VinChain solves the problem of asymmetric information in second-hand vehicle market by making the repository a decentralized vehicle life cycle, unchanged, transparent, secure, and reliable.
When selling a car, sellers usually know more about vehicles than buyers. This is a problem for a buyer since it opened it up for possible cheating. To hedge against the risk of buying a car buyer’s ‘ bad ‘ reduce the price he is willing to pay for the vehicle. This can cause the entire market of used vehicles.
VinChain blockchain is a database that records all information relating to the vehicle. For each vehicle, the information accumulated during the entire period of use. This history is transparent and accessible to everyone. To protect the accuracy of the information, distributed storage technology used. This guarantees absolute reliability and data security.
– The buyer could not distinguish a good car from a bad one, so they are willing to pay a little more for their vehicles. This reduces the average price of the vehicle.
– Because the average price is lower, the car that sold the most qualified, so they’re selling good cars leaving the market.
– As a result, the average quality of goods on the market is getting worse, and as a result buyers are willing to pay a little more than before. This is because the average price of a car reduces further.
– Quality car salesman now are being forced to leave the market.
– Car Quality will deteriorate again, and the average number of buyers willing to pay would go down proportionately. This cycle will continue until the buyers stop buying cars because they would assume that the quality is bad.
– As a result, this will lead to the loss of the overall market. This is the nature of markets with asymmetric information.
This cycle can only be stopped by removing the asymmetry of information.
Changing global market used cars by make it honest, transparent, reliable and with equal access to information for each participant.
The purpose of the project
1. create blocks with varying levels of access to and protection of information.
Data security level should correspond to the needs of government agencies.
2. Bringing together the participants in the automotive industry, such as
manufacturers, insurance companies, dealers, workshops,
navigation system developer, become the sole ecosystem to
the purposes of the Exchange data.
3. create the infrastructure and provide direct access to the database for each market.
How it works
The information corresponding to the requested number VIN will be searched and selected in block. Each record will have information about the data provider, date, VIN and the use of the car.
The advantage of using blockchain technology for VinChain
● Blockchain can store information about vehicle care
● The opportunity to adjust the access levels for different users
● Absolute reliability
● Transparent Award System for data suppliers
● The opportunity to work directly with any market participants
● Resistance to attack the network
Pre-sale token to early investors
Pre-sale: Dec, 1-24 12,000,000 tokens will be available for placement with a ban on sales over the past 3 months after ICO ends.
Emissions and token sales in ICO.
ICO will be held starting on 22 March to 15 April 2017.
Method payment VinChain token available to:
● Bitcoin (BTC)
● Ethereal (ETH)
● Riple (-XRP)
● Litecoin (LTC)
● Wave (WAVE)
● USD, EUR, GBP
Available for placement: the 600 million tokens.
Tokens will be distributed between the buyer within 72 hours after
Maximum investment amount: $34.5 million.
Alex Miles — project manager. Founder Of Mealful LLC. Elena Krasenkova — head of sales at A Better Offer Car Auctions LLC, monthly sales increases of 150%.
Alexey Listopad — Director Of Marketing. Buy 9 projects, including A Better Bid Car Auction to the U.S. market.
Andrey Krainik — founder of Easyexport.us, one of the 10 top companies on the Inc. 500 with annual turnover of over $45 million
Jurgis Plikaitis — CEO & Founder. Automated online auction expert. Serial Entrepreneur. $500 million total turnover well established companies.
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