This is the second post about Inchain platform and we would like to share the details of who we are, what we do, why we do it and why it is cool.
So, we are Sergey Primachik, Dmitry Lazarichev, Andrei Zamovsky, Oleksii Matiiasevych and Alexey Shakhov. Learn more information about us at http://ico.inchain.io.
We believe that the blockchain changes the world. We consider the blockchain to be a free, independent and harmonious ecosystem. The blockchain discovers a new era of cross-border jurisdiction — a decentralized system of economic, legal and social relations between people, software systems and devices. Decentralization, transparency, absence of trusted parties, and corruption protection are just a few examples of the benefits brought by the blockchain.
When Bitcoin stepped into the world in 2009, it provided an impetus to the development of blockchain technologies. Now, after several years, it can be argued that the blockchain has not only found its place in the modern world but it has also actively expanded into the most important industries in the world.
Like any young technology, the blockchain has several age-related problems, such as a relatively small bandwidth, poor scalability, and the need to store large amounts of data on end-user computers. As it grows up, however, the blockchain will overcome these.
At present, the total cryptocurrency capitalization exceeds $11 billion. This means that millions of people are already involved in the worldwide crypto economy, and there exists a wide variety of custom services — exchanges, web wallets, merchants, etc.
The liquidity of the crypto economy, however, also attracts criminals, who would like to take over crypto assets and exploit them in a variety of ways that range from social engineering to cyber-attacks.
One of the most recent examples is the Bitfinex hack, which led to the loss of around 120K bitcoins, equivalent to $65 million at the date of the incident. As a result, users lost 36% of the bitcoin deposits they had stored with Bitfinex.
Despite the relative youth of the technology, more than 40 cases of criminal incidents have already resulted in losses of crypto assets.
Insurance offers one obvious solution that could reduce the damage. The ability to transfer risks to insurance companies is a great instrument for protecting people from potential troubles primarily related to finance.
According to forecasts by the world’s leading centres of expertise, insurance is among the top five industries that the blockchain will disrupt, and by the year 2020, the blockchain will significantly change the insurance industry.
Our team intends to build the first decentralized insurance platform. The Inchain idea is very simple. For a fee, crypto asset holders will be able to transfer the risk of losing their crypto assets due to cyber attacks. This will be accomplished through the issuance and sale of insurance-linked bonds (cryptotokens). When buying such a bond, an investor accepts the risks in exchange for obtaining a passive coupon yield. Additionally, the insurance liabilities and bonds are managed by smart contracts, eliminating the human factor in the decision-making processes.
The following features make Inchain fully consistent with the paradigm of the open blockchain:
• Collective decision-making. No single point has management control.
• Secure contracts and transactions. Stored on the blockchain, they can’t be changed or canceled.
• Decentralised management. Decisions lie in the hands of token holders.
• Investment fund dividends. Additional income from investments is offered in the form of dividends paid to tokens holders.
In future blog posts, we will go through the details of explaining how the platform functions. So stay tuned!