Incodium is Revolutionizing the Way Cryptocurrency Exchanges Provide Compensation Against Hacks
Incodium has developed a solution to protect users and investors against the rising threat of cryptocurrency hacks. Incodium is achieving this through an API-based Smart Contract Solution.
The cryptocurrency market’s valuation has crossed the $300 billion mark. As the value of the market grows, there is an urgent need to beef up security measures. Given the rapidly increasing in cryptocurrency exchange hacks, there needs to be a solution for this problem.
Until now, when an exchange gets hacked, the process of identification of theft and compensation to the user take days or even weeks to be processed at times.
Incodium aims to revolutionize the way compensation is provided through a simple, transparent and actionable platform. Their “Smart Compensation Protection” service determines the extent of the loss occurred and the amount of compensation that needs to be provided.
The compensation amount is calculated using these three parameters:
1. 30 times the amount of Incodium coin owned
2. 10,000 USD
3. Actual damage
The amount which will be compensated to the user is the lowest out of the three mentioned parameters.
The compensation amount will be deposited into the affected users account in the form of Incodium coins equivalent to the amount that needs to be provided. The amount will be deposited in Incodium’s dedicated Mobile Wallet app.
The coins can be used for:
1. Retail Payments
2. E-Commerce
3. Big Data
4. Crowd Buying
For More Information visit: https://incodium.io/
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