VinChain FAQ

• What is VINchain and what problem does it solve?

  VINchain is a decentralized vehicle database that will collect all relevant information about used vehicles, including repair records, accident history, mileage, and any other relevant information. The idea of our project is to solve the problem of asymmetrical information in the used vehicle market by creating a decentralized, transparent blockchain database that records all information pertaining to used vehicles.

• How will such a large amount of information be stored on the blockchain?

  Blockchain technology cannot hold the amount of information that we are going to collect, so we decided to store the majority of information in centralized databases, then create a hash on each of them and store that hash in the blockchain. After a client makes a request for particular information, they will receive it from the centralized database together with the hash so that they will be sure that the information hasn’t been modified since the moment it was originally added.

• What is an ICO?

  An ICO (Initial Coin Offering) for the utility tokens, which represent services or units of services, is a way to fund projects of shared infrastructure. In an ICO, issued cryptocurrency (tokens) is sold in exchange for other cryptocurrencies or fiat money.

• Why are we launching our ICO?

  We are launching this ICO to expand and improve our database by attracting new participants and information providers. As we get new subscribers (information providers and users) and reach the minimum goal of 3300 ETH, we will continue developing and spreading our project throughout the US as fast as possible. We also plan to launch in Europe and soon after in Asia. We launched the ICO on February 1st as we truly believe that the automotive industry is in desperate need of our technology and we want it to spread as quickly as possible.

• Can US citizens participate in this ICO?

  Yes! After a careful legal analysis by a U.S. licensed attorney, it has been concluded that VINchain is a utility token and not a security, so we have been able to open up to U.S. contributors. We are excited to accomplish our goal, as we had originally focused on making this project a reality by the third quarter of 2018, however our professional team was instead able to achieve it in February of 2018.

• What would you consider to be a success with this ICO?

  We will consider this ICO as successful if we reach our target of 3300 ETH. If we do not attain this minimum threshold, all collected funds will be returned to token purchasers. We have set a maximum amount of 23250 ETH, in which case over half of the tokens will be distributed to token purchasers. We are aiming to spread our project throughout the world, but our plan is to start from the USA as related industries are mostly developed there and we have experience particularly on the U.S. market. If we will raise funds closer to the hard cap, we will start not only in USA but in Europe as well.

• What is the timeframe of the ICO?

  The main public sale begins on the 1st of February and will be held till the 15th of April, 2018. The sale will terminate early if we reach our maximum limit.

• What if I’d like to purchase tokens but not take part in the ICO?

  You can acquire VINchain tokens by entering data into our system. You can register for VINchain here. After we complete the ICO, we plan to list the VINchain tokens on utility token exchanges.

• Is VINchain’s economic model sustainable?

  The economic model is sustainable, as the utility of our token will expand with the growing number of platform participants more information will become available for subscribers. We will also take a small transaction commission in order to maintain, develop and update the platform. Our clients will be able to use VIN tokens for different systems and services in the future as we will have a multitude of partners which will accept VIN tokens as a form of payment.

• Can I trade VIN tokens at an exchange?

  We plan to list the VINchain tokens on token exchanges that sell exclusively utility tokens. However, there is no guarantee of liquidity as well as there is no guarantee that you will be able to sell tokens for a price equal to or greater than purchasing price.

• How will the VINchain affiliate program work?

  The affiliate will receive 10% of the total VIN tokens purchased with their referral links. In order to join the affiliate program, you need to create an account on our website. In your account, you can copy a personalized referral link and send it to potential participants such as friends and family. When the participant you refer completes a purchase following this link you will receive 10% from their first token purchase. Note that in order to receive credit for your referral, they must sign up and complete their purchase through your referral link.

• How can I purchase VIN tokens?

  For full instruction on how to purchase VIN tokens click here.

• When can I sell tokens?

  After the ICO, you will be able to sell VINchain tokens once they become of no utility to you. We plan to sell them on token exchanges that are designed specifically for utility tokens. However, there is no guarantee of liquidity as well as there is no guarantee that you will be able to sell it for a price equal to or greater than the price that it was purchased.

• What separates VINchain from competitors?

