INS is a blockchain-based system that connect clients direclty to grocery producers. It is intended to make for a more accessible market for smaller producers and manufacturers and lower prices for groceries, since they have lower costs for entering the market. Blockchain in this case does what it always do, which is to take the middlemen out of the equation.
In their presentation, INS explain how „abuse by retailers and ineffective trade promotions lead to higher prices and worse choice.”
INS plans to launch an ecosystem that connects independent manufacturers and consumers. Inshort, a „well designed website and apps for customers”. We can expect to see the app and website out on the market by the end of 2018. Manufacturers are able to list their products for sale and decide their pricing. Orders are aggregated and sent to the manufacturers, who in turn send their products to smart distribution centers and eventually to their customers. It is in many ways Amazon meets smart contracts.
„Despide the progress in technology, we still live in the Middle Ages of the grocery industry. Consumers have no choice as producers push their products onto them. In the 21st centry, consumers are supposed to decide what products they want, what brands they need, whether to buy from local or national producers. This is what we call the pull paradigm . It facilitates direct communication between consumers and manufacturers. We believe retailers don’t need to stand in between.”, explains Peter Fedchenkov, the founder of the project.
This system is suppose to save customers up to 30% by simply eliminating retailers and wholesalers. More info you can find here.
The INS coin is the utility coin behind the project. Clients can use it to shop online from the store and producers will eventually be able to swap it for hard cash. Moreover,producers can spend their token inside the ecosystem, on marketing solutions. Of course, the system will also accept fiat currency (US dollar, sterling pound, yen and euro).
The total token supply is 50 million INS. No more tokens will be minted outside of the ICO and coins that are not sold during this time will be burnt.
INS - The ICO
The ICO starts on December 4. The INS team plans to raise at least 20 000 ether (they have a hard cap at 60 000 ether). During the ICO stage, they will sell 300 INS tokens for 1 ether. Currencies accepted are BTC, ETH, LTC, DASH and fiat. 15% of the funds are retained by the team, 5% go to advisors, early supporters and in the bounty campaign and 20% will be kept in a reserve fund.
More importantly, ethereum users holding more than 0,1 ETH will get INSP tokens as airdrops (this is a promo token that cannot be exchanged into INS token). This way, they hope to facilitate activity and, in their own words, engage a wider audience.
Start: 04 December 2017, Monday, 11:00 AM (GMT)
- Hard cap: 60,000 ETH
- Soft cap: 20,000 ETH
- Token: INS
- Token exchange rate: 1 ETH = 300 INS
- Project protocol: ERC20
- Bank Transfer
There seems to be some hype around this project already, especially with the developers participating to some of the biggest blockchain events this year. They include the Blockchain Expo in Silicon Valley, d10e, World Blockchain Forum in London, Coinagenda in Las Vegas and many other events in Russia, where the headquarters of INS are. Also INS has been rated by industry expert groups .
Behind the project there is a mature team of founders and experts. Peter Fedchenkov is a Harvard Business School MBA, with previous experience at IBM and Goldman Sachs. Dmitry Zhulin is also a founder, University of London undergraduate. He worked with resounding companies like VTB, Rothschild and PwC.