Mar 20, 2019
There are many problems in the used car industry. One of the biggest is that used car buyers have limited information on a vehicle’s history. This can be disastrous for an important purchase if the vehicle has been in an accident or past damage has been hidden. This means that buyers are hesitant to pay full price for a used vehicle, as they must plan for any unseen issues. Problems VINchain solves: • Data is spread across many different information providers. • These providers do not easily share information, especially with one another • Information that is provided is opaque and not reliable • Information is not captured in real time from the vehicle, thus resulting in a long delay • Incentives are such that everyone is encouraged to falsify information (or not provide any information) • A regular consumer can get stuck with a lemon car, as problems with the vehicle only surface months down the road • Approximately 30% of cars worldwide experience odometer fraud. Converted to dollars = $10 billion annually Our Solution: VINchain solves this problem by creating a transparent and accurate vehicle history report. We’re able to accomplish this by decentralizing data and storing it on the blockchain. Vehicle data is collected from repair shops, dealers, manufacturers, and even the vehicle itself! Because the data is decentralized, it can’t be falsified, and it is accessible by all. Drivers are in control: For the first time in history drivers are in control of their own data, and are able monetize it. This is done with secure OBD devices that plug into any car that has been assembled after 1996 (Besides OBD this can also be done with telemetry). The drivers choose what information they want to share and with whom. Because of this, information is collected in real time, as opposed to with weeks or months of lag time as it is today. The data that is collected is tamper proof since it is kept on the blockchain. Furthermore the generated data belongs to its creator and all of these information providers are incentivized with rewards. Every time their information gets utilized in an information request, they get a corresponding token reward (tokens paid by the data requester). VINchain gets paid by taking a small percentage from transactions.
Our Products:Beta vehicle Tracking platform:http://gps.vinchain.io/U: demovinP: Vinchain2017
Complete vehicle history reports (sourced from over 350+ million VIN records):https://vinchain.io/report/check
Live VINchain Blockchain:https://wallet.vinchain.io/explorer/blocks
Live VINchain Wallet:https://wallet.vinchain.io/
Live VINchain Block Explorer:https://blockexplorer.vinchain.io/#/dashboard
Live VINchain Data Verifier:https://verify.vinchain.io/
Blockchain Verification in action:https://www.youtube.com/watch?v=Yi8rpzr2e1c
Links• Website: https://vinchain.io/• Telegram (24hr support): https://t.me/vinchainio• Twitter: https://twitter.com/VINchain_io• One Pager: https://vinchain.io/files/new_one_paper.pdf• Short Explainer Video: https://www.youtube.com/watch?v=a8t-xiqXXR8• Short Video Pitch: https://www.youtube.com/watch?v=aqtf2t4fJYI&t=12s
- VinChain app - Find your car - Discounts on services such as maintenance, refueling, and washing - Statistics driving style - Diagnostic Data
December 24, 2017
January 2018 - April 2018
April, 15 2018
4th Quarter, 2018
2nd Quarter, 2019
3th Quarter, 2019
4th Quarter, 2019
Attention. There is a risk that unverified members are not actually members of the team
$25 004 110
$3 143 033
$33 354 430
VINCHAIN –CENTRALIZATION OF VEHICLE HISTORY
The ownership of a vehicle is one of the most important feeling as it comes with its pride. However the rush to be in possession of used vehicles has landed most individuals into more problems of daily expenditure on repairs due to the wrong choices made. Centralization of the vehicle history will therefore promote the understanding of the different model of the vehicles hence providing unlimited choices to the customers.
Easy trace of information: The centralized vehicle history ensures an easy trace of the vehicles history to the customers. This eliminates the false judgment usually made through an overlook of the vehicles in the garage forecourt and show rooms or inspecting its mechanical conditions without more considerations. In order to curb the regrets and repucations associated with this act, the centralized vehicle history will provide the customers with all the details of the vehicles of their choice.
Specialty markets: The records of the vehicle history are of great essence to different customers especially where they are after a specific model or type of vehicle. This is very vital information provided through the online service history and log books.
Provision of ownership and manufacturers details: The vehicle history explicitly identifies the various owners of different vehicles and ensures easy access of this to the customers. This further enables the customers to know the millage of the vehicles of their choice and even the recorded accidents through vehicle identification number.
Lack of warranty: when a customer acquires a used vehicle via the centralized vehicle history warranty is not always guaranteed and this can lead to losses in case of vehicle break down.
The centralization of the vehicle history is a vital investment and serves the customers off the risks associated with fraudulent business out of pretense. Its provision of independent information about the particulars makes it more reliable as compared to the word of mouth hence making the project viable.
We had a close look at project’s website, whitepaper and team profiles. Whitepaper is weak and inconcrete. Basic issues such as the problem, consumer, business cases and GMT are not elaborated. There are common words about AI instead of the technology itself. Even in case Vinchain won’t vanish straight after ICO the team probably will not accomplish the project.
The White Paper is long, but there are too many repetitions. One idea is written over and over again. There are also too lengthy technical descriptions. The White Paper is currently in “draft” stage.
Unlike other ICOs, such as Koios, XYO, ORIGAMI NETWORK, Lympo (LYM), Current (CRNC), Cryptomon Token, Onyx, JOYSO and a lot more, VinChain, with its vehicle lifecycle repository or decentralized blockchain database, aims to create a transparent market for both the sellers and buyers of used or salvage cars. The system solves the problem of asymmetric information, a term George Akerlof used in his 1970 paper, “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism”. This platform will need to vie with a few competitors, but it shows potential if you are a car owner or a used car lover looking to invest. It looks like a solid project. If you also believe in this project, then maybe you should look up their website and consider joining the VinChain ICO sale.
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