Inchain ICO started!

After a delay of two weeks –  InChain’s Initial Coin Offering (ICO), which was slated to kick off on the 12th of October, will now be starting this week at 00:00 GMT on Wednesday, October 27th. The Blockchain startup opted to step back and further organize before relaunching the drive for funding.

The startup team reported the reasons in the Medium blog ten days ago:

“Given the complexity of the issue and a lack of examples where really thoughtful approaches have been exploited (some interesting analysis is here and here, we have decided postponing the start of our ICO for two weeks, just to be sure that we offer and deliver the best possible way of establishing our platform from the legal point of view.”

The InChain team plan is to first build Blockchain insurance products for the cryptocurrency community then expand into more comprehensive industry solutions for the general insurance industry within two years.

“The basic principles behind InChain’s organization and functioning are security and stability enhancement for crypto economy in general, as well as heating up the world community’s interest towards Blockchain technology and cryptocurrencies,” the project’s founders Sergei Primachik and Dmitri Lazarichev said.

Currently, the plan for InChain is to create a decentralized insurance platform that mitigates risks associated with total or partial losses of crypto-assets due to cyber attacks and hacks. They have placed Ethereum smart contracts at the core of the platform, so it requires minimal human involvement and it implements insurance and insurance bond servicing mechanisms as smart contracts.

To manage the insurance fund efficiently and earn healthy returns for Inchain DAO investors — as well as to pay out bond coupons — a certain part of the fund is invested in various assets and ventures in accordance with the strategies approved by Inchain DAO.

Everyone who purchases Inchain tokens during the ICO receives them to his personal account. Straight after the ICO completion, all Inchain tokens will be transferred to token holders’ wallets. There are two ways to access the tokens: Inchain web wallets or MIST Ethereum wallets. They will post detailed instructions for both options.

Apart from creating tools to ensure the risks, the team has elaborated a system of insurance crypto-token bonds. It enables any player of cryptoeconomy to invest by purchasing insurance bonds and receiving passive revenue in the form of coupon payments for obligations in exchange for taking risks in case insured events occur.

“InChain provides tools for two user groups: those who own cryptoassets, like Bitcoin or Ethereum, and wish to insure their risks; and those willing to invest their cryptoassets in order to gain profits from the investment,” the platforms’  representatives elaborated.