What is Vinchain
VinChain is the world’s first decentralized international automotive data marketplace
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 sellers) know significantly more about the product than the other party (the buyers). 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.
Solution Problem 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.
Current Problems in the Sector
Project Objectives
- Create a block with different levels of access and information protection. Data security level should correspond to the needs 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 provide direct access to the database for
- each market participant.
Market
Sold in 2016 - 95 million cars, sales grow every year, manufacturers increase the production.
The market for all cars in the world in 2016 totaled 1.38 billion pieces. With the cost of a history report at $15, the total volume of VinChain's market is $20 billion.
Business model
Pre-sale of tokens
Pre-sale: December, 1st – 24th 12,500,000 tokens will become available for placement with the sale prohibition during 3 months after the ICO is over.
Roadmap
- February 2017: Concept development
The founders are studying the blockchain technology's ability to collect and store information; first prototypes are developed.
- October 2017: White paper and project concept approval
White paper issue, collecting feedback from the community, concept and work flow chart development based on the collected data.
- since November 23, 2017: tokens pre-sale to early-stage investors
- since December 1 to December 24, 2017: VinChain pre-ICO Pre-ICO
VinChain will be held from December 1 to December 24, 2017 until the
required amount is collected.
- March 2018: MVP testing
Product testing launched.
- Since March 22 to April 15, 2018: ICO VinChain
ICO launch. The key objective during this period is to sell tokens qualitatively
and without a hitch.
- April 16, 2018: tokens sale
Once ICO ends, the procedure tokens will be issued to investors.
- April 20, 2018: product development and optimization,
release of new versions
4th quarter 2018: work finalization on VinChain project
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