  Though VINchain has competitors in the same sphere, we have far more experience in relevant sectors and are poised to make a much greater impact. Our team members have been in this industry for over 10 years and have a wealth of diverse experience.
  In order to create a uniquely detailed picture of a vehicle’s history, VINchain will utilize information from diverse sources such as dealers, manufactories, service stations, the vehicle itself and from other relevant sources. We are aiming to spread our project all over the world, starting in the United States as this industry is mostly developed there and our team has extensive experience particularly on the U.S. market. As our platform grows, we plan to expand our project to Europe and Asia.
  We are building our own blockchain instead of using the ETH platform in order to avoid overloading the system, and steer clear of scaling problems.
  No other competitor has the same experience, approach, attention to detail, and scope of vision as the VINchain team.

• Will auto manufacturers and services open their bases?

  We will have two ways of working. First, if a manufacturer agrees to share the vehicle information with us and gives it to us, we will store it, make a hash, and will keep it on blockchain. Second, if a manufacturer is not ready to share the information, they may instead provide just the hash and we will also store it on blockchain. To verify the information, auto manufacturers will give us a piece of relevant information according to the hash.

• Reward tokens: how will somebody be rewarded for adding data to the VINchain database?

  The provider of the data will be given VIN tokens, as a reward and maintenance compensation, every single time when a request on their data is made. The provider will receive VIN tokens in an amount depending on the value of the information provided related to the entire set of data available on the car.

• What will VINchain earn from provided reports?

  Our partners (who will sell our reports) will give us 25 tokens for each report. VINchain will charge a transaction fee to maintain and develop the platform, and to grow its information providers base. The remainder will be distributed between information providers.

• What happens to unsold tokens during the presale?

  All unsold tokens will be wasted.

• Why would vehicles owners want to implement the OBD logger?

  Car owners are greatly incentivized to plug in the ODB logger devices, as they get compensated every time their information is shared. That has never been possible before! Vehicle owners are in full control of their data, and, since they can share this information with insurance companies, the insurance companies can offer lower premiums. Additionally, local businesses can offer discounts to connected nearby drivers that are in need of a specific service. Furthermore, drivers will be able to stay updated on internal vehicle changes.

• How many members are on your team?

  We have over 20 experienced team members and advisors, with extensive experience in blockchain service platforms, the automobile industry, marketing, vehicle auctions, database management, software development, and in many more areas.

• Is there a minimum purchase amount?

  Though there is no minimum purchase amount, the amount needed to purchase a vehicle history report is 25 VIN tokens.

• What is the role of the VIN token?

  Using VIN tokens, you will be able to access the worldwide database of used vehicles that is stored on the VINchain decentralized platform and is only available to holders of VIN tokens. The smart-contract behind the VIN token provides a transparent, clear, and honest mechanism of obtaining and paying for the information provided by the platform information providers. Additionally, as the database grows, we plan to expand the platform service portfolio to include additional related services, such as service station and insurance company recommendations.

• What are VINchain’s main sources of vehicle information?

  Vehicle information will be provided by manufacturers, car dealers, auto services, banks and other lending institutions, leasing companies, DMVs, specialized databases, the ODB app, the vehicle itself, and from many more sources! Additionally, we are already working with Epicvin.com, who is ready to share their information with us. We are aiming to make a wealth of partnerships so that VINchain will have as much relevant vehicle information as possible.

• How will data be verified before it goes into the blockchain?

  The information will be provided from certified sources only. If a supplier provides incorrect information, it will be marked as incorrect in the blockchain and the provider will potentially be banned from providing any data in the future. We will implement machine learning technology so that all information will be verified by the system and all irrelevant data will not be taken into account.

• What is the price for tokens during ICO?

  We decided to make the ICO in 7 stages so that it will be easier for you to know when the price will increase. We are aiming to collect 23,250 ETH during ICO, this is our hard cap!
  1st stage: from 0 to 1,290 ETH sold, at the price of 1 ETH = 28,000 VIN tokens.
  2nd stage: from 1,291 to 4,950 ETH sold, at the price of 1 ETH = 25,000 VIN tokens.
  3rd stage: 4,951 to 8,610 sold, at the price of 1 ETH = 24,000 VIN tokens.
  4th stage: 8,611 to 12,270 ETH sold, at the price of 1 ETH = 23,000 VIN tokens.
  5th stage: 12,271 to 15,930 ETH sold, at the price of 1 ETH = 22,000 VIN tokens.
  6th stage: 15,931 to 19,590 tokens sold, at the price of 1 ETH = 21,000 VIN tokens.
  7th stage: 19,591 to 23,250 sold, at the price of 1 ETH = 20,000 VIN tokens.

