The VINchain project fills this need and solves the problem of asymmetrical information in the used car market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.
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. Information about the vehicle is accumulated in the databases of all system participants (manufacturers, insurance companies, service stations, banks and leasing companies, dealers, etc.) during the entire period of its use.
The blockchain-passport of the vehicle is connected to the vehicle identification number (VIN) and placed in the VINchain blockchain system. This information is transparent and accessible to everyone with access to the system. To protect the accuracy of information, the blockchain technology and data hashing through the SHA-256 cryptographic algorithm (sha 2 family) is used. This guarantees reliability and security of data.
Every day hundreds of thousands of used cars are sold around the world, and each buyer wants reliable information about the technical condition of the car. This is an important safety, security, and financial issue.
The VINchain project plans to attract international consulting agencies to the system audit, which will produce a detailed report of the reliability of the information provided by VINchain. The mechanics of the VINchain system work as follows:
- A request for data is received
- The entire chain is searched for relevant data
- Reports are created and provided in a structured form
- Members of the relevant registry receives a fee for providing information
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%!
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!
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
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 distributed among token purchasers.
Maximum investment amount: 23 250 ETH
Minimum investment amount: 3 330 ETH.
Bonuses and discounts for ICO stage
read more: whitepaper