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I have 1 extra question:
7 How will you prevent potential abuse of exchange itself buying insurance after the hack but before official announcement?
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) we can discuss with the community another ways to solve this problem any suggestions? |
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I am glad to list your ICO on http://btc12.com/btc12.com is exclusive bitcoin news/ico forum. from now on you will have your own section on btc12.com You can register a new account and post updates as you wish. Many Chinese readers are coming to this forum, hunting for ICOs and seeking analysis accordingly. cheers. Thank you very much) Could you pls fix that Inchain accepts not only ETH, but also BTC. Thanx. |
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Owning coins doesnt really allow you to own the company. how can i own inchain?
You can pay all needed costs and to get Inchain)))
What do you mean by this?
Maybe I do not understand your question. And excuse me that I answer your question by a question. What do you mean whey you asked: "how can i own inchain?"? |
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4 - then hacker/exchange (or anyone aware of the hack before announcement) could easily drain entire inchain's capital
Could you pls explain how can a hacker/exchange drain an Inchain capital? |
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Is there ELI5 explanation of how such insurance will work in practice?
If I had my funds insured and the exchange was hacked - how do I make a claim? Who and how decide on whether I get paid and when?
Hi Our oracles will be monitoring the exchanges, so in essence you won't need to make a claim. If the exchange confirms that it's been hacked and the losses are calculated and confirmed, you will be covered automatically. Please note, we are not going to insure your particular account but the entire platform (including your acc of course); meaning that if only your acc is hacked but the exchange itself is not affected, we won't cover your losses. OK, thanks for replying. 1 Could you provide more details on your oracles? 2 Will you cover only bitcoin holdings (or other specified altcoins) or every crypto. What if someone steals only some obscure altcoin from exchange? Will you cover bitcoin equivalent? If so, how would you determine the price? 3 What if exchange gets hacked but loses only small part of bitcoins and exchange promised to cover the losses themselves? 4 If I wanted to insure say 100 btc on exchange, will you be verifying that I actually own such balance, or will you just take my word and charge me appropriate premium? 5 Will you only accept insurance for holdings at major, established exchanges/businesses or any? 6 How will you determine my compensation amount if exchange gets hacked and loses only part of their funds? I'd expect to be paid proportionally (ie if exchange loses 10% of their funds, I'd get 10% of the amount insured) but how will you know what are the total funds of the exchange etc? The answers: 1 Look pls here: https://medium.com/@inchain/some-explanation-about-oracles-from-our-architect-andrey-zamovsky-www-facebook-com-nixoid-3921b0bc580c2 We plan to cover BTC & ETH accounts only from the start. And if other altcoins are stolen - it's not an Inchain insurance case. 3 If insured has no loses then no compensation. 4 No, the verifying of this is very difficult task. We charge an appropriate insurance premium from the insured and we do not verify has the insured the money that he insures. 5 I think it depends on insurance rank of the service. If we see a major exchange has a very low insurance rank we will not offer to insure accounts on them. And vice versa. 6 Firstly, the Inchain strategy includes an establishment of shared and clear rules for cases when exchanges are hacked. This rules must be accepted by all exchanges/wallets that participate in Inchain insurance. These rules require a fully transparent info about a hack and losses from exchanges/wallets, also all losses must be spread evenly among exchange's users of a hacked cryptocurrency. A good example of this case is the Bitfinex case. For now, almost every hack is transparent enough to understand how much assets lost. |
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Is there ELI5 explanation of how such insurance will work in practice?
If I had my funds insured and the exchange was hacked - how do I make a claim? Who and how decide on whether I get paid and when?
Hi Our oracles will be monitoring the exchanges, so in essence you won't need to make a claim. If the exchange confirms that it's been hacked and the losses are calculated and confirmed, you will be covered automatically. Please note, we are not going to insure your particular account but the entire platform (including your acc of course); meaning that if only your acc is hacked but the exchange itself is not affected, we won't cover your losses. OK, thanks for replying. 1 Could you provide more details on your oracles? 2 Will you cover only bitcoin holdings (or other specified altcoins) or every crypto. What if someone steals only some obscure altcoin from exchange? Will you cover bitcoin equivalent? If so, how would you determine the price? 3 What if exchange gets hacked but loses only small part of bitcoins and exchange promised to cover the losses themselves? 4 If I wanted to insure say 100 btc on exchange, will you be verifying that I actually own such balance, or will you just take my word and charge me appropriate premium? 5 Will you only accept insurance for holdings at major, established exchanges/businesses or any? 6 How will you determine my compensation amount if exchange gets hacked and loses only part of their funds? I'd expect to be paid proportionally (ie if exchange loses 10% of their funds, I'd get 10% of the amount insured) but how will you know what are the total funds of the exchange etc? Thank you for very good questions. And allow me to answer tomorrow because my eyes wanna sleep so much) |
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How and when can people buy insurance? is there a demand? According to their roadmap they should be ready for business on the 28th of April. Owning coins doesnt really allow you to own the company. how can i own inchain?
Inchain tokesn are a type of DAO token which does allow you some ownership of Inchain and control. You will be eligibile to recieve dividends, vote and take part in Inchains management. Thank you! You really answered as like you are the Inchain team member) |
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How and when can people buy insurance?
It's will be easy: just come to Inchain platform, enter needed info, accept insurance policy offer, pay an insurance premium. DONE. is there a demand?
We made some survey that allows us to sure the demand is is. Also, we think that the demand will depend on the cost of insurance premium also. Changing it we can influent on the demand. Owning coins doesnt really allow you to own the company. how can i own inchain?
You can pay all needed costs and to get Inchain))) |
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How will the exchanges start using your insurance?
Its not the exchanges that will buy the insurance, its the users. Traders (and others) keep large amounts of funds on the exchanges. This way they can make sure they dont lose them to hacks. If hakcers steal the fund, will inchain compensate our money? Yes, but only for users who insured their balances. |
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If the ETH goes from 0.01 to 0.005 and your asset remains at 100 ETH, then your asset is worth half as much. Does the asset value versus ETH change to maintain overall value?
Nope. What about ETH goes from 0.005 to 0.01? Must Inchain take away 50% price of assets? |
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Follow, rettwet, join group, share done.... join social media bounty Thank you  Thank you) |
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may i suggest if your going to use an escrow SebastianJu is the man your looking for but if your looking for a more credible escrow you can try to contact some of the big exchange and ask them to escrow for you.
We intend to use SebastianJu as one from two escrow Maybe you should ask Vitalik Buterin to be the second escrow. That would bring a lot of credibility to Inchain. It unbelievable, but I wrote him about 30 messages during a month - no answer) |
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I see it. All bounty campaigns are checked every Saturday. Thank you) |
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Hi sir, i would like to reserve portuguese translation.
Can you pm me to discuss about this?
Cya
Hi, let's wait tomorrow. One man already got it, but I don't see his registration in the campaign. Maybe he decided do not participate. |
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Sorry, I forgot to make a redirect post from PRE ANN thread. Done. |
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may i suggest if your going to use an escrow SebastianJu is the man your looking for but if your looking for a more credible escrow you can try to contact some of the big exchange and ask them to escrow for you.
We intend to use SebastianJu as one from two escrow |
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Translation campaign blog post updated: the ANN post sources added.
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New Announcements dev.... A good development, I hope the project goes verry well. Thanx) |
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