Preliminary
What Is Blockchain Technology ?The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”A distributed database, Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain.
Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.To go in deeper with the Google spreadsheet analogy, I would like you to read this piece from a blockchain specialist.
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!
What Is Vinchain ?
VinChain is a blockchain database that records all information related to the vehicle. For each vehicle, information accumulates during the entire period of use. This history is transparent and easily accessible to everyone. To protect the accuracy of information, distributed storage technology is used. It ensures absolute reliability and data security.
Every day hundreds of thousands of used cars are sold in the world, and every buyer wants to get reliable information about the technical condition of the car.
This is an important security, financial, and security issue.Unfortunately there is no single car database. There is a commercial base, but it does not solve this problem. Their information is stored centrally and there is an incorrect risk. The commercial base is closed and does not exchange information among themselves. As a result, car buyers risk resigning and losing money.
The Purpose Of The Project Vinchain
- 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 the purposes of data exchange.
- Create the infrastructure and provide direct access to the database for each market participant.
How Vinchain Works ?
Since only the seller is aware of the true condition of the rescue car, it is not easy for the buyer to predict whether the car is really in “good” or “bad” condition.VinChain is the world’s leading decentralized automotive data market. The VinChain team is working to ensure complete transparency of the history of a vehicle
VinChain Mechanics
VinChain functions as follows: Any user or buyer can create a request in the blockchain system. The system will look for the exact request and provides the information with the consent of the seller. The registry member will earn money by providing the information. The buyer, after gaining all the information about the product will earn a trust. Thus, the seller will be able to sell the product at the original value.
The economics and the transaction happens with the VinCoin, a cryptocurrency used in the blockchain environment. The user will pay the VinCoin in exchange for the information that the user is seeking. The long term goal is to increase the usage of the VinCoin among the VinChain users so that the cryptocurrency will have a stable value relative to the traditional fiat currencies. The Volatility of the market should be based on the car history data and not on the currency speculation.
The pre-ICO token sale starts at the rate of 3 cents and ICO token sale at the rate of 5 cents. The long term transaction rates are expected to reach 3 USD. The credible submission of the car details in the long term will have leverage over the car insurance reporting.
In case of any event like an accident, modular oracle element needs to be submitted off chain to report the value of the event. Events are weighed dynamically using the algorithm that determines the usefulness of the product. The tokens received is directly proportional to the weight of the information provided. For every query about the information, a small transactional amount is charged.
The Advantages Of Vinchain
- Stay In Touch With Your Car.The VinChain app will allow you to get the best offers for car maintenance, help you find your car on a huge parking lot, and you can even remotely control your vehicle! You will also receive discounts on services such as maintenance, refueling, and washing
- Drive With Confidence.The VinChain app can collect statistics pertaining to your driving style and suggest ways to drive more economically to save gas and wear-and-tear of the vehicle. This information can also be shared with your insurance company to reduce your premium by up to 30%!
- Telematics Hardware.Choose from a wide range of VinChain devices which can be installed in seconds and deliver real-time data to the Vinchain system. Keeping all of this collected information on the blockchain will confirm its reliability and will increase the value of the vehicle at the time of sale!
- Diagnostic Data.With the aid of our device you will be aware of any vehicle health and performance errors, so every time you enter your car you can rest assured that your vehicle is safe to drive.
- Behavioral Data.Vinchain will collect vehicle usage and behavioural data, helping you to understand your driving style and how you can save money by driving more economically. This data will be used to offer services and discounts on the things that are relevant and of interest to the driver
- Open API.VinChain will develop and facilitate the integration of vehicle data into new and existing applications with the help of our open APIs and mobile SDKs
Token Sale Terms
Roadmap Of Project Vinchain
- February 2017: Concept Development, Founders learn the capabilities of blockchain technology to collect and store information; The first prototype was developed.
- October 2017: Approval of concepts of white paper and projects, White paper issues, collecting feedback from community concept development, concepts and workflows based on collected data.
- 23 November 2017: pre-sale token to early stage investors What's this?
- December 1 through December 24, 2017: VinChain pre-ICO, Pre-ICO VinChain will be held from December 1 to 24, 2017 until the required amount is collected.
- March 2018: MVP Testing Product testing launched From 22 March to 15 April 2018: ICO VinChain, ICO launch. The main objective during this period is to sell token qualitatively and seamlessly.
- April 16, 2018: token sale, Once ICO expires, the procedure tokens will be issued to investors
- April 20, 2018: product development and optimization, releasing new version, fourth quarter 2018: finalization of VinChain project work.
Team Of Project Vinchain
Conclusion
The key concept of their platform is the independence of information, which is available for everyone. The reliability of the information adds the required element of trust, which is much needed in the used vehicle industry. They have years of experience in the field of the Auto sector which enhances the credibility of the platform. The Vehicle industry is poised to grow, as the technology and infrastructure improvements take place in the countries around the world.We need reliable information repository where anyone can easily trace the history of the vehicle.
The authenticity of the data will be one of the crucial factors for the VINChain, and they will have to make a heavy investment in this sector. In the world where you can find everything online, VINChain is the latest addition to it with a wealth of features and tools for everyone. In My View, they are one of the top companies to look out for because of the huge potential in their Idea. I am sure that as soon as people realize the value of reliable and authentic information, this platform is going to be the market leader in the used vehicle industry.
For More Information Please Visit The Link Below :
- Website : https://vinchain.io/
- Whitepaper : https://vinchain.io/files/VinChainWhitePaper.pdf
- Thread Ann Bitcointalk : https://bitcointalk.org/index.php?topic=2349186.0
- Medium : https://medium.com/@VINChain
- Facebook : https://www.facebook.com/vinchainio/
- Twitter : https://twitter.com/VINChain_io
Created By Dxdiax26
My Bitcointalk Profil : https://bitcointalk.org/index.php?action=profile;u=969150
My Ethereum Address : 0x10A35953C43cF6f7FdFA7E43A18474bB905cD21B
