Buying a car or a vehicle is not trivial for many people. This requires a large initial capital and if the technical condition of the car is not as good as promised by the seller then the cost of repair and maintenance goes up quite quickly.
Because of this risk, the buyer is hesitant to match the price with the real value of the vehicle, so a good vehicle can be sold at a price much lower than the price it should. Thus such a chaotic situation is unfavorable to both parties involved in the transaction.
There are about 40 million used cars sold each year in the United States. Used car market is expected to grow at 6% level in the future. For something that dominates 65% of the car sales market, the used car segment does get a bit of attention. There are 250 million used cars on the country road, but there is still a bona fide way to collect used car records on the road. So, when the buyer is looking for a used car, he almost completely relies on the seller's words and his initial instincts.
Unfortunately there is currently no major car database that is decentralized and accessible to everyday users. Furthermore such existing databases have no guarantee of accuracy and no unsafe third party confirmations. All propositions are also full of other problems. This includes no centralized and centralized updates even registered cars in a commercially maintained database. There is no verified information from the data provider. In general, the vertical is characterized by a lack of consumer confidence. On top of this, there are issues of bank fraud, insurance and leasing companies. Therefore blockchain is expected to change that equation. And both buyers and sellers of used cars benefit, as well as others who touch the car's life cycle - from dealers to insurance companies.
VinChain is a project developed to solve the asymmetric problem of information available in the used car market. However, this is not the first attempt to build databases that track the history of a vehicle, but the problem with precursors is that they are generally closed commercial databases and the information is not shared with all stakeholders. In addition, their information is stored centrally, which increases the risks to data corruption and manipulation.
Vinchain works with a young user who wants to buy a used car by buying a VinChain token. They then "spend" tokens through the VinChain network. Each participant on the network gets compensated with some tokens. Initially, token allocation will be associated with events in the life history of the car. This could include a change of ownership. Can include accidents. Once the user determines which information is useful or not, the event is dynamically weighed using an algorithm that determines the usefulness of the information provider and the information is compensated according to the cost of the small transaction system.
Here are some other use cases in Business-to-Business scenarios, including: Automobile manufacturers can request reports on how their vehicles operate and analyze vehicle operating statistics. Based on this information they can develop a marketing and production plan. Car dealers who can use that information to make better predictions about the current market value of the car. Insurance companies can benefit from this too, they will be better equipped to identify fake accidents and other frauds. Moreover, banks and leasing companies will be able to determine the exact market value of the car before issuing a loan to it. Service stations may use data provided to them about vehicle history to diagnose problems or problems with vehicles more strategically.
Vinchain comes in the form of a digital currency named VIN token. The VIN Token will go on sale from February 1, 2018 to April 15, 2018. There will be a total of 1,000,000,000 VIN tokens to be created by the team and developer, for a price of 1 ETH equivalent to 20,000 VIN. VIN toen purchases alone can be made with other digital currencies such as BTC, ETH, LTC, and DASH and get discounts on certain time periods.
Vinchain itself is the result of teamwork with managers, developers, consultants, professional marketing experts and experienced in their respective fields. who strive to give their best abilities in this project. In addition, the team also strives to provide the best benefits and services, to anyone interested in joining the project.
During the development process, the team will create flexible APIs, mobile apps and websites that enable dealers, insurance companies, and manufacturers to integrate them into the platform and create easy-to-use and easy-to-use frontend and backend. The team has also been given a very high ICO bench rating (of 4.6) because of the idea, team strength and experience in the automotive industry.
So our ICO review of this project this time, hopefully can increase your knowledge in choosing the best project ICO to you invest. If you are interested in joining this project, or intend to purchase this VIN token. You can visit their official website and page below:
