Decentralized insurance platform Inchain launched its ICO on October 21, 2016, and will run it until November 24. The company has encouraged investors to participate in the ICO, calling it a “unique opportunity” to invest in a first-of-its-kind insurance solution for cryptocurrency service providers.
Inchain: Decentralized, Ethereum-Powered Insurance
The company expects its decentralized to be welcomed by cryptocurrency platform operators and wallet providers, who have suffered numerous hacks over the years.
“Nobody is happy if there is a possibility that [their] funds can be stolen.” said Inchain cofounder Dmitri Lazarichev.
“There have been more than 40 hacks in the last years, every third exchange has got hacked according to different sources. This keeps the majority away from the blockchain and cryptocurrencies. We aim to solve this problem by introducing the insurance for crypto assets stored with exchanges and wallets.”
According to a press release, the insurance platform runs on Ethereum-based smart contracts, allowing users to set desired policy parameters with contracts that manage policy administration, including claim payments.
Inchain welcomes investors, offering insurance-linked bonds “managed according to the DAO principles to ensure healthy returns. . .while keeping the users’ interests in mind,” said the press release.
The platform’s ICO has placed 100 million Inchain tokens up for sale. 85 million are available to investors, while the remaining 15 million will be held by the team to pay for development, bounties, partnerships, consulting and auditing.
The ICO has a bonus schedule, with rewards diminishing as the sale nears its close. The schedule is as follows:
- First 7 days: 20% bonus
- Day 8-14: 10 % bonus
- Day 15-21: 5% bonus
At press time, the Inchain website reports that the ICO has raised approximately 8948 ETH, worth around $89,047 USD at current market values.
With 20 days left, the ICO will end on November 24.
What do you think about the concept of decentralized insurance for cryptocurrency platforms and wallet providers? Will you participate in this ICO? Let us know in the comments below.
Images courtesy of Inchain.