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InChain Raising Capital via ICO - Plans To Revolutionise Insurance With Blockchain Technology


Blockchain startup InChain plans to first raise money and build Blockchain insurance products for the cryptocurrency community where they can go beyond Proof of Concept (PoC) without enormous regulatory hurdles. Beyond that, the vision is to then expand into more comprehensive industry solutions for the general insurance industry within two years with tried and tested products.






The company is currently a week into their crowdfunding raise in the crypto-community having pulled in over $190,000 worth of Bitcoin and Ether with the intention of hitting $1.75 million at the end of the Initial Coin Offering (ICO) period and are actively seeking backers for the project. Please click here for more information.

They are currently working on a platform for insuring assets stored at crypto-exchanges and wallets or more generally, a decentralised insurance platform based on Ethereum smart contracts – but need funding to take the project to the next level – including more development funds as well as a one million dollar pool to kick off the insurance fund.

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.

A key feature of the platform is that the insurance fund is managed in line with the principles of distributed autonomous organizations (DAOs). To manage the insurance fund efficiently and earn healthy returns for Inchain DAO investors — 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 Inchain DAO.

Every InChain DAO investors are eligible to propose and vote for investment strategies. The return on investments is to be allocated, depending on votes, as follows:
- Dividends paid to token holders;
- Reinvestments made to the investment fund;
- Additional liquidity reserves placed in cold storages for paying out bond coupons and insurance compensations.

In addition, InChain DAO investors may propose their own investment strategies and ask DAO to vote for those. If enough DAO investors support the proposals, the investments will be reallocated accordingly.

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 Inchain DAO investors, who choose investment strategies through voting. Investment returns are spent on

“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.

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.

ICO DETAILS

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.

More:
https://ico.inchain.io/

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Thursday, November 10th 2016
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