Continuing the series of articles about Coin and Token by Techtipsnreview. Today, let’s learn about Insight Chain (INB) coin.
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What is Insight Chain (INB)?
Insight Chain (INB) is a Blockchain Platform.
According to the definition of team dev
Insight Chain (INB) is a next generation public Blockchain for commerce with high efficiency and safety.
In it, the business data is put on the Blockchain and transacted. Their goal is to create the world’s first big data public Blockchain ecosystem.
According to the definition of Techtipsnreview
Insight Chain (INB) is the foundation Blockchain project. They want to apply Blockchain technology to create a big data system.
The first will be to serve the enterprise system, creating information transparency for companies, investors and other components in the Blockchain industry.
What is the problem that Insight Chain (INB) sets out to solve?
The Insight Chain team outlined the problems facing both traditional financial markets and current blockchains as follows:
With the traditional financial market
Its big problem is centralized management (in stark contrast to decentralized management in Blockchain). At the same time, there are always non-transparent partner relationships, “gray areas”.
In addition, in traditional financial markets, there is always room for information/data intermediaries. They make money from providing data. But, those sources of information/data are not fully available yet.
With current Blockchains
- Existing Blockchains are often new startups. They lack experience and management support tools. The fact that the rules or the disclosure of information of these Blockchain projects are not clear, making many investors not have the opportunity to access and participate in the company’s activities.
- Information about Blockchain projects often lacks transparency, is unclear and difficult to verify, leading to many investors being scammed and unable to get their money back.
- The credit rating companies of the projects are too few and nascent. Investors do not have many sources of information to consult about the project before making their investment decision.
What is the solution of Insight Chain (INB)?
Insight Chain wants to solve the problems of both traditional finance and current Blockchain by:
- They create a decentralized research ecosystem based on Blockchain technology, which will first be data on Blockchain. Here they apply the same financial model as Wall Street. Includes companies, media, analysts and investors in Blockchain technology.
- In parallel with those activities, they create a decentralized platform that integrates information, reviews, indicators and trading data. From there interact, research and promote the development of the Blockchain industry.
You can understand the model of Insight Chain like this:
Blockchain is a new industry for a lot of people. It does not yet have a proper standard or testing system for Blockchain projects to follow. There are no standards for evaluation and arrangement…. Therefore, it is difficult for traditional investors to access projects.
Insight Chain (INB) wants to apply a financial model (like Wall Street) to the whole Blockchain industry. In which, there are full services of information, data, assessment services, appraisals, indexes… to create a standard for the whole Blockchain industry.
In the sections below, I will explain more clearly how Insight Chain works.
What is Insight Chain (INB)?
INB is the Utility Token in the Insight Chain ecosystem.
INB is an ERC-20 token built on the Ethereum Blockchain. According to the dev team, it is used for trading, rewards and voting purposes in the Insight Chain ecosystem. Below I will talk more about these uses.
The project plans to officially Mainnet their INB Blockchain in Q3/2019.
Basic information about INB Token
- Ticker: INB
- Blockchain: Ethereum Blockchain
- Token Type: Utility Token
- Token Standard: ERC-20
- Smart Contract: 0x17aa18a4b64a55abed7fa543f2ba4e91f2dce482
- Decimal: 18
- Total Supply: 10,000,000,000 INB
- Circulating Supply: 349,902,689 INB (~34.9% of total supply)
Token Allocation INB
Token Sale INB
Updating…
Token Distribution Plan INB
Insight Chain (INB) Rates Today
What is outstanding about Insight Chain (INB)?
In this section, I will talk in more detail about the operation and internal components of the Insight Chain (INB) ecosystem.
Blockchain Companies
These companies will share about their operations and financial position in a transparent manner.
They will use INB to invite financial analysts and generate analytical reports about their company. Investors who want to read this information must pay in INB tokens.
At the same time, parties wishing to probe the market must pay in INB tokens to survey participants.
