Exactly i think like you. The idea of a blockchain insurance system is great but very difficult to make it work. Even in real life insurance companies have many problems with fraud , just think about what they will do in in the crypto scene with all these scammers  İnchain is a very difficult project... Sure, the project is massive but must we stop work on it if it so big? |
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Just a thought.
1) Inchain insurance service is destined to people keeping their coins on the different exchanges.
Also, how will Inchain success? It makes sense that only those people will have an interest by being insured, and that people who don't do this won't need this insurance. Moreover, considering the few amount of "legit" exchanges, when a sinister will happen,we can imagine that a large part of the people Inchain insured will ask for their part, for what they paid.
We all know that insurance companies are in hard troubles when too many people ask at the same time for their compensation.
How will Inchain handle this?
2) What would prevent somebody to create an exchange, keep it running for some time to make it "legit" in Inchain point of view, and then put all his coins on the its own exchange with many different accounts, take Inchain insurance, scam/close his exchanges ( he also necessarly still have his coins) and then ask Inchain for his compensation with each account?
1) The best way to demonstrate how it can be is the catbonds concept: https://en.wikipedia.org/wiki/Catastrophe_bond. Inchain issues insurance bonds like catbonds. 2) So, I think it is very hard task to create an exchange, attract many customers, support an exchange's work, and that scam it. Also, I don't think that Inchain DAO will not possible to find some tracks of the case you described. Anyway, Inchain will balance their insurance portfolio between all insured exchanges. So if insurance case (or not detected scam) happened and all funds on hacked exchange were stolen Inchain will pay only [Inchain fund]/[Amount of insured exchanges]. Also, some prevention steps described here |
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First, for all of this you need strong KYC. People register their BTC addresses and balances. Going in the regular insurance business and fraud detection. Basically, fraudsters need to know they are on a risky hook to pay or lot or even go to prison. For example, if someone tells you, "access to BTC address lost", these coins may never ever be moved again from that claimed to lost address. Because if they are, it's insurance fraud. You'd then have to go through the legal system like any insurance does.
We are in progress of discussion KYC with our legal advisor. It is a good tool to prevent some types of fraud. But, it also may scare a lot of crypto economy members who care about their anonymity. So KYC discussion in progress, welcome) Registration of BTC/ETH addresses and balances not so easy task. Imagine you hold some BTC in Coinbase. Do you know what address they have exactly? And if you a trader, your balance can change very often so it can be very different at the end of the insurance policy from when you insure it. Anyway, we hope our legal advisor and all of you will help us to find the optimal decision of how must Inchain prevent possible fraud. For now we plan do not check the address and balance of insured before insure him. We think if someone ready to pay an insurance premium for 100 BTC he really may insure it. In the event of damage, you should probably terminate the contract with the customer. (But of course still restore the customers damage if it was legit.) Not nice - but many insurance companies do that, no?
Yes, we think that not more that only one insurance payment possible during an insurance policy lifecycle. Stolen coins are of course more difficult. Any worthy amount... Could you work with the authorities and track them down?
We intend to continue a promotion of Inchain concept to real insurance sector. But it needs a lot of time. When we will have the PoC of Inchain it may speed up a process legitimisation of Inchain. Of course, if Inchain will act as a fully regulated company there will be available all legitimate tools for protecting of Inchain customers. |
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Well, as i mentionned above, each member of the team recording a video, presenting himself, showing papers proving who he is.
Give to your investors the possibility to cause you real problems if you scam and run away. This is how i can trust you for real, supporting Inchain and not investing only a few pennies in the project.
Not a single investor would have the possibility to cause problem to a team which did the job, and finally failed, but still have been honest and transparent.
Inchain is far different from other projects, and may last years, if it fits to conjuncture, business evolution, keep going under a reasonable management.
Many legit projects didn't see their team loosing anonymity, they finally all paid the price... a crazy project not meeting the success it should have had, a failed ICO not gathering enough of funds to keep the project running...
Inchain is different, that's i guess going up to that step shouldn't be a problem.
I really wish Inchain team will be transparent, for the project to be successful and solving a large problem existing in this sphere.
Ok, I will discuss it with other team members. Just remember any questions are welcomed. Hi, Did Inchain team eventually decided to loose anonymity? Such a video would give credibility your projects, and it might also be useful to give your version of Elephant mess up. You even may go further with some kind of questions/answer stream. He did give his versoin here https://bitcointalk.org/index.php?topic=1623519.msg16390344#msg16390344But hosting a live Q&A is always a good move. As we explained before we have not been involved in this Elephant scam and are not responsible for this. We have nothing to hide. If you have any questions regarding this matter, we invite you to join our QA session taking place in our slack group on Friday 5pm BST. See you in #q_a channel. Slack registration link: slack.inchain.ioIf you already registered: inchain.slack.comMy post was mainly about revealing their identity to their potential investors in the forms mentionned. Still waiting an answer BTW. We can make a video call in Skype with you. PM me if is it OK for you. My video in progress Thanks for your skype call proposition, despite i would prefer something public, i may accept it. Some news about your video? I hope it will finished next week |
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Guys, we need more time to check twitter company, because of a lot of spam there.
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I like this more and more! For example, if we talk about the crypto economy, how can anyone check is computer hacked or his owner shared the password with fraudster? If you have any suggestion - welcome)
First, for all of this you need strong KYC. People register their BTC addresses and balances. Going in the regular insurance business and fraud detection. Basically, fraudsters need to know they are on a risky hook to pay or lot or even go to prison. For example, if someone tells you, "access to BTC address lost", these coins may never ever be moved again from that claimed to lost address. Because if they are, it's insurance fraud. You'd then have to go through the legal system like any insurance does. In the event of damage, you should probably terminate the contract with the customer. (But of course still restore the customers damage if it was legit.) Not nice - but many insurance companies do that, no? I wouldn't worry if insurance for 10 BTC costs a 1 BTC (10 %) premium per day. People may still buy it, since enough people believe that BTC will go up more than 10 % per year. Your team may have more skills and time to think such as business model through in detail. Stolen coins are of course more difficult. Any worthy amount... Could you work with the authorities and track them down? Thank you for the active participation in Inchain discussion!) Give us some time pls to answer your questions) |
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Thank you for very, very good questions! Will my coins also be insured when they are in poloniex lending?
