Blockchain Insurance Startup Announces Upcoming ICO

UPDATE: Oct. 10, 2016 06:12 a.m. – Inchain will propose their ICO for two weeks as they are establishing a secure and legal platform for investors. 

Oct. 4, 2016 15:30 p.m. – Beginning on October 12, 2016, investors can participate in an Initial Coin Offering (ICO) for a new blockchain insurance product, Inchain.

Security breaches and hacks on exchanges and wallets are becoming too common. Many virtual currency holders are left empty-handed with no way to retrieve their stolen coins. InChain hopes to become a game changer.

Inchain’s platform will insure investors’ assets stored on an exchange or wallet which will reduce risks in the event of hack. Inchain does this by implementing Ethereum’s smart contracts onto its platform. This will help minimize any human involvement needed when insurance bonds are applied on the contracts.

While offering insurance for crypto assets, InChain provides a convenient insurance-based bond platform that will allow investors to be involved in investment strategy decisions such as suggesting a strategy or voting. If an idea is fully supported by the community of token holders, the returns on the investments will be reinvested, become dividends for the holders, or be placed in cold storage.

During an Initial Coin Offering, supporters and investors will transfer money to help fund the project. As an incentive, these investors will receive a percentage of the tokens according to their initial investment. InChain will be issuing a total number of 100 million tokens (INC). Once the ICO is finished, the startup will distribute 85 out of the 100 million tokens to the investors. The remaining 15 million INC will be used for development purposes.

These 15 million tokens will be distributed as follows:

• 1 million for pre­ICO and post­ICO bounties

• 5 million for strategic partners, consulting and auditing

• 9 million for the development team

Discounts will be offered to those who invest in the first 21 days. For the first seven days, users will be given a 20 percent discount. This will reduce to 10 percent for the next seven days and to five percent for the seven days after that.

The ICO is stated to last four weeks. The startup has not stated the total amount of money they wish to raise.