Topic: [ANN] Conicoin – ICO insurance platform - page 2. (Read 843 times)

I like the idea but what happens once the ICO is over and they do an exit scam 2 days later?
I mean it's pretty easy to fake that there is work done during a 1 or 2 week ico...

If we understood you correctly, you are saying that currently more ICOs are focused on quickly raising money rather than being future-oriented projects. We consider this approach to be wrong. We believe that this is one of the reasons why ICOs are currently going through a period of lack of trust.
We consider collaboration with our platform to be an indicator of the fact that the ICO team focuses on long-term work, partnership with the clients and development.
Please let us know if we understood your point correctly. If not, please clarify, we will be happy to follow up the discussion.

the idea is quite interesting and interactive, but it is not easy to attract ico project developers to insure their projects. Most ico projects do not have the authority whether their project is successful or not. all they think about how they get support in the market have value for their digital assets.

Thank you for your question!

As we are only looking for perspective ICO partners, we are currently working on partnership development. We are planning to run Mainnet in 2 months provided we find enough partners that meet our quality requirements. If not, we will be forced to move our deadline.
If you have any particular projects in mind, please let us know, we will make sure to consider them.

Long waited for sometime similar. When are you planning to run with the real projects on the Mainnet?

Thank you for this reasonable question. We are aware that liquidity is a crucial thing for some ICOs. We have come up with a solution to introduce several successive fundraising periods upon request of the project team. Thus, the team can receive the funds by the end of each period in case if the project satisfies all previously set requirements. Please also note, that we do not demand that the ICO tokens be only sold through our platform, we offer the ICO to sell a share of tokens with the insurance option to state their intention to realize their project.

Idea looks great on paper, but when you factor in market volatility and the fact that the ICO will need fiat liquidity to develop and run daily operations, the idea starts to stumbled. For example, last year's market collapse has made blockchain startups wary of holding funds in crypto, with many opting to liquidate immediately in order to preserve value. The crashing and burning out of those that kept hodling for that mythical bull run has become a painful lesson for us all. Undeniably, startups will need access to the funds documented for development and operation, the less volatile (fiat), the better. However, this project has its entire function based on crypto liquidity and thus, its attendant volatility. Yes, crypto is the future, but we're not there yet. We have to develop for this future and the truth is, fiat is integral to this developmental phase. So, how's the project addressing that?

Yep. We don't want to let ICO system die

I like the idea. It is a good reaction to all the shit that happened with regards to ICOs.

Problem

The underlying idea of our project was the fact that the credibility of ICO projects as an investment tool has drastically plummeted due to the latest tendencies of the ICO market.

The following are the major bottlenecks that we face when we decide to invest in ICOs:
a.   absence of guaranteed refund of deposits invested into unprofitable projects;
b.   lack of investment tools for small investors allowing fast income generation;
c.   absence of mobile investment platforms guaranteeing proper safety of available funds;
d.   lack of independent analytics of existing ICO projects.
 
Our service allows our clients to rid of these uncertainties and mitigate the risks.
 
Solution

With the help of Conicoin Insurance you can return the initially invested funds in case if the ICO Team stops satisfying the expectations of the investors or stops following the initial list of commitments.
Over the lifespan of the ICO, Conicoin presents you with an option to return the initially invested funds and give up the purchased tokens.

The Conicoin Insurance program is based on the ERC20 Conicoin Wallet, made by our team. Like when using any other cryptowallet the user has to log in to his/her account. Conicoin Wallet supports import with mnemonic (12 word recovery phrase), private key (64-digit hexadecimal notation) or JSON key (Ethereum account import method, with an encoded private key).
 
How it works – Instructions

Please note that this article is devoted to Conicoin Insurance in particular. For further familiarization with Conicoin Wallet app please visit
https://medium.com/@conicoinapp/conicoin-wallet-2a3f7d44ecce

1.   Download our app.
Currently you can find two Conicoin applications in App Store: mainnet version – blue logo and testnet version – black logo. Please, download testnet application for familiarization with Conicoin Insurance system:
https://itunes.apple.com/us/app/conicoin-rinkeby-testnet/id1434991023
2.   Create your personal account.
3.   Make up a 6-digit password for operations confirmation (withdrawals, payments, access to the assets).



