VinChain

Problem The problem was established and declared 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 operation of markets where one party (the seller) knows significantly More about the product than the other party (the buyer). This is also known as "markets with asymmetric information". The market for used cars is an example. When selling a car, the seller usually knows significantly more about the vehicle than the buyer. This is a problem for the buyers because it opens them to possible fraud. In order to cover the risk of buying a "bad" car, the buyer reduces the price he is willing to pay for the vehicle.

This is how it happens:

● A buyer can not fully distinguish a good car from a bad car, so they are willing to pay less for the vehicle. This reduces the average price of the vehicle.

● Due to the lower average price, most of the cars sold are of lower quality, so those who sell good cars leave the market.

● In this way, the average quality of goods deteriorates on the market, making buyers willing to pay less than before. This reduces the average price of a car even further. 2

● Now sellers of medium-quality cars are forced to leave the market.

● The quality of the cars will deteriorate again and the average amount buyers will be willing to pay will decrease proportionately. This cycle continues until buyers do not buy a car because they assume that they are all of poor quality.

● As a result, this will lead to the complete disappearance of the market. This is the nature of markets with asymmetric information. This cycle can only be stopped by deleting information asymmetry. Solution: VinChain project VinChain solves the problem of asymmetric information on the used vehicles market by creating a decentralized, unchangeable, transparent, safe and reliable vehicle life cycle repository.

This cycle can only be stopped by deleting information asymmetry.

Solution: VinChain

Project VinChain solves the problem of asymmetric information on the used vehicles market by creating a decentralized, unchangeable, transparent, safe and reliable vehicle life cycle repository.

VinChain is a blockchain database that records all information related to vehicles. For each vehicle, the information collects during the entire period of use. This history is transparent and accessible to all.

To protect the accuracy of the information, the distributed storage technology is used. This guarantees absolute reliability and data security. Every day hundreds of thousands of used cars are sold in the world and every buyer wants reliable information about the technical condition of the car. This is an important security, financial and security 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 that it is incorrect. Commercial bases are closed and do not exchange information. As a result, the car owner risks losing his own safety and money.

VinChain solves this problem using 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 without the disadvantages of centralized databases. Market participants such as automakers, car dealers, insurance companies, banks and leasing companies all need a history of exploitation and they need transparency, affordability, reliability and authenticity. Buyers who currently choose a car can order our report immediately.

How it works

Upon request, the information corresponding to the requested VIN number is searched and selected in the blockchain. Each record contains information about the data provider, the date, the VIN and the use of the car.

Basic Use and Client Economy Vinchain intends to implement a token to simplify the processing of automotive data queries on the VinChain system. An end user pays VinCoin in exchange for all information related to a winch currently stored in the chain. The information queries are designed to rely on an extremely simple symbolic economy for the customer-oriented aspects of the payment system. In order to have a successful tokens system, it is necessary to use simple economic aspects. Widespread adoption of each system is easiest when end users can understand the process sufficiently to trust it. For a user who wants to retrieve information from the VinChain system, transaction costs are always VinCoin.

Market volatility must be linked to the fluctuation of auto history data and not to speculation. The VinChain token will be primarily a token for use or utility that is used to create a stable transaction fee and to allow smooth commission payments and profit distributions for all information providers. Initial pre-ico tokens are $ 0.03, ico tokens will be $ 0.05 and long-term transaction fees are expected to be at least $ 3 per transaction. Compared to current competitors prices, this $ 3 price is easily seen as a 98% savings over similar brand name auto history history.

By implementing a low friction solution, we can offer a comparable product to competitors at a fraction of the cost. Unlike traditional car history options, it will be possible for certified engineers and other long-term control actors to submit vehicle data that would previously be overlooked as a result of a lack of insurance coverage.

Over time, more information providers will be verified. VinChain will allow crowdsourced information on car histories on a larger scale.

Business model

• The supplier's data evaluation is based on a ranking.
• To each blockchain request, tokens are paid.
• Each report contains data about the car from different vendors.
• Each supplier whose data is used in the report receives payment tokens.
• VinChain receives a commission from each request.

