What is INS Ecosystem (INS)?
Future of INS Cryptocurrency and know how to buy INS

#1 - What is INS Ecosystem

INS Ecosystem is one of the newly launched cryptocurrencies, the first to enable direct contact between grocery brands & consumers. The coin is gaining traction amongst millennials because of its data-driven mass personalisation that improves their grocery shopping experience.

INS Ecosystem: The Basics

  1. INS Ecosystem is a decentralised ecosystem built on the Ethereum blockchain. It connects grocery manufacturers with consumers through its network.
  2. The INS Ecosystem cryptocurrency is denoted by the symbol INS. Its total supply is 17.1 million INS. Its ICO was conducted from 4 December 2017 to 25 December 2017.
  3. The INS Ecosystem uses smart contracts that offer complete order fulfilment processes by collecting all orders, sending them to the respective manufacturers who in turn deliver products to smart distribution centers from where the professional pickers pass them to couriers, who finally deliver the product to end-consumer.
  4. It also offers consumer-oriented marketing solutions to the manufacturers while giving them complete control over the product’s pricing & listing.

INS Ecosystem Development

  1. The INS Ecosystem was founded by Peter Fedchenkov & Dmitry Zhulin. It boasts of a large team of international professionals who have a solid industry experience. It has also received support from leading blockchain networks like Bancor, Civic, etc. who help in accelerating the coin’s growth & development.
  2. INS Ecosystem Limited is the official entity that creates INS tokens, platform and technology. It was incorporated as a BVI company (“INS”) in 2017.
  3. The team claims to be working on the implementation of optimization techniques like state sharding to increase the throughput by changing the way blocks get validated by the network.

#2 - INS Ecosystem Technology

  1. The development team is planning to build its own blockchain platform that will be driven by most popular smart contract ledgers. This will help in verification of proofs of state and proofs of the transaction (within INS) by Ethereum’s smart contracts.
  2. The nodes of the INS blockchain will be chosen from a semi-trusted set of supporters. The development team is planning to implement algorithms from the BFT family (HoneyBadgerBFT/Zyzzyva/others) for a faster consensus mechanism and to speed up the number of transactions per second.
  3. INS maintains product databases with a decentralized file storage network. This helps consumers buy the desirable product by sorting and applying filters. Manufacturers can also distribute proprietary apps that have been derived from the reference implementation to customize the sorting & filtering methods of their products. This way consumers can buy groceries faster.
  4. The feedback mechanism first centralises customer data on the INS platform and then decentralises it. This allows customers to submit feedback without disclosing personal information by providing privacy-preserving proofs.
  5. Feedback can be given on an upcoming app that will provide an interface for all the participants of the ecosystem. The app will enable consumers’ access to the consumer side of the smart contract. It can also be used to buy goods from a decentralized cloud storage.

Features

  1. Merchants may use smart contracts on the INS platform to run promotion & loyalty campaigns and receive feedback from users & reward them in INS tokens.
  2. Purchases made through INS website reduces costs by 30-50% as there is no intermediary like grocery retailers. Customers can also get bonuses and discounts within the INS ecosystem. However, prices, rewards & discounts depend on the payment method. For eg., if consumers buy a good on INS using fiat currencies then they will be charged 2-3% card fees & have limited access to rewards but payment through INS token will have negligible transaction fees & give them full access to rewards.
  3. INS will soon offer multiple templates for smart contract that can be used by the manufacturers to facilitate the sale mechanism. This will optimise their sales mechanism & help in maintaining the rewards program.
  4. Customers are incentivised to provide feedback as manufacturers reward them with INS tokens. The feedback reward mechanism creates a focus group of consumers for the manufacturer & motivates them to improve their product.

 

#3 - How to Buy and Store INS Ecosystem?

How to buy INS Ecosystem / How to buy INS

INS coin is an ERC-20 token that can be used for transaction with other parties & for smart contracts. It is available to trade on multiple exchanges like Okex, Binance, Liqui, etc. But with the INS cryptocurrency being available over many exchanges, it can get difficult to get the best price for your transactions. This is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the INS cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for INS. This way you can choose the best deal for you!
  2. You can also buy, sell and trade over 300 cryptocurrencies for the INS Ecosystem crypto. It offers interchangeability and unified experience for all cryptocurrencies with a wide offering from all major exchanges.

INS Ecosystem Storage

All users must create a wallet in order to hold INS tokens. The INS wallet has been designed to protect the entire decentralised database of the INS Ecosystem. Some other wallets that can be used to store INS tokens are:

  • MyEtherWallet
  • Ledger
  • Trezor
  • MetaMask
  • Ethereum Mist DApp

The existing ERC-20 can be exchanged for the new INS token in 1:1 ratio after the launch of INS’s own blockchain.

 

#4 - What is the future of INS Ecosystem?

Also Read: Complete Analysis of Ecosystem | Live Ecosystem (INS) Price Charts And Predictions

  1. As of June 2018, its market capitalisation stands at $17.9 Million USD.
  2. With scalability & upcoming mass personalisation drive, the coin holds great potential as it is also the only blockchain based online manufacturer-to-consumer platform in the market. The coin rose with rapid pace to touch $11.96 soon after its launch in January ’18.
  3. The coin is in early stages of development but has still managed to gain traction from investors because of its robust roadmap that has proposed to expand the ecosystem, develop app & web interfaces for better user experience and most importantly launch its own blockchain.

Price History

Date

Open*

High

Low

Close**

Volume

Market Cap

Jul 01, 2018

0.638551

0.649678

0.608793

0.632899

2,311,310

19,348,700

Jun 01, 2018

1.16

1.19

1.15

1.19

2,797,590

35,256,400

May 01, 2018

1.95

1.97

1.85

1.96

5,292,780

59,203,200

Apr 01, 2018

1.10

1.12

0.953572

1.00

6,879,670

30,819,700

 

#5 - How is INS Ecosystem different from other cryptocurrencies?

  1. INS Ecosystem is designed to let users buy the best quality goods from brands like Dettol, Vanish, Scholl, etc. easily from merchants at lower prices. It has already got 7 out of the top 20 FMCG brands on board & may therefore, continue to receive strong support from consumers as it has more use cases than many of its competitors.
  2. Consumers can directly buy goods from international manufacturers without offline and online retailers.
  3. Merchants can code reward instruments & promotion reward mechanism in the smart contracts to determine the type of reward, its expiration date & list of products on which rewards can be spent.
  4. The merchant rating will also be coded on the smart contracts to help consumers make a better choice. This will also incentivise manufacturers to provide fair prices to keep a high rating score and attract more consumers.

 

#6 - Should you invest in INS Ecosystem/ invest in INS?



  1. INS Ecosystem has already been validated by consumers and thus, it can gain more support from manufacturers which can increase the coin’s value.
  2. The sales of online grocery items are expected to reach $300 billion with a market size of $ 8.5 trillion by 2020. Thus, the market is ripe for a massive disruption by INS coin. This can push for a bull run of INS in the long term.
  3. New investors should be drawn to INS as it may emerge as a new way of buying grocery globally which may accelerate the adoption and hence, usage of the INS token & boost the coin’s value.

 

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