Blockchain Startup Inchain to Launch ICO This Week after 14 Day Delay – Blockchain News
After a delay of two weeks – Inchain’s Initial Coin Offering (ICO), which was slated to kick off on the 12th of October, will now be starting on this week at 00:00 GMT on Wednesday, October 26th. The Blockchain startup opted to step back and further organise before relaunching the drive for funding.
They reported the reasons in their Medium blog ten days ago.
Given the complexity of the issue and a lack of examples where really thoughtful approaches have been exploited (some interesting analysis is here and here, we have decided postponing the start of our ICO for two weeks, just to be sure that we offer and deliver the best possible way of establishing our platform from the legal point of view.
The InChain team plan is to first build Blockchain insurance products for the cryptocurrency community then expand into more comprehensive industry solutions for the general insurance industry within two years.
InChain is a decentralised insurance platform that mitigates risks associated with total or partial losses of crypto assets due to cyber attacks and hacks. They have placed Ethereum smart contracts at the core of the platform so it requires minimal human involvement and it implements insurance and insurance bond servicing mechanisms as smart contracts.
To manage the insurance fund efficiently and earn healthy returns for Inchain token holders—as well as to pay out bond coupons—a certain part of the fund is invested in various assets and ventures in accordance with the strategies approved by token holders.
Everyone who purchases Inchain tokens during the ICO receives them to his personal account. Straight after the ICO completion, all Inchain tokens will be transferred to token holders’ wallets. There are two ways to access the tokens: Inchain web wallets or MIST Ethereum wallets. They will post detailed instructions for both options.
Distribution: 100 million in total, 85 million distributed to users, 15 million for core activities.
• 1 million for preICO and postICO bounties;
• 5 million for strategic partners, consulting and auditing;
• 9 million for the development team;
Initial Rate: No set rate; 85 million will be distributed based on the total amount collected.
Discounts for early investors:
• Day 1-7 20%;
• Day 8-14 10%;
• Day 15-21 5%;
No discounts after Day 21.
The following mechanisms maintain the financial stability of the platform:
- InChain transfers risks to investors by issuing insurance-linked bonds. Investors take on the underlying risks and receive coupons as rewards.
- The insurance funds are managed by token holders, who choose investment strategies through voting. Investment returns are spent on bond coupons and then dividends are paid to token holders.
“The basic principles behind InChain’s organisation and functioning are security and stability enhancement for cryptoeconomy in general, as well as heating up the world community’s interest towards Blockchain technology and cryptocurrencies,” the project’s founders Sergei Primachik and Dmitri Lazarichev said.
The platform would enable any cryptocurrency user to ensure their assets against hack, technological risks and other problems that may entail full or partial loss of the assets. Additionally, InChain offers investment options and governance of an insurance fund via a DAO.
Apart from creating tools to insure the risks, the team has elaborated a system of insurance crypto-token bonds. It enables any player of cryptoeconomy to invest by purchasing insurance bonds and receiving passive revenue in the form of coupon payments for obligations in exchange for taking risks in case insured events occur.
“InChain provides tools for two user groups: those who own cryptoassets, like Bitcoin or Ethereum, and wish to insure their risks; and those willing to invest their cryptoassets in order to gain profits from the investment,” the platform’s representatives elaborated.
With Inchain’s convenient and highly intuitive interface, users set desired insurance parameters, and the platform will generate the appropriate smart contracts. The contracts manage the insurance policies and any payments made on claims. Inchain insurance oracles constantly monitor insured events.
Inchain provides three types of analytics:
Their decentralised trading exchange provides a variety of investment opportunities for users who want to buy and sell bonds and efficiently manage their fixed-income crypto portfolios.
All Inchain token holders may proactively participate in managing the insurance fund. Instruments for transparent voting ease the process of reaching consensus.
To recap, InChain incorporates the following items:
- Decentralization with smart contracts
- Decentralised insurance as risk mitigation tool for cryptoeconomy
- Insurance token bonds as investment tools
- A DAO to manage the insurance fund’s investment activities.
View story at Medium.com
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