The rough concept is great! Yes, I want insurance! Not sure yet, if I will invest in this ico. Depends on answers by devs.
Seriously. After all the scams in this forum, decloud etc. you ought to make a video. We don't care if you don't have great ambient. Sit in front of a clean wall, that suffices. Use a notebook or even android phone. Then make a google hangout and answer some questions. That should suffice.
Look how DECENT was interviewed.
https://www.youtube.com/watch?v=BUf60-HuWm84 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?
4) As long as you pay your premium it makes no difference to Inchain whether or not you have the BTC in the exchange.
So people could claim a high balance, pay a premium and then hope the exchange gets hacked?
Or worse... As an insider of the exchange...
1) Pay a high premium for BTC you don't have. Make many anonymous accounts and premiums.
2) Hack the exchange.
3) Profit twice.
if the exchange does not recover the loss within a certain period of time, Inchain will do it itself and the user would have to transfer the debt to Inchain, which will be dealing with the exchange afterwards.
What period of time exactly? Can you fix that value please? In a legally binding way, not as a forum post? Otherwise it could be 50 years.
Third, Inchain intends do not insure doubtful exchanges/web-wallets.
Will you specify criteria for that? In a legally binding way, not as a forum post? Such as non-anonymous devs, devs posted video of themselves, someone saw their passport, and whatnot.