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:
- Insurance analytics for observing the number of policies issued, their durations, service providers and rankings, as well as overall market snapshots and news.
- Bond analytics for watching the current states of initial and secondary markets, bond yields, rankings, maturity and durations.
- Insurance fund analytics for assessing ROI on different portfolios, asset allocations and news within the insurance industry.
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.
- Click here to go to the InChain ICO page
- Click here to view Inchain Whitepaper
- Click here to go to the Inchain announcement on bitcointalk.com
- Propy, World’s First Global Property Store with Decentralized Title Registry Launches Token Sale - July 24, 2017
- DAO.Casino and True Flip Announce Strategic Partnership - July 24, 2017
- Blockchain Startup Adjoint Announces First Close of One Million Dollar Pre-Seed Round - July 24, 2017
- Ambrosus, the Trusted Food Ecosystem, Launches To Assure Food Quality from Farm to Fork - July 24, 2017
- Pillar Token Sale Raises $21 million for Personal Data Locker - July 24, 2017
- Waves Launches Ether Gateway - July 24, 2017
- Dash Passes Apple’s Rigorous Review Process And Becomes An Approved Digital Currency - July 24, 2017
- Decentraland Announces Anticipated Token Sale for Massive Virtual Reality Economy - July 24, 2017
- First Block Capital Launches Canada’s First Bitcoin Trust Through FrontFundr - July 24, 2017
- Smart Volume Analysis Crypto Trading Fund Launches Token Sale - July 24, 2017
- investFeed Kicks Off ‘Unconventional,’ Responsible, Hard Cap Token Generation Event - July 24, 2017
- Dutch Blockchain Startup AdCoin Promises Alternative for the Online Advertising Market - July 24, 2017
- Skycoin To Launch Coin Distribution Event July 24, 2017 - July 21, 2017
- CoinAgenda Europe 2017 Blockchain Winners Announced - July 20, 2017
- BurstIQ Announces Token Crowdsale for its Health Data Ecosystem and Marketplace - July 20, 2017
- Gaming cryptocurrency meets online betting: Loot.bet pledges support to SkinCoin - July 20, 2017
- Kybernetwork Introduces A Decentralized Platform For The Instant Trading Of Any Crypto-asset - July 19, 2017
- Announcement of Proof of Existence 2.0 – PO.ET Token Sale August 8, 2017 - July 19, 2017
- Equities.com and KrowdMentor Announce Exclusive Strategic Partnership at CoinAgenda - July 19, 2017
- NASSCOM in association with BlockSmiths & Quatrro forms India’s First Blockchain SIG - July 18, 2017
- DENT Partners with Aquto to Bring Decentralized Global Mobile Data Exchange to 500 Million People - July 18, 2017
- Moeda Cooperative Banking-as-a-Service Relaunches Digital Token - July 18, 2017
- Aicoin Launches Today – Next Generation Of Investment Innovation In Initial Coin Offerings - July 18, 2017
- Pillar Tokens worth $12 Million Sold in First Hour of Sale - July 17, 2017
- CausePlay’s Thirtythree.8 Division Is Launching The Virtual Cash Back Token (VCB) and Its Ethereum-Based Blockchain Coupon and Rebate Platform - July 16, 2017
- Kazakhstan Becomes The Second Government To Embrace The Cryptocurrency Market System - July 16, 2017
- EnvisionX to Bring Blockchain to Programmatic Advertising - July 16, 2017
- Enterprise Ethereum Alliance Unveils New Technical Steering Committee and Seven New Working Groups - July 16, 2017
- Hungry Panda Games Launches ICO – Ethereum Powered Game And Esports Ecosystem - July 16, 2017
- CakeCodes Announces Highly-Anticipated Hybrid-Model Token Generation Event Via Bittrex - July 16, 2017
- Santiment Announces SAN Tokens Now Trading on Bitfinex - July 15, 2017
- Exchange Union Coin To Bridge Digital Currency Exchanges For Enhanced Trading - July 15, 2017
- Harbour DAO Updates Their ICO Model and Voting System to More Closely Align with a Commitment to Community-driven Governance - July 15, 2017
- ACChain Digital Coin Begins Trading on Japan’s NERAEX Exchange - July 14, 2017
- Token Sales For Entrepreneurs: A Workshop On Token Economic Design And Legal Compliance - July 13, 2017
- New York Trading Platform investFeed Replaces Equities for Cryptocurrency - July 13, 2017
- Falcon First Swiss Private Bank To Enter Blockchain Asset Management Market With Bitcoin - July 12, 2017
- Blockchain technology breaking barriers for effective foreign aid - July 12, 2017
- Blockchain Genomics company raises over $1M with Gene-Chain Coin Token Sales - July 12, 2017
- ANZ, Westpac, Scentre and IBM Complete Successful Blockchain Trial for Bank Guarantees - July 12, 2017
- Blockchain Based Ticketing Company Aventus Systems Announces Advisory Board - July 12, 2017
- DENT Wireless is the First Blockchain Platform to Power New Mobile Data Exchange Marketplace - July 12, 2017
- Blockchain Music Sharing Platform Aurovine Launches in India - July 12, 2017
- Hyperledger Announces Production-Ready Hyperledger Fabric 1.0 - July 12, 2017
- Ethereum Co-founder Mihai Alisie Joins Aragon Advisory Board - July 12, 2017
- Musiconomi Announces Crowdsale For Music Industry - July 12, 2017
- Mothership Launches Progressive Blockchain Financial Services with the Estonian e-Residency Program - July 12, 2017
- Sphre Raises Over $5 Million in XID Token Sale to Bring Identity Management to the Blockchain - July 11, 2017
- Token Sale: Revolutionary Virtual Reality Streaming Platform Supported by the Blockchain - July 11, 2017
- Blockchain Startup Liquidity Asset Token (LATO) announces PRE-ICO to Tokenize Assets - July 11, 2017