Hi there,
I followed the project since the first discussion thread, but didn't have time to read everything fully.
I come with few questions:
-The project aims to insure people against exchanges being scammed. this means a large amount of people will come to claim money at the same time. How will the team handle this, from a financial and technical point of view?
-Bonds is a great idea, and very innovative.
How will you make sure no scammer won't open a bond, a run away once he'll have reach the amount of funds he fixed in his mind?
How will you be able to give information about a bond, to estimate its risk? Not that i'm a fan of current rating companies (which are pure bullshit), but they actually managed to create their place in the economy, and they're "important".
Thank you for the question.
- First of all, Inchain monitors all info about cryptocurrency market. Usually, the future scams have some prediction signals. In this case, a selling of insurance policies for that exchanges will be stopped or their cost will grow rapidly. Second, the insurance portfolio of Inchain is balanced for parts of all insured exchanges/web-wallets. This mean if, for example, Inchain insures 10 exchanges part of every exchange in Inchain portfolio is about 10%. So, if the scam occurs and all funds on a scammed exchange lost then Inchain must compensate only 1/10 of his risks. Third, Inchain intends do not insure doubtful exchanges/web-wallets.
- Inchain will rate not only bonds but also insurance policies per exchange. Inchain insurance model calculates the rating of each service that can be insured in Inchain. It is a rather difficult task so I will not describe it in details. Just believe that every insured service has their own dynamic rating that affects a cost of insurance policy and bonds coupon. Also, no one can produce bonds as he wants, they automatically issued by Inchain when new insurance policy issued.
I hope I answered your questions, If not feel free to ask more.