
• Marketing expenses
• VinChain, VinChain Network and VinChain Power Plant development
• Law expenses
Legal Service expenses, organizations setup and their activity, chosen as service providers for VinChain Network.
• VinChain Power Plant development and developers’ platform promoting. Partner’s projects integration.
For more information
Website : https://vinchain.io/en
Whitepapper : https://vinchain.io/files/white_paper.pdf
Bitcointalk ANN : https://bitcointalk.org/index.php?topic=2349186.0.all
Facebook : https://www.facebook.com/vinchainio/
Twitter : https://twitter.com/VINChain_io
Telegram : https://t.me/vinchainio
Whitepapper : https://vinchain.io/files/white_paper.pdf
Bitcointalk ANN : https://bitcointalk.org/index.php?topic=2349186.0.all
Facebook : https://www.facebook.com/vinchainio/
Twitter : https://twitter.com/VINChain_io
Telegram : https://t.me/vinchainio
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