Uncertainty and fraud in the car industry
The car industry is enormous and has been ever since it was introduced to the public in early 1900’s. Because of its convenience, cars are not going away any time soon but change is still needed to propel the industry forward. At the moment, millions of used cars are sold annually, but a major downside to buying or selling used cars is the fraud and faking that can take place. Individuals are able to fake things such as mileage data on the odometer of a vehicle and cover up past issues or how many other owners the car has had, all things that should reflect the price of the car. This creates an environment where buyers can end up paying much more for a car than it is actually worth, on the other side, sellers can also end up getting much less for a genuinely good car because customers are afraid that fraud of faking is involved. VINchain has set out on a mission to fix this problem. They are using blockchain technology to create a truly transparent and reliable database for all car-related data. Individuals will be able to get the actual data regarding a specific vehicle they are looking to buy, and sellers can the same way verify to its customer that the car is in the described condition. Parties related to the car industry from the car dealership to the insurance company can provide data to the database regarding a specific vehicle so a comprehensive profile of each car in the system exists. This entire system can actually save car owners up to 30% of their insurance policy because the insurance company can be certain of all details regarding the insured vehicle.
Much more than just a database
Not only does VINchain provide a database which fixes a bunch of issues associated with the car industry, they also create a much better overall experience for car owners. By having VINchain’s OBD device plugged into your car, you will gain access to a range of tools on the VINchain app. Some of these include deep analytics which keeps track of behavior patterns to find out where you can save money and also updates you on car errors that could make the car unsafe. Users of VINchain can also enjoy the convenience of getting your car’s location pinpointed in a huge parking lot if you forgot where you parked it. If your car needs any kind of maintenance, you can find the nearest, best or cheapest mechanics and even receive a discount on the maintenance services. If your car is compatible, you will also be able to remotely control it through the VINchain app. In contrary to major tech cooperations who sell your data for their profit, VINchain gives users control over their data which they generate as they use their car and even gives them the opportunity to sell the data for VINchain tokens.
To fund their project, VINchain is raising funds through an initial coin offering (ICO), selling their ERC20 token VIN. This token is going to be an essential part of the VINchain ecosystem and can be used to buy information from the database and other services/tools provided by the VINchain platform.
The token sale started the 1st of February
The token sale ends the 15th of April
20000 VIN = 1 ETH (Bonuses apply to different phases, see picture below)
- Total supply of tokens is going to be 1,000,000,000 VIN
- A maximum of 600,000,000 VIN will be for sale during the ICO
- Hard cap is 23,250 ETH
- Soft cap is 3,300 ETH
The team behind VINchain has experience in many fields of technology, finance, software development and the automotive industry. These are some of the members.
To learn more about the team and their advisors, visit the official website at: https://vinchain.io/ or read their whitepaper here: https://vinchain.io/files/VinChainWhitePaperEn.pdf
If you find this project interesting and wish to learn more about it or their token sale, you can visit the following links below and read their whitepaper. To keep yourself up to date on the project, you can follow their social media accounts also linked below.
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