Everyone is excited as usual about new ICO, but can anyone explain me in plain english what is the business case?
What is the business model?
Who are the customers?
Does anyone understand that as business model insurance is a strict statistic based business? and that for insurance to work out there has to be enough companies or private persons to pay for insurance? And on top of that the number of "issues" which has to be covered by insurance has to be pretty low considering total numbers of same insured cases?
Here we go:
What is the business model?
In a nutshell, the concept is to cover losses if an exchange/wallet has been compromised. If someone has paid a fee, Inchain will reimburse him if the exchange is hacked and unable to recover its losses. At the same time, the platform issues tokens and offer them to investors who will be receiving coupons if the exchange/wallet is safe and sound. Otherwise, the investors in the tokens may lose a part of their investments.
Who are the customers?
Our customers are individuals who have accounts with crypto exchanges and online wallets.
Does anyone understand that as business model insurance is a strict statistic based business? and that for insurance to work out there has to be enough companies or private persons to pay for insurance? And on top of that the number of "issues" which has to be covered by insurance has to be pretty low considering total numbers of same insured cases?
We see that many people are interested in insurance, which is understandable given the number of hacks happened. According to our finmodel the concept is feasible if 5K accountholders insure their accounts.
We plan to start with serving accounts of 15-20 platforms to diversify risks. Investors in tokens(bonds) will not lose the investments unless 3 or more platforms got hacked in one year.
Feel free to make any suggestions or comments.
Well it depends which exchange got hacked. Some are bigger than others.
Anyways, in order to assess these exchanges, i presume you will be hiring a team of security auditors for the platforms to assess the likeability of them getting hacked with their current security measures. How will these metrics be measured? Will Inchain be hiring fulltime platform security consultants.
Where can we see the actual maths in order to determine the profitability of this.
Are you saying that the exchanges will give its users a possibility to insure their accounts? or will the insurance be a platform owners cost?
How will the DAO know to refund the platforms? who/what are the Oracles?
