Platform Review: Incodium

Cryptocurrency hacks and scams are two of the most pressing issues of our time. Back in May, Bittrex, the cryptocurrency exchange faced a massive security breach. The hackers used a 51 percent attack in conjunction with a double-spending technique to steal Bitcoin Gold (BTG) from the exchange. There was even an ongoing argument between the exchange and the BTG team regarding the incident. It resulted in BTG being delisted from the exchange.
This is simply one of the thousands of incidents that have shaken up the crypto space. One of the biggest scandals of its time, Mt.Gox recently announced that it is planning to compensate the users for the cryptocurrencies that they lost. Currently only individual users are eligible for enrollment and the process is going to take a long time to complete. This is on top of the years of wait that the users and investors already had to endure.
So it’s evident that there is an urgent need in the market for a streamlined end-to-end solution for hacking incidents that plague the cryptocurrency world.
Incodium has taken up the task to provide smart contracts-based compensation solution for cryptocurrency hacks.
In case of a hacking incident, here is how Incodium operates.
1. The Incodium wallet is checked for the coin balance of INCO tokens.
2. The hacking damage amount from the exchange is confirmed through communication.
3. The actual damage is calculated based on the current value of various hacked cryptocurrencies on the market.
4. Confirmation of the exchange value of INCO tokens at the time of the hacking incident.
5. The compensation is calculated based on the lowest of these three factors.
a. Up to 30 times of the INCO coin in the Incodium Mobile.
b. 10,000 USD
c. Actual damage
6. The compensation is sent on the Incodium Mobile Wallet App in the form of INCO coins.
Incodium is on track with its planned roadmap. Currently the INCO tokens are being listed on various exchanges. The Big Data platform will be activated in October.
Incodium recently released an MVP (Minimum Viable Product). The product is still in it’s early stages, though the Incodium team has released a video (https://incodium.io/sneak-peak-mvp/) which showcases how the smart compensation works.