Currently in Stage 1 of their ICO with 1,639.06 ETH raised, VinChain is launching a platform for vehicle history on blockchain. Users can do a free vehicle search by VIN and it is also valuable for dealers. With the help of VinChain, a car dealer will be able to accurately determine the market value of the car.
With margins thin in the used car sales business, the dealer will be able to provide full information about the car when selling it, so that the customer will not have any trust issues. VinChain creates transparency in the car buying process. As a result, this creates an advantage for building loyalty among consumers.
Almost halfway to its minimum of 3300 ETH, the VinChain team is going to develop and spread its project first through the US as fast as possible. If the token sale will manage to raise more money, they will start in Europe as well and soon in Asia. The team “truly believes that automotive industry needs such a technology and we want to spread it as fast as we can.”
How Is Blockchain Used in the Project?
The VinChain project is based on the utilization of blockchain as a decentralized data storage system. With the help of it, users will be able to have efficient and fully proved information about the car. VinChain will unite data providers to collect all the information which is the biggest advantage in comparison to a centralized system. With the help of blockchain, it will be absolutely impossible to modify information, so a client can be 100% sure that the information is transparent and reliable.
During the process of development, a mobile application and website will be created for dealers, insurance companies, and manufacturers, in addition to a flexible API. The application will allow users to get the best offers for car maintenance, discounts on service, refueling, washing, finding a car in a huge parking lot, and even remotely controlling it! The application will also collect statistics pertaining to personal driving style, tell the user how to drive more economically, and offer discounts on insurance premiums!
Keeping all of this collected information on the blockchain will confirm its reliability and allow owners to increase the value of their car at the time of sale!
VinChain is creating a worldwide decentralized database of vehicle information that is 100% transparent, reliable, and accessible to 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!
The Token Sale is from the 1st of February 2018, and ending on the 15th of April 2018, 14:00 UTC.
Presale – 293.6 ETH collected
Role of Token – Enable trade of data between data owners and buyers
Symbol – VIN
Supply – 1’000’000’000 VIN
For Sale – 600’000’000 VIN
Emission Rate – No new tokens will be created
Price – 1 ETH – 20’000 VIN
Accepted Currencies – ETH, BTC, LTC
Token distribution date – 17th April to 29th April 2018
Minimum goal – 3 300 ETH
Maximum goal – 23 250 ETH