Media units
They will be the ones who widely share information and analysis reports to the community
Analysts
They will receive information, reports, data from companies, media or investors for analysis. From there, generate analytical reports.
They can share these reports for free, or request an access fee in INB tokens.
The investors
They are the people who will put their money into investing in projects that they think have potential.
In this ecosystem, they will use INB tokens to buy analysis reports, or participate in surveys to receive INB rewards.
What is INB Token used for?
Based on the above operating model, you can easily see the purpose of INB’s Utility Token. INB is used to interact directly in the ecosystem created by Insight Chain.
Companies, analysts, investors… can use INB tokens to spend products and services according to their needs. Or they get INB tokens from their contributions.
In addition, in terms of Blockchain technology, Insight Chain uses the VDPoS (Validated DPoS) consensus mechanism. According to them with this mechanism, their Blockchain will be infinitely scalable. In it, there are super nodes, verification nodes and supervision nodes.
Token holders can stake INB coins to become Nodes.
They will receive INB rewards.
INB Token Transaction Fee
INB is an ERC-20 token (at the moment), so when you trade it, you will have to bear the following fees:
- Transaction fee tx fee on the Ethereum Blockchain network.
- Exchange fee on exchanges, collected by the exchange.
- Fees for withdrawal and deposit on the floor (if any).
How to earn and own INB Token
Some ways to earn and own INB Token:
- Buy directly on exchanges: DragonEX, Livecoin, OEX.
- Become nodes that contribute to transaction processing and receive INB Token as a reward (applicable after the mainnet project is official).
How to mine INB Token?
With a VDPoS consensus, Insight Chain’s Blockchain network uses nodes to process transactions, without the need for miners. Therefore, you cannot mine INB coins.
INB Token Storage Wallet
You can store INB tokens ERC-20 on all wallets that are supporting this standard:
- Hardware wallets: Ledger, Tresor…
- Soft wallets: Meta mask, MEW, or wallets on the exchange that are trading INB.
Exchange INB Token
Currently, INB coins are being traded on exchanges: DragonEX, OEX, Livecoin.
Future of INB Token
First, I would like to remind you about the model of Insight Chain:
They were born with the purpose of solving the problems of lack of transparency and information in the Blockchain industry.
According to them, the financial model of Wall Street is applied to create an interactive economic model between the components inside Insight Chain’s own Blockchain: Investor, project – company, researcher, analyst, report , media… All run in Insight Chain with VDPoS consensus mechanism.
The components involved in the purchase & sale of INB coins mentioned above. The fact that these components interact and use INB tokens to spend, or receive INB rewards will help INB coins circulate more in the network.
You should pay attention and find out which demand is greater (buy or sell INB) and then make a judgment about the price trend of INB token.
Should invest in INB Token?
Some keywords of the Insight Token project I mentioned, you can rely on here to learn more details before making your own judgments and investment decisions:
Mainnet
According to the latest announcement of Insight Chain on their Medium page, Q4/2019, they will launch Mainnet and multi-child chain structure.
Products
Since Insight Chain has not yet launched Mainnet, there is no official product running on their Blockchain.
However, in the ecosystem they have launched Insight App. This is an application that integrates many parties such as analysts, exchanges, investors… to create survey data, share information, or Index data…
However, I do not see the link to download the app, so I have not experienced this application.
Tokens
INB stands for Utility Token. It is used in the ecosystem for the components of the Insight Chain to interact.
However, at this time the project is not Mainnet, the ecosystem is not complete, so these functions are not fully operational.
summary
Hopefully through this article, you have had an overview of Insight Chain as well as INB token.
What do you guys think about this project? What is the point of the project that impresses you the most? Leave a comment below to discuss.
In addition, you can participate in exchanges in groups of Techtipsnreview on Facebook, Telegram.
Best regards and see you in the next posts!
Source: What is Insight Chain (INB)? Complete set of INB . cryptocurrency
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