Yes, if Poloniex will be listed in Inchain insurance portfolio (depend on Poloniex risk rating) and you will insure your Poloniex account. Yes, of course, we plan to extend Inchain insurance offer. But for now, I can't say exactly what cases will Inchain insure also. There are many details that need to be considered for every case. For example, if we talk about the crypto economy, how can anyone check is computer hacked or his owner shared the password with fraudster? If you have any suggestion - welcome) Anyway, thank you for the suggestion, I marked it into my notepad. I wouldn't mind to reveal all my personal data to you for KYC and fraud prevention.
Ok) |
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Any interviews with the developers?
Next week we are going to make a google hangout. Tuesday at 22:00 Moscow time. The link will be published here, in FB, slack, twitter. Also, we are going to record short-interviews with devs. I hope next week it will ready. Great. That is just in time. I very much like to see the videos before the ICO starts so I have still time to make up my mind. I wouldn't want to invest early into the ICO to get the bonus and watch the videos a week later. Or miss the ICO bonus. Miss ICO bonus for me = do not invest. I understand) See you at google hangout. |
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Any interviews with the developers?
Next week we are going to make a google hangout. Tuesday at 22:00 Moscow time. The link will be published here, in FB, slack, twitter. Also, we are going to record short-interviews with devs. I hope next week it will ready. |
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ok, good project, I will follow it.
Thank you) |
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The rough concept is great! Yes, I want insurance! Not sure yet, if I will invest in this ico. Depends on answers by devs.
Thank you for your opinion about Inchain concept) Seriously. After all the scams in this forum, decloud etc. you ought to make a video. We don't care if you don't have great ambient. Sit in front of a clean wall, that suffices. Use a notebook or even android phone. Then make a google hangout and answer some questions. That should suffice.
Agree, the video will be published soon) And thank for an example and advice. Next week we are going to make a google hangout. Tuesday at 22:00 Moscow time. The link will be published here, in FB, slack, twitter. So people could claim a high balance, pay a premium and then hope the exchange gets hacked?
Or worse... As an insider of the exchange...
1) Pay a high premium for BTC you don't have. Make many anonymous accounts and premiums.
2) Hack the exchange.
3) Profit twice.
Yes, fraud is possible. But, what exchanges wanna be hacked? Security is their main сompetitive advantage. Also, as we discussed here some times ago to prevent cases like you described can be used follows things: There can be some different solutions: 1) we can use some KYC service to stop insurance spam 2) we can restrict max insured balance to minimise a potential damage if some of the policies are an abuse 3) we can stop to issue insurance policies after the first minimal signal about hack is received 4) Another way which would make it harder to abuse would be to put a small delay between the time of purchase and the time the coverage sets in.
Maybe a 24 hour window from the insurance is purchased until a claim can be made. It would give at least give you a chance to spot any anomalies. Perhaps even alert exchange.
Sure it would still be possible to get around but every little bit helps.
5) we wait from the community suggestions about other ways to solve this problem any suggestions? And yesterday we got an agreement from Martin Galas (look the Team on our website) to participate in Inchain as an insurance business advisor. So we are waiting he makes our insurance model more fraud resistant. if the exchange does not recover the loss within a certain period of time, Inchain will do it itself and the user would have to transfer the debt to Inchain, which will be dealing with the exchange afterwards.
What period of time exactly? Can you fix that value please? In a legally binding way, not as a forum post? Otherwise it could be 50 years. For now we think the cooling period must not be more than 1 month. And this is an open info and it will in the Inchain insurance terms of course. Third, Inchain intends do not insure doubtful exchanges/web-wallets.
Will you specify criteria for that? Yes, we intend to rate every exchange and depends on their risk rating they can or can not be insured by Inchain. This info will be public. Some evident criteria for rating: - How long the service is operational
- If it was compromised previously
- Security audit results
- Multi-Sig & Hot Wallets/ 2Factor
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Bienvenue ŕ Martin Galas dans la team Inchain  Many thanks) |
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i just joined the twitter campaign  Thank you |
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Guys, we are looking for a good Chinese translator for our ANN post and more! PM me if it interesting for you.
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Inchain team new member: Martin Galas.Martin currently leads the Finance team for Chubb Insurance in Germany & Austria. Having worked in management positions for Zurich Insurance and AIG, Martin has gained 11 years of insurance industry experience. He holds an Executive MBA from Cass Business School in London. While being a member of the business angels association in Frankfurt, Martin constantly looks out for promising startups in the InsurTech space. In his leisure time he is a keen supporter of Borussia Dortmund and likes to travel and to wine and dine. Team Good luck Martin and Inchain team! Thank you) |
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Are you Sergey Primatchik?
Founder. An IT specialist by education, Sergey specialises in operational and project management of enterprise IT projects. Actively involved in blockchain technology since 2015, Sergey has participated as a consultant in several blockchainbased projects.
Looks good, a founder is very active about communicating with community members and investors.
Yes, it's me Any press or news about the project and team members? Watching this project, and I want to invest some if I think the project is potential. You can google about Project: InchainAlso, check our FB: FacebookAnd twitter: Twitterthere are some article reposts and retweets about Inchain. All info about us available on our website: inchain.ioAlso, you can check us via Internet. |
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