At the time of this writing, the cryptocurrency market stands at 250 billion USD, and as its popularity grows, so does its global impact. From project finance to cloud storage, from remittances to healthcare, cryptocurrency and blockchain technology are sending shockwaves across the global economy as they disrupt more and more aspects of society.
Unfortunately, this growing interest in cryptocurrency and blockchain has also attracted bad actors, from notorious “scam” projects to the increased incidents of hacking on cryptocurrency exchanges. The existence of these “bad actors” causes investor confidence in the cryptocurrency market to spiral downward. This is especially the case for exchange hacking incidents, as these can have a dramatic negative effect on the market. Moreover, even though some hacked exchanges promise to repay victims, there is too much uncertainty about how long these repayment processes will take, as many victim of exchange hacking incidents have yet to be paid.
The mission of Incodium is to provide a rational way for investors to cope with the treat of exchange hacking by providing a “smart compensation protection” service for eligible victims of the exchange hacking.
Build on the Ethereum platform, Incodium presents a solution that is simple, actionable and transparent. Investors are eligible to receive Incodium coin into their Incodium Mobile Wallet as a compensation for exchange hacking damage incurred on an exchange where Incodium coin is listed, with respect to all types of coins lost during the exchange hacking incident. We describe this as “smart compensation protection” service. These selfsame investors are eligible for this compensation once they store Incodium coin in the incodium Mobile Wallet. The compensation amount received is based on a simple set of rules written in a smart contract as well as the current value of Incodium coin held in the Incodium Mobile Wallet at the time of the hacking incident. Eligible victims will receive the lowest of the three values as compensation in the form of Incodium coin: 30 times the amount of Incodium coins held in the Incodium Mobile Wallet; the amount for actual damages; or 10,000 USD
2. Advantages of INCO
Up until now, we have yet to see a standardized solution to the crypto exchange hacking problem. While one hacking incident can leave investors without recompense of any kind, another exchange claims or promises to provide reimbursement to investors, but complications with qualifying for insurance or a prolonged or indefinite waiting period ultimately keeps the “everyday” crypto investors without a proper solution.
Incodium‘s mission is to deliver such a solution to the market.The Incodium “smart compensation” service is a protocol for risk management unlike anything seen in the cryptocurrency investment market: investors who hold and store Incodium coin (INCO) in the Incodium mobile wallet app essentially setup protection for themselves, in the event that an exchange where Incodium coin is listed is hacked.
Incodium is the Innovation of Security.
3. Compensation Flow
4. Contract Address
5. Useful Links