Vinchain (VIN) ICO Review – ICO Token News
What is VinChain?
VinChain revolutionizes the used car market (automobile industry) by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
- This decentralized blockchain database keeps a record of all pertinent information relating to vehicles.
- The company issues a blockchain passport for each vehicle.
- The issued passport is stored in a distributed registry.
- It also produces reports that buyers, sellers, and other market participants can immediately order.
VinChain is the world’s first decentralized international automotive data marketplace. With this blockchain-based vehicle history tracker, the company aims to change the global market of salvage cars.
Its primary aim is to make available a complete vehicle history by keeping a record of the information relating to each vehicle. Participants who connect to the network can purchase car history reports using either fiat or VIN tokens.
The three key objectives that VinChain plans to achieve through its platform are as follows:
- Create a block with various levels of access and information protection.
- Offer a data security level that conforms to the demands of government agencies.
- Unite the participants in the automotive industry, such as manufacturers, insurance companies, dealers, service stations, developers of navigation systems, into a single ecosystem for data exchange purposes.
- Create an infrastructure and allows for direct access to the database for each market participant.
Major problems in the used car industry
- The automobile market is subject to change for commercial purposes.
- There is currently no continuous, centralized update of even registered cars.
- Asymmetrical information in the used car market.
- Bank, insurance, and leasing company fraud.
- Information is not verified by the data provider.
- Has no continuous periodic update.
- Lack of consumer trust in the used car industry.
- No single database of vehicles.
- Uncertain quality.
Some of the key solutions VinChain offers to its users are as follows:
- It creates a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
- It provides complete transparency on the vehicle’s history.
- It records all information relating to vehicles.
- It uses distributed storage technology to protect the accuracy of the information.
- It guarantees absolute reliability and security of data.
- The entire accumulated data is live and updated in real time.
Thus, VinChain primarily offers solutions in three different forms:
- The hardware.
- The software.
- The blockchain.
VinChain hardware solution helps in collecting the car data from under the hood and passes it to the app to be visualized and stored on the blockchain.
The VinChain software solution:
- Allows for requests for the accurate car history from several databases and the car itself.
- It makes available an interface that helps in communicating with the vehicle.
- Its app comes with an internal currency, named VIN token, which makes in-app purchases possible.
The VinChain blockchain solution helps in protecting the car data from being compromised, and adds an extra layer of trust between the sellers and buyers. While many countries do not allow the odometer reading to be changed, encrypting it on the Graphene blockchain guarantees its superior immunity.
How does VinChain function?
Dissimilar to other ICOs as Bountie, Fintechbit, BunnyToken, KaratBank, HeadStart, JOYSO, FRIENDZ, Ponder, Pitch and many more, VinChain facilitates the blockchain passport, which remains connected to the Vehicle Identification Number (VIN). When someone makes a request for a vehicle record, the system starts conducting a search for the required information using the VIN-code of the relevant vehicle.
Once the system has finished checking the available data pertinent to the car, it sends a report. To obtain that report, you must make payment with the VIN token.
Each record contains certain details on the information provider. For example, it includes date, accident reports, VIN number, change in ownership information, and any other data on the use of the car. In addition, each record in the report comes with two fixed hashes.
Then, the token is split between information providers, based on the value of the transferred information to the community. Car owners who provide their data are also rewarded with VIN tokens.
Thus, if you want to buy a used car, one of the first things you need to do is to buy a VinChain token. You can then spend that token via the VinChain network. That way whoever takes part in the network will be compensated with a part of the token.
At the outset, the token allocation will be related to the events in the car’s life history. This may comprise a change of ownership or even an accident. Once you have ascertained which information can be used or not, the events are dynamically measured, exploiting an algorithm that ensures the utility of such information and information providers are then compensated accordingly without paying a small system transaction fees.
Benefits of the VinChain application
VinChain benefits all of its participants in the following ways:
- Savings on insurance policies: It allows users to save up to 30 % on their quotes for car insurance and they can even make payment for their insurance while driving.
- Get the best deals: It allows users to get the best available offers for car maintenance, and discounts on services. It also helps find a car on a huge parking lot in case you forget where you parked it!