The operation of the VinChain system is as follows:

When we receive a request for the blockchain, we look for the data in the entire chain and we create and deliver the information in a structured form. The fee for the information is received by members of the registry whose information has been used. Both sellers and buyers of used vehicles will benefit from the removal of asymmetric information from the used cars market.

When the buyer knows all available information about a particular vehicle, it will create confidence in the process and be willing to pay more. For the seller, disclosure of the full vehicle history increases the value of the car at the time of sale. If a buyer knows the full operational history of the vehicle, he / she has a guarantee that the vehicle retains a certain level of value. The same can not be said about a vehicle without report.

This can be explained by the following example:

If a buyer has to choose between two exactly identical vehicles, one has a fully operational history report, while the other does not; The buyer chooses the vehicle with the full operational report - even if the report indicates that the vehicle has been damaged in the past and has been repaired. This is because a report would guarantee the history of the vehicle. The VinChain project will tell the truth. Every operator has the right to know.

In the future, technology can be expanded to adjacent segments of the market: yachts, construction machinery, real estate.

Project goals Change the worldwide market of used cars by making this fair, transparent, reliable and equal access to information for each participant.

Project goals

1. Create a block with different levels of access and information protection. Data security level must match the needs of government agencies.

2. Associate participants in the automotive industry, such as manufacturers, insurance companies, dealers, gas stations, navigational system developers, into a single ecosystem for data exchange purposes.

3. Create an infrastructure and provide direct access to the database for each operator.

ICO description

Why Blockchain?

The benefits of using the blockchain technology for VinChain:

• Blockchain can store all information about vehicle maintenance.
• The ability to customize access levels for different users.
• Absolute reliability.
• Transparent system of distinctions for data providers.
• The ability to work directly with each market player \
• Resistance to network attacks

Pre-sale of tokens for early investors

Pre-sale: 1-24 December, 12,000,000 tokens will be available for placing with the sale ban for 3 months after the ICO is over.

Tokens emissions and sales at ICO

ICO will be held from 22 March to 15 April 2017. Payment methods available for VinChain tokens:

• Bitcoin (BTC)
• Ethereum (ETH)
• Riple (XRP)
• Litecoin (LTC)
• The Waves (WAVES)
• USD, EUR, GBP

Available for placement: 600,000,000 tokens.

The tokens are distributed between buyers within 72 hours after completion of the ICO.

Hard shell

Maximum investment amount: $ 34,500,000.

The tokens distribution pattern is as follows:

The distribution pattern of the Genesis block in VinChain Network contains 1,000,000,000 utility tokens.

• 600,000,000 => are distributed among ICO members;
• 250,000,000 => reserved to founders, consultants and other members of the team with a 2-year sales limit;
• 137.500.000 => are reserved with a 2-year sales limit;
• 12,500,000 => are reserved for early investors with a sales limit of 3 months after the end of ICO

VinChain Team

Everyone in our team is an expert and has experience in the automotive industry. Each of us knows how to achieve the goal.

Alex Miles - Project Manager. Founder of Mealful LLC. Elena Krasenkova - Head sales at A Better Bid Car Auctions LLC, increased monthly revenue by 150%.

Alexey Listopad - Director of Marketing. Bought 9 projects, including an auction for a better bid on the US market.

Andrey Krainik - founder of Easyexport.us, one of the top 10 companies in the inc. 500 with an annual turnover of more than $ 45 million

Jurgis Plikaitis - CEO and founder. Online expert in automated auctions. Serial entrepreneur. $ 500 million total revenue from established companies.

He Guy GO AND COME AT THIS ICO, I BELIEVE, YOU AND ME WILL BE A SUCCESS ... !!

For more information :

WEBSITE: https://vinchain.io/en

WHITEPAPER: https://vinchain.io/files/white_paper.pdf

ANN THREAD: https://bitcointalk.org/index.php?topic=2349186.0.all

Author: koteb

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