Partners list
—   Here you can find the full list of all available ICO projects that you can invest in with a high-level overview of the current investment status.
—   Partners are the ICO projects, which were approved by our team for cooperation. We insure the invested funds, allowing you to return the invested funds at any moment before the deadline. Deadline is the end date when the insurance period ends. The deadline is set by our team before the integration of ICO based on the results of communication with the Partner, our understanding of the project and our forecasts.
—   Apart from the insurance period we also set the list of specific objectives for the ICO project with concrete deadlines. The Partner has to achieve these goals during the insurance period. We will be informing you about the progress in achieving goals with push notifications in our mobile application. You can use it as a tool for making your decision about investment return or additional investment.
Partner tab
—   Pushing the chosen Partner project on the Partner list tab will redirect you to the Partner tab. Here you can find the current amount of funds already raised out of the whole sum as well as the price for one token, the maximum limit available for purchase and the Deadline. Below you can find the description of the project.
—   Pushing the “Buy” button will allow you to insert the amount of funds you wish to invest. You will see the purchased tokens on the Partner tab once the transaction is confirmed.
—   In order to withdraw your tokens you need to tap one of the Partners and push the “Withdraw” button.
—   In order to return your funds you need to tap one of the Partners and push the “Refund” button.
Investing tab
—   Pushing the “Buy” button on the Partner tap will redirect you to the “Investing” tab with detailed information about the transaction.
 
How it works – Theoretical part

1.   Investment
The Client chooses an insured ICO from the list and purchases n tokens. Conicoin forms a transaction, which initiates the investWithEthers(address _address) function or investWithTokens(address _address) in case of CON tokens payment (tokens of our project), where “_address” is the Partner’s address. After completion of the transaction n ICO tokens are held by the smart-contract. The record of the investment and the amount of purchased tokens is catalogued in the smart contract register.


2.   Return of investment
The Client of Conicoin can call in the return of the investment before the end of insurance period. For this purpose Conicoin forms a transaction, that initiates the returnInvestment(address _address) function, where “ _address” is the Partner’s address. The invested funds are immediately returned to the Client’s account while the purchased tokens are released and become available for purchase.  The records of the invested funds and purchased tokens are deleted from the smart contract register.

 
3.   Withdraw of Investment
Before the end of insurance period the Client can initiate the withdrawal of the purchased tokens. For this Conicoin Insurrance forms the transaction, that initiates the withdrawInvestment(address _address) function, where _address  is the Partner’s address. The invested funds are immediately transferred to the Partner’s wallet and the purchased tokens are sent to the Client. The records of the invested funds and the amount of tokens are deleted from the smart contract register.


4.   End of insurance period
By the end of the insurance period the Client no longer has access to the “Return of investment” procedure. Only withdrawal of invested funds is available. The mobile app Conicoin Insurance will notify the User about the end of insurance period with a Push-notification and will recommend to withdraw the purchased tokens. At the same time the Partner can independently initiate the procedure of withdrawal of the invested funds, by initiating the withdrawalProcess() procedure. The Partner will withdraw the raised ETH and the non-sold tokens. The record of the Partner is then deleted from the register.

 

We encourage you to participate in testing our system today

1.   Download Conicoin Wallet (testnet - black logo) in App Store via the following link:
https://itunes.apple.com/us/app/conicoin-rinkeby-testnet/id1434991023
2.   Get test Ethers by following this instruction:
https://medium.com/@conicoinapp/6fd052a245a8
3.   You can find our code on GitHub:
—   iOS App:
https://github.com/Conicoin/ethereum-wallet
—   Conicoin Insurance Smart contract
https://github.com/Conicoin/insurance-contract

We will be very grateful for any feedback that you may provide as we are looking forward to improving our solution. Please contact us via the following channels:
https://t.me/joinchat/EwJRChSVXyeG6dE7ZqzBZA
[email protected]

Next steps of our project

As we have started our project from scratch, we had numerous ideas of how to make it more useful for our clients. We have come up with a solid plan and quite a number of initiatives that we are planning to realize in the nearest future:
—   At the beginning of 2019, we will commence the work of our system with our first ICO partner.
—   Provision of "Post presale" service – sale of tokens after the end of the ICO.
—   Introduction of an accountability register of ICO partners.
—   Creation of a marketplace (trading platform), where the users will be able to independently sell ICO tokens.

Mainnet version Conicoin Wallet (version without Conicoin Insurance) you can find via the following link:
https://itunes.apple.com/us/app/conicoin-ethereum-wallet/id1434562691

For cooperation or if you have any questions, please email us on:
[email protected]

We would be grateful if you could share interesting projects with us that are planning to do an ICO in the nearest future. We will gladly consider them for partnership. You can share the link to the recommended projects in the comments below.