- Collect statistics: It helps you in monitoring your driving style, driving efficiency on the road, and on how to get bigger discount offers on insurance premiums.
- Get paid for your data: It also allows you to add data to the platform and earn rewards that you can use to pay for services or earn extra discount offers from participating companies.
A hardware and crypto solution
The VinChain application also helps in collecting information from live driving so that you can collect information about your existing vehicle and reap the benefits. You can do via the app and by installing a piece of telematics hardware on your vehicle. This way, your vehicle will always remain connected to the VinChain system.
The key data it will collect includes:
- Behavioral data: The VinChain app accumulates a certain type of data so that drivers can understand individual driving and even learn ways to save money.
- Diagnostic data: The VinChain device acquaints drivers with the existing performance and health of the vehicle. The system also alerts the driver when the car is not safe to drive.
- Contextual data: The VinChain app also accumulates diagnostic and behavioral data with third party contextual sources to give a fully-fledged picture in all probable situations. This could include driving and weather conditions.
VinChain VIN token details
In order to make an investment in VinChain, you need to get the VIN token.
You can get the token during the ICO sale that VinChain is currently holding. Although the pre ICO sale has already ended, the main sale is yet to take place, and you can participate in that and acquire the VIN token.
- The VIN token main sale started on February 1, 2018
- The VIN token sale will end on April 15, 2018.
- The price per token is fixed at 1 ETH per 20,000 VIN tokens.
- The token distribution will start from April 17, 2018 and will last until April 29, 2018.
- The hard cap is 23,250 ETH.
- For the soft cap, the minimum investment amount is fixed at 3330 ETH. This means that if the company succeeds in achieving this pre-defined value, the token sale will end soon.
VinChain has also decided to offer a referral program. You can take part in this program and earn the benefits the company offers you. Moreover, if you refer a friend, you will be rewarded with a 10% discount.
- Through its ongoing VIN ICO token sale, VINChain was able to make USD1.5 million at the existing price of 1670 ETH, within just 24 hours.
- The company has decided to hold the ICO in 7 stages; each stage relates to a certain amount of ETH.
- Once the company succeeds in achieving that amount, only then it will start its next ICO stage.
- It is similar to a race wherein the sooner you invest in the project, the more VIN tokens you will be able to earn for 1 ETH.
Stages and discounts
Discounts based on each stage are best depicted through a table below:
The amount of ETH collected
|0 –1290||1 ETH = 28.000 VIN|
|1291 –4950||1 ETH = 25.000 VIN|
|4951–8610||1 ETH = 24.000 VIN|
|8611–12,270||1 ETH = 23.000 VIN|
|12,271–15,930||1 ETH = 22.000VIN|
|15,931 -19,590||1 ETH = 21.000 VIN|
|19,591 –23,250||1 ETH = 20.000 VIN|
In the image below, you can see the bonus percentages VinChain will be offering to its users:
VIN token distribution
The distribution pattern of the Genesis block in the VinChain network includes 1,000,000,000 utility tokens in the following manner:
- 600,000,000 for ICO members.
- 250,000,000 for founders, consultants, and other members of the team.
- 87,500,000 for future partners, counterparties of the system scaling.
- 50,000,000 for the advisory board.
- 12,500,000 for early token purchasers.
VIN raised funds allocation
The VINChain will allocate the funds raised through ICO sale in the following ways:
1 – Project development.
2 – VinChain product and VinChain network infrastructure development.
3 – Activity expenses.
4 – Accounting expenses.
5 – Study
6 – Recruitment
7 – Other administrative goals.
8 – Marketing expenses.
9 – VinChain, VinChain network and VinChain Power Plant development.
10 – Law expenses.
11 – Legal service expenses, organization setup and activity, chosen service providers for the VinChain network.
12 – VINChain Power Plant development and developers’ platform promotion.
13 – Integration of partner projects.
How do smart contracts work in the VinChain Network?
Every smart contract has its own functionality in a blockchain-based platform. Dissimilar to other already available smart contracts, The VinChain smart contract functions in a different way.
