[PRE-ANN] INCHAIN. Ethereum based insurance platform

[Sergey_Inchain]

We would like to share the details of who we are, what we do, why we do it and why it is cool!

https://medium.com/@inchain/inchain-who-we-are-what-we-do-why-we-do-it-and-why-it-is-cool-f797c81a03c1#.qdztd3900

[CryptoCopper]

Guys, because of your product and in order to write this message I have finally decided to register here. So, hope you don't disappoint me  

Hey, many thanks for this. We won't disappoint you

Nice to hear it. But, guys, how are you going to solve all possible problems with the states and laws in future? I just cannot get this point  

Good question. As you know, the crypto world is not regulated yet. Once the regulation takes place, we will most likely have to comply with AML and KYC. The same would apply to exchanges, wallets etc.

Isn't AML / KYC for money transmitters? Surely Insurance would have to comply with different regulations, such as keeping certain levels of reserves to make payment? If the money is there on the blockchain in a provable way that one shouldn't be a problem of course but I don't know if there are others.

Agree. Requirements of keeping certain levels of reserves to make payment are enough reasonable for me. By the way, usually in order to start insurance business you are required to get relevant license. At the same time I think situation differs state by state. But I am not very big specialist in this sphere. Nevertheless, I think you can deal with this and find solution. Just want to wish you good luck

Thanks for the comments, appreciate it.
You are totally right about reserves, which are according to Solvency II Directive should be 20-25% of the risks insured. In our case, we can easily meet these requirements as we receive investments as payments for the bonds. Thus in ideal world when the all bonds are sold we have 100% reserves.
Regarding the licences, it is quite difficult to get those, however, the crypto economy is out of the scope of the regulations. With all relevant advantages and disadvantages, we definitely can launch our platform keeping an eye on the regulators and apply for the licences if we have to.

All this stuff seems too difficult 

[ZayedCoin]

Guys, because of your product and in order to write this message I have finally decided to register here. So, hope you don't disappoint me  

Hey, many thanks for this. We won't disappoint you

Nice to hear it. But, guys, how are you going to solve all possible problems with the states and laws in future? I just cannot get this point  

Good question. As you know, the crypto world is not regulated yet. Once the regulation takes place, we will most likely have to comply with AML and KYC. The same would apply to exchanges, wallets etc.

Isn't AML / KYC for money transmitters? Surely Insurance would have to comply with different regulations, such as keeping certain levels of reserves to make payment? If the money is there on the blockchain in a provable way that one shouldn't be a problem of course but I don't know if there are others.

Agree. Requirements of keeping certain levels of reserves to make payment are enough reasonable for me. By the way, usually in order to start insurance business you are required to get relevant license. At the same time I think situation differs state by state. But I am not very big specialist in this sphere. Nevertheless, I think you can deal with this and find solution. Just want to wish you good luck

Thanks for the comments, appreciate it.
You are totally right about reserves, which are according to Solvency II Directive should be 20-25% of the risks insured. In our case, we can easily meet these requirements as we receive investments as payments for the bonds. Thus in ideal world when the all bonds are sold we have 100% reserves.
Regarding the licences, it is quite difficult to get those, however, the crypto economy is out of the scope of the regulations. With all relevant advantages and disadvantages, we definitely can launch our platform keeping an eye on the regulators and apply for the licences if we have to.

All this stuff seems too difficult 

Yes But Too Important

[disconnectme]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

[CryptoCopper]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

But why? Since this sphere is not regulated yet I do not think there is possibility of partnership with insurance firms. They are supposed to be afraid of it. Moreover, there is no necessity of such partnership as well. IMHO.

[Kazadar]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

People will choose how much they want to be ensured for. Polo can be insured 10m eth unless Inchain has enough to cover the loss of 10m eth.

And yes any major events will cause investors to lose money but thats how insurance works. The whole idea is to gain more from payments than you pay out in claims.

[penniless1]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

But why? Since this sphere is not regulated yet I do not think there is possibility of partnership with insurance firms. They are supposed to be afraid of it. Moreover, there is no necessity of such partnership as well. IMHO.

