VINchain is a decentralized blockchain database that records all relevant information pertaining to vehicles. For each vehicle, a blockchain passport is issued which will be stored in a distributed registry. VINchain is also capable of producing reports that can be ordered immediately by buyers, sellers, and other market participants.
GOAL
The goal of VINchain is to change the global market of used cars by making it honest, transparent, reliable, with equal access to information for each participant.
OBJECTIVES
• Create a block with different levels of access and information protection. Data security access level should meet the needs of government agencies.
• Unite participants in the automotive industry, such as manufacturers, insurance companies, dealers, service stations, and developers of navigation systems into a single ecosystem for data exchange purposes.
• Create an infrastructure and provide direct access to the database for each market participant.
MAJOR PROBLEMS IN CAR INDUSTRY
• All of the information about a vehicle can be faked - things like odometer mileage, accident history, how many owners the car had, vehicle usage history, and other important information
• If you are buying a car, you can lose money because you don’t know if the car has any unknown problems
• As the seller, you make less money because the buyer cannot know the true condition of the car with certainty
• Existing databases are closed off and do not share information with others
• Information is out-of-date, unreliable, and not updated frequently
THE IDEA AND SOLUTION
VinChain is creating a worldwide decentralized database of vehicle information that is 100% transparent, reliable, and accessible by everyone. This database is blockchain based, which will guarantee that the information in it has not been faked, changed, or deleted. The blockchain guarantees full transparency and builds trust in the system.
Information is captured from country registries, insurance and leasing companies, different partnered services, private registers, paid APIs, and certified members. Information is also captured directly from the vehicle, so the data is live and updated in real time.
Our platform is an open system and anyone can join and benefit from our network. VinChain will provide you with 100% reliable and accurate information about the car you’re going to buy, so you can be absolutely sure that it’s safe to drive!
WHY BLOCKCHAIN?
Blockchain technology has numerous advantages for VINchain:
• Blockchain provides a decentralized platform: It enables a database to be directly shared without a central administrator, blockchain transactions have their own proof of validity and authorization to enforce the constraints.
• High quality data: Data stored and distributed through blockchain is accurate, up to date, and quickly available to all participants
• Process integrity: Due to blockchain’s decentralized structure, users can be sure that all transactions are executed exactly as the protocol (smart contract) commands. This removes the need for a centralized administrator or third party.
• Faster transactions: Unlike interbank transactions that can take days for clearing (especially outside business hours), blockchain transactions can be processed in minutes 24 hours a day, 7 days a week.
• Blockchain can store any amount of information regarding vehicle maintenance
• Opportunity to adjust the access levels for different users
• Absolute reliability
• Transparent rewarding system for data suppliers
• Opportunity to work directly with each market player
• Strong resistance to network attacks
TOKEN DESCRIPTION
The VINchain token is a utility token.
VINchain tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive dividends, other payments, intellectual property rights, or any other form of participation in or relating to the project described in this white paper and/or in VINchain or any of its affiliates.
The holders of VINchain token are only entitled to use VINchain products as described in this document if successfully developed, or to resell the tokens.
TOKENS EMISSION AND SALE ON ICO
ICO will be held from February 1st through April 15th, 2018. Several payment methods are available for VINchain tokens:
• Ethereum (ETH) – Preferred currency
• Bitcoin (BTC)
• Litecoin (LTC)
• Dash (DASH)
Available for placement: 600,000,000 tokens.
From April 16 through April 23 of 2018, all purchased tokens will be unlocked.
Hard cap
Maximum investment amount: 23 250 ETH.
Soft cap
Minimum investment amount: 3 330 ETH.
Minimum Buying Transaction: no minimum
Maximum Buying Transaction: no maximum
DISTRIBUTION PATTERN OF TOKENS
The distribution pattern of Genesis block in VINchain network will include 1,000,000,000 utility tokens in the following manner:
• 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.
• 87,500,000 - are reserved with a sale restriction for 2 years. Will be used as a reward mechanism between first participants of the system, application, and discount programs. Smart contract will ensure the ban on sale of a turnover.
• 50,000,000 - are reserved for the advisory board. If all tokens will not be distributed it will be burned.
• 12,500,000 - are reserved for early token purchasers with a sale restriction of 3 months after the ICO ends.
SPENDING FUNDS FROM TOKEN PLACEMENT
ROAD MAP
For more information, please visit:
Website: https://vinchain.io/en
Whitepaper: https://vinchain.io/files/white_paper.pdf
Twitter: https://twitter.com/VINChain_io
Facebook: https://www.facebook.com/vinchainio/
Telegram: https://t.me/vinchainio
ANN Thread: https://bitcointalk.org/index.php?topic=2349186.0.all
Author: Crator Touch
My Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1612381
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