When the information report is created, the VinChain creates and puts the smart contract into the blockchain connected to the VIN number. It defines the payouts to the service providers in accordance with the amount of data offered and its value.
The data providers sign the contract using the poll (DPoS). The service provider, also known as the report submitter creates the payment transaction for blockchain-passport and VinChain service delivers the report.
The smart contract begins when the blockchain passport receives the payout transactions for data providers, who delivered the records.
The data provider then transfers the vehicle history report to the final consumer in the most appropriate and systematic way.
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.
For more information about how to invest in ICOs, you can visit our page.
- Alex Miles(CEO) - Alex Miles is a technology enthusiast and blockchain expert who graduated with honors from Florida International University – a top ten business school – while studying management information systems. He was hired at ABetterBid Car Auctions LLC, where he quickly rose through the ranks to the Head of Business Development role.
- Andrei Krainik(Founder, Chief innovation officer) - The founder of EasyExport.us, one of the top 10 companies in the Inc. 500 with an annual turnover of more than $45 million
- Aleksey Listopad(CMO) - Brought 9 huge projects to the US market as the Head of Marketing at at A Better Bid Car Auctions LLC. Project marketing and design specialist. Created ‘Logistic Club’ when 19 years old
- Antonina Binetskaya(CTO) - Coordinate the development of key performance goals and direct reports
Business process analysis
Business process improvements
- Pavel Yeschenko(Blockchain Developer) - Software engineer with more than 5 years of well-rounded experience. Skilled in facilitating and managing teams. Able to provide customized, client-driven solutions that improve operations and processes, enhancing business productivity and profitability.
- Michael Zhalevich(Blockchain developer) - Created Tournament Management Systems for online gaming platforms, and integrated systems into games. Implemented various performance optimizations.
- Alexandr Onyskiv(Software & Blockchain Engineer) - Over 10 years of overall experience in IT fields, analysis, design and development in both Java-based and Ruby-based web and enterprise applications.
- David Carp(ex-CPO for Kia Motors America) - David headed up both Fleet & Remarketing for Kia Motors, David also developed Kia’s CPO Program and led it for 11 years has the fastest growing CPO Program in the Industry.
- Matt Carpenter(Chief Financial Officer of Audi of America and Audi Canada) - Serves as Chief Financial Officer of Audi of America and Audi Canada. Matt has a breadth of experience managing in the automotive industry. He started his career path with Ford Motor Company in Michigan where he worked for 5 years as a Zone Manager.
- 102.2017The founders study the blockchain technologies ability to collect and store information; first concept prototypes are developed.
- 210.2017White paper is published, and feedback is collected from the community. Concept and work flow chart development based on the collected data.
- 311.2017Start of token pre-sale
- 412.2017VINchain pre-ICO will be held from December 1 to December 24, 2017.
- 501.2018Creating the first working model (MVP), following the outlined concepts and technical specifications.
- 601.2018We will be working on the alpha version of the VINchain vehicle report so you will see how the reports look like right before the start of our ICO. We will be making partnership agreements with dealers, insurance companies, banks, and manufacturers.
- 702.2018We will work on the development of the alpha version of VINchain mobile application for car owners. It will give car owners an opportunity to earn VINchain tokens and unlock new possibilities to interact with their car remotely.
- 802.2018Start of the VINchain ICO. In 6 to 16 weeks, VIN tokens will be listed on exchanges.
- 903.2018Product testing launched.
- 1004.2018Once ICO ends, tokens will be issued to token purchasers.
- 1105.2018Alpha version of the VINchain blockchain
- 1206.2018Beta version of VINchain blockchain, VINchain API,
VINchain app, and VINchain report
You will be able to try our improved systems firsthand.
- 1307.2018Despite of the amount of collected money, we will focus on the distribution of the system and its establishment in the US. In the case of success of our ICO, we will simultaneously work on the markets of Europe and the CIS.
- 1411.2018In the case of a successful ICO, we will simultaneously work on spreading in Europe and CIS markets. In case of an unsuccessful ICO we will still spread our project throughout Europe, but only after we generate initial revenue.
- 1501.2019We will analyze all of the collected big data for the enterprise utilization.