VinChain​ ​- 

Decentralized Vehicle​ ​History

Problem, 

The problem is captured and explained by Nobel prize winning economist George Akerlof in his published scientific work “The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism” in 1970. He described the mechanics of markets where one party (the seller’s) know significantly more about the product than the other party (the buyer’s). This is also known as “markets with asymmetric information”.

The used car market is an example. When selling a car, the seller typically knows significantly more about the vehicle than the buyer. This is a problem for the buyers as that opens them up for possible fraud. To hedge against the risk of buying a ‘bad’ car the buyer reduces the price he/she is willing to pay for the vehicle. This can lead the entire used vehicle market to disappear.

Here’s how it happens:

• A buyer cannot fully distinguish a good car from a bad one, so they are willing to pay less for the vehicle. This reduces the average price of the vehicle.
• Because of the lower average price, most sold cars are of poorer quality, so those who sell good cars leave the market.
• Сonsequently, the average quality of the goods in the market deteriorates further, and as a result the buyers are willing to pay even less than before. Because of this the average price of a car reduces even further.
• Now sellers of medium-quality cars are forced to leave the market.
• The quality of the cars will deteriorate again, and the average amount the buyers are willing to pay will fall in proportion. This cycle will continue until the buyers stop purchasing cars because they will assume that they are all of poor quality.
• As a result, this will lead to the complete disappearance of the market. This is the nature of markets with asymmetric information.

This cycle can only be stopped by removing information asymmetry.

Solution: VinChain

Project VinChain solves the problem of asymmetrical information in the used vehicle market by creating a decentralized, immutable, transparent, secure, and reliable vehicle lifecycle repository.

VinChain is a blockchain database that records all information pertaining to vehicles. For each vehicle, the information accumulates during the entire period of use. This history is transparent and accessible to everyone.

To protect accuracy of the information, the technology of distributed storage is used. This guarantees absolute reliability and security of data.

Every day hundreds of thousands of used cars are sold in the world, and each buyer wants to get reliable information about the technical condition of the car. This is an important security, financial, and safety issue.

Unfortunately there is no single database of cars. There are commercial bases, but they do not solve this problem. Their information is stored centrally and there is a risk of it being incorrect. Commercial bases are closed and do not exchange information among themselves. As a result, the buyer of the car risks their own safety and losing money.

Business model

• Supplier’s data evaluation is based on ranking scale.
• Each blockchain request is paid tokens.
• Each report contains data about the car from several suppliers.
• Each vendor whose data was used in the report receives payment tokens.
• VinChain receives a commission from each request.

ICO description

Why​ ​Blockchain?

The advantages of using the blockchain technology for VinChain:

• Blockchain can store any information about the vehicle maintenance.
• The opportunity to adjust the access levels for different users.
• Absolute reliability.
• Transparent system of awards for the data suppliers.
• The opportunity to work directly with each market player\
• Resistance to network attacks

Pre-sale​ ​of​ ​tokens​ ​for​ ​early​ ​investors

Pre-sale: December, 1st — 24th 12,000,000 tokens will become available for placement with the sale prohibition during 3 months after the ICO is over.

Tokens​ ​emission​ ​and​ ​sale​ ​on​ ​ICO

ICO will be held from March, 22d through April, 15th, 2017. Payment methods available for the VinChain tokens:

• Bitcoin (BTC)
• Ethereum (ETH)
• Riple (XRP)
• Litecoin (LTC)
• Waves (WAVES)
• USD, EUR, GBP

Available for placement: 600,000,000 tokens.

The tokens will be distributed between the buyers within 72 hours of the ICO finishing.

Hard​ ​cap

Maximum investment amount: $34,500,000.

The distribution pattern of tokens is the following:

The distribution pattern of Genesis block in VinChain Network will include 1,000,000,000 utility tokens.

• 600,000,000 => are distributed among ICO members;
• 250,000,000 => are reserved among founders, consultants and other members of the team with a sale restriction of 2 years;
• 137,500,000 => are reserved with a sale restriction of 2 years;
• 12,500,000 => are reserved for early investors with a sale restriction of 3 months after ICO ending

HELLO GUYS GO JOIN THIS ICO, I BELIEVE, YOU AND ME WILL BE A SUCCESS…!!

WEBSITE : https://vinchain.io/en
WHITEPAPER:https://vinchain.io/files/white_paper.pdf
ANN THREAD :https://bitcointalk.org/index.php?topic=2349186.0

Author: Willi domika

https://bitcointalk.org/index.php?action=profile;u=1752966

My eth:

0xA00647621A4256eC0fcCca85253d06b61Fc88D5c