VINCHAIN

VinChain is creating a worldwide blockchain database of used vehicle information that is 100% transparent, reliable, and accessible by everyone

About VINCHAIN

VINchain is a decentralized automotive information database. Users will be able to have access to the history of a used vehicle in a manner that is transparent and easily accessible. Users will be able to buy and sell data on the VINchain network with VIN tokens.

Token Sale Use of Blockchain

Product

2.8
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.

Product

There is a proof-of-concept of the product available on the VINchain website. However, the GitHub page contains close to no activity. Identification/authentication and access to immutable data is an idea that is quite prevalent with blockchain-related projects, and VINchain is no different in this regard. VINchain wishes to take this concept and apply it to the used automotive industry so that users will be able to have reliable and transparent data.

Product Whitepaper

Use of Blockchain

3.4
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

5.0
N/A
5 - Fully decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

VIN is an ERC20 compliant token. Users will be able to use VIN tokens in exchange for the automotive data history stored on VINchain’s decentralized database. Service providers (or miners) are rewarded with VIN tokens for operating the VINchain network by processing requests for automotive reports made by authorized users. The platform employs user authorization by means of a decentralized digital key management system that utilizes user-generated vinSSL certificates.

Use of Blockchain Roadmap

Whitepaper

2.8
Whitepaper
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

1.0
N/A
1 - Severely lacking.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is deceptively long, as the margins and spacing, as well as some fonts that are used are quite large. Sufficient detail is provided with regards to the technological aspects of the platform. The business model, however, is quite short, with only a figure and a few bullet points to describe the entirety of VINchain’s business plan.

Whitepaper Compliance

Roadmap

2.6
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

The development roadmap spans from February of 2017 to January 2019. Many of the milestones met so far are related to the platform conceptualization and the token sale. The beta version of the VINchain blockchain, API, and application, will be available by June 2018. Further developments focus on data analytics and increasing adoption, particularly in the United States and Europe.

Roadmap Company and Team

Compliance

1.8
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

2.0
N/A
2 - Minimal, superficial or hackneyed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

1.0
N/A
1 - None available.

Compliance

The VINchain whitepaper does not have a specific section for disclaimers or potential compliance issues with the platform or the token sale. However, embedded in the ‘Technical Breakdown’ section of the whitepaper is a brief discussion regarding the allowable use of the SHA-2 algorithm family. VINchain states that they plan to have post ICO KYC. However, it is stated on the VINchain website that US residents will only be able to participate in the ICO if they are accredited investors.

Compliance Token Sale

Company and Team

3.0
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.

Company and Team

Eleven VINchain team members are presented in the whitepaper along with short descriptions of their abilities. The team’s skills are more heavily aligned with business and marketing as opposed to technology. It seems as though none of the software developers on the VINchain team possess extensive experience developing smart contracts on the Ethereum blockchain.

Company and Team Product

Token Sale

2.8
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

4.0
N/A
4 - Reasonable, sensible.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.

Token Sale

The total number of VIN tokens is 1 billion (60% is for the ICO sale, 1.25% for the pre-sale, 25% is for founders, consultants and other team members, 8.75% is reserved with a sale restriction of 2 years, 5% is for advisors). Allocation of funds is not described in sufficient detail (only a list of items is presented). The soft cap is 3330 ETH and the hard cap is 23250 ETH, where 1 ETH = 20000 VIN. The token sale takes place from February 1, 2018 to April 15, 2018.

Product

There is a proof-of-concept of the product available on the VINchain website. However, the GitHub page contains close to no activity. Identification/authentication and access to immutable data is an idea that is quite prevalent with blockchain-related projects, and VINchain is no different in this regard. VINchain wishes to take this concept and apply it to the used automotive industry so that users will be able to have reliable and transparent data.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

3.0
N/A
3 - Interesting.
Target User Base

Is it mass market or niche?

3.0
N/A
3 - Has growth potential.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
2.8

Use of Blockchain

VIN is an ERC20 compliant token. Users will be able to use VIN tokens in exchange for the automotive data history stored on VINchain’s decentralized database. Service providers (or miners) are rewarded with VIN tokens for operating the VINchain network by processing requests for automotive reports made by authorized users. The platform employs user authorization by means of a decentralized digital key management system that utilizes user-generated vinSSL certificates.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for a Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

4.0
N/A
4 - Token is essential to platform.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

5.0
N/A
5 - Fully decentralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
3.4

Whitepaper

The whitepaper is deceptively long, as the margins and spacing, as well as some fonts that are used are quite large. Sufficient detail is provided with regards to the technological aspects of the platform. The business model, however, is quite short, with only a figure and a few bullet points to describe the entirety of VINchain’s business plan.

Category Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

1.0
N/A
1 - Severely lacking.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
2.8

Roadmap

The development roadmap spans from February of 2017 to January 2019. Many of the milestones met so far are related to the platform conceptualization and the token sale. The beta version of the VINchain blockchain, API, and application, will be available by June 2018. Further developments focus on data analytics and increasing adoption, particularly in the United States and Europe.

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasibility

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

2.0
N/A
2 - Riding the current wave.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

3.0
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
2.6

Compliance

The VINchain whitepaper does not have a specific section for disclaimers or potential compliance issues with the platform or the token sale. However, embedded in the ‘Technical Breakdown’ section of the whitepaper is a brief discussion regarding the allowable use of the SHA-2 algorithm family. VINchain states that they plan to have post ICO KYC. However, it is stated on the VINchain website that US residents will only be able to participate in the ICO if they are accredited investors.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

2.0
N/A
2 - Proof of concept or test platform.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

2.0
N/A
2 - Minimal, superficial or hackneyed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

1.0
N/A
1 - None available.
Compliance Score:
1.8

Company and Team

Eleven VINchain team members are presented in the whitepaper along with short descriptions of their abilities. The team’s skills are more heavily aligned with business and marketing as opposed to technology. It seems as though none of the software developers on the VINchain team possess extensive experience developing smart contracts on the Ethereum blockchain.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

3.0
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.
Company and Team Score:
3.0

Token Sale

The total number of VIN tokens is 1 billion (60% is for the ICO sale, 1.25% for the pre-sale, 25% is for founders, consultants and other team members, 8.75% is reserved with a sale restriction of 2 years, 5% is for advisors). Allocation of funds is not described in sufficient detail (only a list of items is presented). The soft cap is 3330 ETH and the hard cap is 23250 ETH, where 1 ETH = 20000 VIN. The token sale takes place from February 1, 2018 to April 15, 2018.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

4.0
N/A
4 - Reasonable, sensible.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

2.0
N/A
2 - Minor exposure and interest, or ambivalent reception.
Token Sale Score:
2.8

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