INS Cryptocurrency: Decentralized Consumer Ecosystem
What Is INS Cryptocurrency
Introducing INS Cryptocurrency….the grocery industry reinvented. INS describes itself as the first decentralized ecosystem that will directly connect grocery manufactures and consumers. Well in today’s episode we are going to dive into the whitepaper, and see what this project is all about.
The whitepaper starts out by giving a market analysis of the grocery market. It is one of the largest consumer markets in the world and is forecasted to reach 8.5 trillion dollars by 2020. The specific industry INS is targeting is the online grocery segment, and this is expected to grow from 98 billion in 2015 to 290 billion by 2020.
What Is The Problem
What problem is INS trying to solve? The grocery industry is plagued with two significant problems: 1) abuse by grocery retailers and ineffective trade promotions. A great example of this is in the UK, where four retailers serve as the main selling point for 7000 manufactures to sell their products to 25 million households. Just from this image alone you can visualize the abuse in the grocery industry by retailers. If nothing is done this development will continue to thrive.
Also trade promotions represent 17% of manufactures sales, yet much of this spending never reaches the consumer. This is due to lack of appropriate kpis, lack of accurate timely info, inability to plan promtions based on analysis, and ineffective organization and partner integration.
So there is a screaming real world problem, the question is how does INS plan to solve this. Their answer is a decentralized ecosystem that enables consumers and manufactures to save by removing the retail middle man. Consumers can buy directly from manufactures and the saving could reach nearly 30%…think of it like this…groceries on the the blockchain
This gives power back to the consumers, and gives us more control over what brands and suppliers we want to see available. INS plan to reinvent distribution channels, discovery processes, implement an effective pull system and inventory manamement. Also, they aim to make the most transparent shopping experience possible, where a products journey through the supply chain can be recorded and viewed…it will be possible to see how food is grown, processed, packaged, delivered, priced, and promoted.
Development of The Platform
I know viewers you must be asking yourself, now how is this going to come fruition. Well this is big so pay attention…lets take a quick look at partnerships and team experience. INS founders gained their first-hand experience in this industry while growing Instamart. Instamart is the largest venture-backed grocery delivery operator in Russia and already has signed contracts with leading grocery manufactures. Some of instamarts connections include proctor and gamble, valio, coca cola, mars, pepsico, and unilever. The investor list of instamart is nothing to scoff at, mail.ru group, lev khasis the first deputy ceo of the largest retail bank in Russia, sergey solonin founder of qiwi group, and others.
Advisory board includes Eval Hertzog (Bancors co-founder), Michael Terpin founder of Transform group, Moe Levin the ceo of Keynote, David Wachsman founder of Wachsman PR, Dr. Rawi Abdelal professor of internation management at Harvard business school, Sebastian stupurac co-founder of wings, ilya perekposky co founder of blackmoon financial and jan Jelle Van der meer partner at PA consulting group.
Peter Fedchenkov and Dmitry Zhulin are the founders. Peter previojusly worked for golman sachs and IBM and currentely teaches retail class as Stockholm school of economics. Dimity is an experienced venture capitalist, and has worked with capital private equity, Rothschild and PWC. Dmitry Khovratovich is the blockchain and smart contracts expert, he has 4 years exp in blochain and smart contracts. He designed Argon2 and equihash. The team consists of many others strategic partners that will contribute to the overall success of the project, and here is a quick scroll through.
What Does the Future Hold?
So this project satisfies two of Chico Crypto’s criteria for a successful crypto project, but what about the tech, what is it? and how far is it along? The INS ecosystem includes key components and processes. These include product discovery, placing orders, making payments with ins tokens, receiving loyalty, referral, feedback rewards, and much more to come.
Browsing tens of thousand of grocery listing can become daunting, and simple discovery is critical to this project. INS cryptocurrency will implement rich filtering and implement 1 to 1 personalization. A homepage will allow users to view previous orders, see most frequent purchases, and recommendations based on history.
The marketplace for the consumers will be available via website and mobile apps. When placing orders consumers will be able to specify delivery details and pay right within the app. Eligibility for discounts will depend on payment method. Of course fiat get the worst rewards, then other cryptos, and finally INS tokens will get the best rewards.
Rewards and loyalty programs will be customized to meet consumers needs and build long term relationships with the manufactures. Manufactures will be able to program their own blockchain based smart contracts with multiple conditions and variables. The sytem will work similar to miles based loyalty programs.
Trust building mechanisms will be integrated into INS, they will use the blockchain as a universal trust machine. A reputation system will be implemented for manufactures, fulfillment parties and the consumers. This will promote participants to act truthfully in order to maintain a high score.
How far along is this to coming to fruition? Well the ICO will be conducted beginning on Monday December 4th. In quarter 1 of 2018 development of the platform will commence, q2 we will see the development of the INS consumer and fulfillment apps and interfaces. In quarter 3 of 2018, the development of the supplier SDK will finish. Q4 of 2018 is slated for the public launch, and beyond that their will be geographical expansion and growth.
The Token Sale
The token sale details are as follow. The hard cap is 60,000 ETH or about 27 million dolla9s with a soft Cap of 20,000 ETH or 9 millions dollars. At ethereums current exchange rate. Token exchange rate is 1 eth=300 INS. This puts 1NS at an ico price of about $1.50
Total token supply is 50,000,000 INS, with 60 percent of the tokens going to ICO participants. 20 percent is going to the team, advisors, and for bounties and the remaining 20 percent will be held in a reserve fund for the future. With the supply of 40 million that will be circulating if all are sold in the presale, and an ico price of 1.50. This would put the INS market cap at 60 million once listed on Coin Market Cap. In my opinion, for the amount of partnerships, their goal, and the backing this project has. This is a good starting place for this ambitious project.
I know I will be participating and scooping up as many INS tokens as possible. The ICO does not only accept eth-btc, litecoin, dash, and bank transfer are accepted as well. There are massive bonuses for early participation in the ICO as well…some of the best I’ve seen. Here is a break down of the bonuses, and I am going to be scooping up the 25% bonus on day 1.
Well viewers, as always I’m looking out for you and this Ico has the pieces to be successful. If they are able to stick to the roadmap, and complete what they envision this project will be worth a billion dollars within a few years. You know what kind of return that is, you do the math…….have a good rest of your weekend and stay safe….if you’re a square…peace!