Hype rating: 34
Description: Decentralized Ecosystem Directly Connecting Grocery Manufacturers and Consumers.
Start of ICO 04.12.2017 End of ICO 25.12.2017 Hard cap $45,600,000 Raised $45,600,000 (100.0%) Token Sale Price $2.53080 Whitelist / KYC /
INS has managed to build a team filled with a very interesting combination of academics and proven business leaders. The founders has a solid base in both tech and finance with stints at IBM, Goldman Sachs, PWc and Rothschild. The assembled team combines experience from other blockchain startups and financial firms.
The INS ecosystem aims to connect consumers directly to grocery manufacturers through their platform built on a blockchain. The orders will then be fulfilled directly by the manufacturers through smart contracts. This will allow for reduction in costs to the consumer as there is no cut for retailers needed and allow manufacturers to get quick and actionable feedback from consumers through a more direct relationship. The platform also aims to provide a loyalty system which will allow consumers further discounts.
The market is quite large as it concerns grocery shoppers with internet access which is almost everyone living in industrialized countries. INS estimates this to be worth $8,5 trillion by 2020. The team have experience with the Russian grocery market but have already hired a team member with US grocery experience for US expansion. They plan to operate in 8 major cities around the world initially. This includes, Los Angeles, New York, London, Paris, Singapore, Hong Kong, Seoul and Tokyo.
Because they are not operating with a traditional smart contract due to accepting contributions in multiple currencies, it is difficult to gauge the transparency of the ICO.
INS has a relatively short ICO but it is run directly through their platform until the end of the ICO when the tokens will be distributed as ERC 20 tokens. There is a KYC with US citizens excluded. Contributions are accepted in the form of Bitcoin, Ethereum, Litecoin, Dash and direct bank transfer. Opening up the ICO with several payment means will be a great benefit. There are also referral programs and seperate bonus schemes through a special bonus token system. INS has transferred a special INSP promotional token to ethereum addresses containing more than 0.5 ETH, these tokens can be exchanged for additional INS tokens when using the platform to contribute.
60% of the 50,000,000 tokens will be distributed in the ICO with 20% kept for the team and another 20% in reserve.