• How is blockchain technology implemented in your solution?

  Our project is based on the usage of blockchain as a decentralized data storage system that provides transparency and integrity of the entire process. Our smart contract is built to ensure the creation of a unified worldwide system that will be able to pull the most accurate, objective, and verifiable information pertaining to a particular vehicle. Due to a decentralized nature of our platform, VINchain’s database will be directly shared without a central administrator, blockchain transactions will have their own proof of validity and authorization to enforce the constraints. For the same reason - due to its decentralized nature and resistance to network attacks - it will be immune to any fraud, so users can be 100% confident that supplied information is transparent and reliable.

• Who are your users?

  We believe that our project will be beneficial for the entire automotive community, i.e. for nearly everybody, including vehicle purchasers and sellers, manufacturers, banks and other financial institutions, insurance companies and vehicle dealers. For example, manufacturers will be able to utilize our platform to develop marketing and production plans and decide for or against providing warranty service. Our project will help to build loyalty and trust-based relations between dealers and buyers due to clarity of information. Dealers will be able to utilize the VINchain platform to accurately determine the market value and history of a vehicle. Insurance companies will be able to utilize our platform to identify undisclosed or, the opposite, fabricated accidents and protect themselves and subsequent owners from scammers and fraud. Banks and leasing companies will be able to utilize the platform to ascertain an accurate price of a vehicle when offering loans. Service stations will be able to carry out inspection and detect hidden defects more accurately. There are limitless potential applications of the data we will collect!

• How can I purchase VIN token during ICO?

  During ICO you will be able to buy our tokens not only with Ethereum (ETH), but with other cryptocurrencies as well. It will be possible to make a purchase with Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC) and Dash (DASH).

• What is a gas limit and why is setting it necessary while making a purchase?

  Gas limit is a small commission that you can set for a money transfer. Due to the business of the ETH network we can recommend a gas limit to set in order for your transaction to go through.

• Is it necessary for me to add all documentation for each purchase?

  If you are buying for up to 2.5 ETH you don’t need to submit all documentation. If you are going to spend over this amount, than you need to submit all the documentation first.

• Why can't I make a purchase through the exchange wallet?

  You can’t complete a purchase through the exchange wallet as your tokens will be sent to the address you bought from, and this is not possible with exchange wallets. There are few wallets that we recommend. You can read more about that in the instructions here.

• How many tokens are available in total?

  There are 1,000,000,000 total utility tokens. And the distribution will look like:
  - 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.
  - 87,500,000 => are reserved with a sale restriction of 2 years.
  - 50,000,000 => are reserved for the advisory board. If not all tokens are distributed they will be wasted.
  - 12,500,000 => are reserved for early investors with a sale restriction of 3 months after ICO ending.

• What will we do if we don’t manage to collect the minimum?

  We will refund all collected money to token purchasers, which is written in our White Paper. If we do not manage to reach $5 million during ICO we will return all collected money to token purchasers.

• What if I bought VIN tokens during pre-ICO and got less than people who participated in the ICO itself?

  The reason for this is that Ethereum (ETH) pricing grew dramatically during this timeframe. In order to compensate for this dramatic change, we will double the number of tokens pre-ICOs purchasers will receive.

• What are your plans?

  The platform is ready for launching. The alpha version of the platform will be launched before the token sale starts, i.e. by the end of February 2018. The OBD will become available in March 2018 and the MVP will be made available to all subscribers by the end of the token sale, i.e. by April 2018.

• In what countries will the OBD work?

  It will work worldwide. There will be two options: with a SIM card and with WiFi.

• When do you plan to collect KYC details?

  We will have post ICO KYC.

• Have you made an airdrop?

  We have been looking for the people who are interested in ICOs, and we decided to make an airdrop with an advertising aim, so you can get to know our project and take part in our ICO as well. VINchain ICO is live now and we have 25% bonus! So join us!