Agreed.  Most existing insurances will not touch cryptocurrency exchanges with a 10-ft pole, not when AML/KYC is the rule of thumb.

[Inchain.io]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

People will choose how much they want to be ensured for. Polo can be insured 10m eth unless Inchain has enough to cover the loss of 10m eth.

And yes any major events will cause investors to lose money but thats how insurance works. The whole idea is to gain more from payments than you pay out in claims.

Agree. And obviously we do not plan to put all eggs in one basket, every platform should have a certain limit of risks to be taken.

[Inchain.io]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

But why? Since this sphere is not regulated yet I do not think there is possibility of partnership with insurance firms. They are supposed to be afraid of it. Moreover, there is no necessity of such partnership as well. IMHO.

Agreed.  Most existing insurances will not touch cryptocurrency exchanges with a 10-ft pole, not when AML/KYC is the rule of thumb.

The traditional insurance industry is very much regulated. It might take them a long time to get permissions to enter the crypto markets.

[CryptoCopper]

Are you guys going to partner with insurance firms or you are going to launch your own insurance firm, the later will surely require large market capitalization If senerio like Mgox, DAO, and Biffinex happend to play out and will also affect the token value.

But why? Since this sphere is not regulated yet I do not think there is possibility of partnership with insurance firms. They are supposed to be afraid of it. Moreover, there is no necessity of such partnership as well. IMHO.

Agreed.  Most existing insurances will not touch cryptocurrency exchanges with a 10-ft pole, not when AML/KYC is the rule of thumb.

The traditional insurance industry is very much regulated. It might take them a long time to get permissions to enter the crypto markets.

But, truth be told, it can solve modern problems of cryptomarkets.

[Sergey_Inchain]

Hi guys. Will there be translation bounties? I can do Greek if needed.

Sure, waiting,,, Bounty structure described here: ico.inchain.io

[killerjoegreece]

Hi guys. Will there be translation bounties? I can do Greek if needed.

Sure, waiting,,, Bounty structure described here: ico.inchain.io

Can i start on the translation now? Will the thread need to be updated first with more info or shall I go ahead with this sir? What else needs a translation? whitepaper, website?

[adonai]

Ok. Blockchain insurance project. And how do you plan to insure your investors?

[Inchain.io]

Ok. Blockchain insurance project. And how do you plan to insure your investors?

The platform itself is not supposed to take the risk. However, we might get some kind of reinsurance from insurance companies.

[Und3rw00d]

I have one more question Are you going to issue tokens after ICO as well as during it or not?

[hevra]

So, what about ICO dates? You guys should hurry up, insurance as an idea lies on top.

[Ethertrader1]

So, what about ICO dates? You guys should hurry up, insurance as an idea lies on top.

What is the rush. I think insurance is needed, but to rush a major project like this would be a mistake. Proper research, community feedback, data analysis, and whatever else.

[killerjoegreece]

Hi guys. Will there be translation bounties? I can do Greek if needed.

Sure, waiting,,, Bounty structure described here: ico.inchain.io

Can i start on the translation now? Will the thread need to be updated first with more info or shall I go ahead with this sir? What else needs a translation? whitepaper, website?

Can you please provide an answer dev so I can start?

[hevra]

So, what about ICO dates? You guys should hurry up, insurance as an idea lies on top.

What is the rush. I think insurance is needed, but to rush a major project like this would be a mistake. Proper research, community feedback, data analysis, and whatever else.

Yes, of course, you are right. I don't mean "rush rush", just trying to underline key trends in industry. I think most of community members long awaiting for quality insurance service. And it should be live as soon a it possible. But without mistakes like i.e. the DAO project

[Inchain.io]

So, what about ICO dates? You guys should hurry up, insurance as an idea lies on top.

What is the rush. I think insurance is needed, but to rush a major project like this would be a mistake. Proper research, community feedback, data analysis, and whatever else.

Yes, of course, you are right. I don't mean "rush rush", just trying to underline key trends in industry. I think most of community members long awaiting for quality insurance service. And it should be live as soon a it possible. But without mistakes like i.e. the DAO project

You are right, we are doing our best to launch the ICO once everything is 100% ready