Wednesday, October 26th, InChain, a platform for insurance of cryptocurrency assets, launches its long-awaited ICO. The project aims at creating a decentralized blockchain-based platform offering insurance of customer risks and insurance bonds investments.
InChain is based on Ethereum blockchain and employs smart contracts to service insurance bonds and maintain the insurance.
Initially, the project’s ICO was scheduled to start October 12th, however, days before the date InChain postponed the crowdfunding saying they needed to double check all legal compliance issues.
At the time InChain stressed that interest of investors are their top priority, so they have to be sure of every detail before they start accepting money.
Later on, the following statement has been released:
“As you may be aware, we’ve been busy figuring out the best possible legal structure for our platform. Obviously, our top priorities are safety of the investments, deep involvement of the stakeholders and legitimacy of the business.
Ultimately, we realized that due to the absence of the industry best practices and because our platform is very innovative, we have to be pioneers in many areas. However, we did manage to come to a conclusion of what we should change in our concept to make the project doable”.
InChain also say they are going to sell new value coins rather than DAO tokens during the upcoming ICO. These new altcoins can be spent as follows:
– To invest in the DAO. The DAO is not a legal entity.
– To purchase insurance policies
– To buy insurance-linked bonds
A legal entity that will be servicing the platform is also in the sights.
InChain is a decentralized blockchain-based platform providing users with insurance of risks, and investors with an option to invest in insurance bonds. The platform’s developers use Ethereum blockchain to maintain the insurance and processing of bonds with smart contracts.