[ANN] [ICO CLOSED] Inchain - insurance for the crypto economy

[Jerry S]

this project has a pretty good idea, will be waiting for more infos especially the escrow, i was accidentaly typing about it in a wrong thread lol

[Johnny00]

How will the exchanges start using your insurance?

[Kazadar]

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.

[posternat]

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?

[nowclever]

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?

[Kazadar]

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?

If you have paid for insurance and the exchange is hacked, then yes you will get money from Inchain.

If you had insured 10 BTC on Bitfinex Inchain would have paid you the ~3.6 BTC that was stolen.

[Sergey_Inchain]

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?

[Sergey_Inchain]

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.

[davide72]

Hi dev could you reserve italian translation for me? thanks

[pawel7777]

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?

[Kazadar]

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?

Iirc you dont need to make a claim. Hacks are major events and will be picked up by the insurance oracles (not sure how they work). The smart contract will start the transfer once apporved by the Inchain insurance committee (elected by the token holders).

As for timeframe I dont know. I guess it couldnt happen until the extend of the hack is made public.

[Inchain.io]

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.

[Johnny00]

How and when can people buy insurance? is there a demand?

Owning coins doesnt really allow you to own the company. how can i own inchain?

[Sergey_Inchain]

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)))

[Kazadar]

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.

[Sergey_Inchain]

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)

[disconnectme]

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.

I would suggest you use another terminology instead of DAO, that name will not sell your make, you can coy one insurance term for it.

[pawel7777]

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?

[Sergey_Inchain]

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)

[Kazadar]

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?

A few of those have been answered before so I know the answer to those.

2) BTC and ETH only at first. Others may be added later.

4) As long as you pay your premium it makes no difference to Inchain whether or not you have the BTC in the exchange.

5) At the moment 12 exchanges/webservices are being considered according to the survey. It has also been implied that the premium will depend on the exchange you are using.