The team of leading developers and experts of bitcoin and blockchain industries launches InChain, a platform for insuring assets stored at crypto-exchanges and wallets. The project’s ICO is to kick off October 12.
The platform would enable any cryptocurrency user to ensure their assets against hack, technological risks and other problems that may entail full or partial loss of the assets. Additionally, InChain offers investment options and governance of an insurance fund via a DAO.
“The basic principles behind InChain’s organisation and functioning are security and stability enhancement for cryptoeconomy 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.
InChain is based on Ethereum blockchain. It implements insurance and insurance bond servicing mechanisms as smart contracts.
Apart from creating tools to insure 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.
“Thus, 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 platform’s representatives elaborated.
InChain paradigm incorporates the following items:
– Decentralization with smart contracts
– Decentralised insurance as risk mitigation tool for cryptoeconomy
– Insurance token bonds as investment tools
– A DAO to manage the insurance fund’s investment activities.