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VINchain ICO review

ICO starting date

01 Feb 2018

Year founded

2018

ICO ending date

15 Apr 2018

Prototype ready

Yes

Industry

Automobile

Platform

Graphene

VINchain cryptocurrency team is embarking on creating a global blockchain database of used vehicle information. The database is meant to be 100% transparent and accessible to every person in the world. The VINchain platform offers the user a complete uninterrupted vehicle record without the dogging disadvantages of centralized databases.The platform brings together all the vehicle-related data providers hence making the experience for the end user simple, reliable and fast.

The way the VINchain works

The value of the car to end user of vehicles will increase. This is so because the database will be used to track all the information about the car and a seller won’t have to sugarcoat anything. This crypto allows total data invariability for users. The blockchain technology also allows you to store VIN data. You can make requests on the blockchain and you can pay for those requests using VINchain tokens. The VINchain project solves the problem of asymmetrical information in a used vehicle. It does this by creating an immutable, decentralized, secure and transparent vehicle lifecycle repository.

Understanding VINchain ICO

In February 2017, the concept development of the crypto began. In October the same year, the whitepaper and the project concept were approved. This led to tokens presale which took place on November 23rd. On December 1st, the pre-ICO of the token took place. It is with the consistent following of the roadmap that the VINchain team was able to launch the Alpha version of the VINchain app in February. The ICO of the coin will come to an end on April 15th. The team has its plate full given that it intends to spread its wings throughout the US and Europe by the end of the 4th quarter of 2018.

The verdict

The VINchain team wants to have the full history of a car incorporated in the blockchain. However, if the sellers don’t corporate, it means that only a piece of the whole information will be available which can make the whole blockchain idea collapse. The team should find a way to make sellers to upload their cars’ data onto the platform. The vision of the team is quite ambitious and quite a number of blockchain experts agree that this might just be what we need to stop vehicle-related fraud cases. Like any other new ICO, VINchain is faced with a plethora of questions. The team stands ready to answer the questions as is witnessed on several crypto related media channels. Questions such as which exchanges it will be listed on, how the off chain technical architecture or if there are other parties interested in the idea other than auctioneers are some of the questions that need answers from VINchain.

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