VINchain is creating a worldwide blockchain database of used vehicle information that is 100% transparent, reliable, and accessible by everyone. The VINchain project unites all data providers and gives the user a complete, uninterrupted vehicle record; all without the disadvantages of a centralized database. Consumers can also significantly increase the value of their vehicles at the time of the sale by contributing to the repository of data on the blockchain with help of vehicle tracking devices. VINchain is a decentralized network that allows you to store VIN data on the blockchain, which guarantees complete data invariability. You can pay for requests on the blockchain with VINchain tokens, afterwhich the tokens will be distributed between information providers depending on the value of the provided information to the community. We also have longstanding functional and profitable businesses that currently generates profit. EpicVin.com became one of our partners
VINchain is creating a worldwide blockchain database of used vehicle information that is 100% transparent, reliable, and accessible by everyone. The VINchain project unites all data providers and gives the user a complete, uninterrupted vehicle record; all without the disadvantages of a centralized database. Consumers can also significantly increase the value of their vehicles at the time of the sale by contributing to the repository of data on the blockchain with help of vehicle tracking devices. VINchain is a decentralized network that allows you to store VIN data on the blockchain, which guarantees complete data invariability. You can pay for requests on the blockchain with VINchain tokens, afterwhich the tokens will be distributed between information providers depending on the value of the provided information to the community.
Why is this project important?
the success of this product is contingent to mass adoption by the primary and secondary vehicle markets.
So, another ico for 'solve car problem...'
Why use the blockchain?
Team is ok
Adoption and execution is the key here.
I've looked at the whitepaper and there's just too many questions.
"Each report through our partners will cost 25 tokens, which is equivalent to $1.25, as compared to the $8.99 that it currently costs (on EpicVin)" - this is at 0.05c per token if ETH is $1k. Plus there is the $3 transaction fee mentioned. If ETH rises to $7200 (or less with transaction fees) does it mean that this competitive edge doesn't hold?
Will these tokens be listed on any exchanges (not mentioned in the whitepaper) and if there is 10x growth in token price, is this platform already more expensive than competitors?
There seems to be a mashup of too many ideas and I can't see how it will be executed. Remote controlling engine start via an app, nearest station locator, insurance claim assistance ...
It needs a huge ecosystem of vendors and consumers to subscribe to this plan. Apart from the auctioneering businesses, who else has bought in to the idea?
I also don't understand what processes are in place to verify that data input into the system is correct, not falsified. What method of consensus? I see SSL is used to identify the user, but who checks that the info the user provides on the vehicle is correct?
Transaction fees can fluctuate, and most likely will increase over time.
No clarity on what the off chain technical architecture will look like. Where will the data on ipfs reside?
Also, too much reliance is pushed to people to contribute data. Gamification if employed only works to a limited extent. Will consumers really contribute on the scale you are looking at?
Updated upwards based on further feedback from the team.
The data should be available from OBDII devices that should be standard in many cars built in the target market.
Report prices will be regulated (by token or fiat).
Tokens will be listed on an exchange, and they've clarified parts of the technical architecture.
The scope is ambitious and a lot of parties need to come together, lots of software is required, and a lot is needed for systems integration and user change management.
Seems like a good plan to put vin numbers on blockchain to end automobile fraud on mileage ,history etc.
The team is ready to answer any questions you arise, without any hidden words.
They are ready to make this project a working platform. I can't agree with all the members of advisory boards but overall it looks solid.
The vision it is great and solves a great lot of issues in real-life situations on second-hand car markets.
The product already has an MVP and ready to be delivered as promised by the looks of the whitepaper and the project itself togheter with their competition, they have a good margin of profit and still can go a bit over-priced without affecting their competing edge.
Good team and excellent idea! Against human evil side, fraud, is one of the Blockchain powerful weapon! The key to success is buildup reputation of your platform. With the coming regulations for vehicle in Europe which you mention in WP, will speed up your success from my point of view. Good luck!
Vinchain is a overall great project because of there strong team with CEO Alex Miles.
Team lacks serious automotive experience beyond the one auction company. No Dealer Principals, no one with Manheim experience.
Project can only succeed with massive adoption by automotive and consumer community.
It’s a brilliant idea, but the vast scope will make it tough for VinChain to succeed.
Interesting project will see where it goes.
There is a real problem, it needs fixing . Team have industry knowledge and connections to get POC testing done and execution. Adoption will not be easy but of they get in bed with the right partners could be very interesting
Good team and could help reduce fraud related to the car industry.
This is an interesting project but I like it. To be successful it's going to need adoption. I look forward to watching how VinChain executes.
As mentioned by others, the success is really dependent on mass adoption of this technology by the secondary market, or used car industry. With the experts on board, it seems car auctions are the initial focus. Both customers and dealers would need to adopt this tech for it really take off. New car manufacturers could use this technology as well, but I feel auto makers may collaborate and create their own blockchain for vehicle data. I see this as a moderate to high risk project. You will need great partnerships and marketers to really make this succeed. Good luck and wish you best on this project! I can see the vision here and I can see how the technology could really disrupt auto fraud.
Is there a vesting period to align team members with product delivery and an MVP?
I don't understand why so-called blockchain experts think that putting vin numbers on a Blockchain is stupid. Supply chain, provenance etc. Putting real world assets on the Blockchain is one of the most common and sensible uses of the technology. Good team. Good idea. Decent whitepaper. Some dumb reviewers.
I believe if VinChain can pull off what they have set on their road map then this could definitely be a industry disrupter. I could see this project gaining mass adoption but not anytime soon, in my opinion it would take atleast 2-5 years. If anyone was to contribute to this project with their funds, take note this is not going to be a quick short term flip. Always do your own research first.
Team is pretty good, many members from different countries and also many advisors that can help the team to overcome on difficulties the team may face during the developing. Key roles of the team have also applied and passed the KYC test on Ico bench. The product would like to solve a real issue and the blockchain can help in this sense. Good luck to the team and investors.
First, it seemed to me just another simple idea, but after some study, I found this is definitely not simple. Great team and fully working App with tons of functions. And the the business model is also great. VinChain has great potential! Good luck!
Large team, average vision can improve in some areas, great product. Wish you the best of luck.
Just ordinary idea for car market
The main problem of this market is not to store reliable information, but to collect it reliably with the help of trusted devices or trusted people. And blockchain in this, unfortunately, can not help in any way.
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