Insights Network ICO Review – Blockchain-Based Data Exchange - Crush Crypto

Insights Network ICO Review – Blockchain-Based Data Exchange

Summary

  • Project name: Insights Network
  • Token symbol: INSTAR
  • Website: https://insights.network/
  • White paper: https://s3-us-west-2.amazonaws.com/insights-network-public/InsightsNetworkWhitepaperV0.5.pdf
  • Hard cap: 22,000 ETH for 40% of total token supply
  • Conversion rate: 1 ETH = 4,400 INSTAR
  • Maximum market cap at ICO on a fully diluted basis: $66 million assuming current ETH price of $1,200
  • Bonus structure: 10% / 5% with 3,000 ETH total contributed at each bonus tier
  • Presale or white list: Whitelist is now closed, waitlist opens
  • ERC-20 Token: Yes
  • Countries excluded: United States
  • Timeline: Token sale starts on January 29, 2018 depending on tier (Please refer to Insights Network’s website for the most up to date information)
  • Token distribution date: After token sale, or February 21, 2018 latest

Project Overview

What does the company/project do?

Insights Network plans on providing a platform on which providers (instead of data brokers) can profit from their own data while providing higher quality, more targeted data for requesters’ use.

There are several key features and characteristic of the platform that the team is aiming for:

Incentive to share data: By giving users control of their data, the platform makes it so that they only way to get a hold of someone’s data is by getting direct consent. To do this, a Requester will offer compensation in the form of INSTAR tokens for a set amount of information.

Smart contracts: The platform will give Requesters the ability to have an open data acquisition portal that they can essentially set and forget, with specific demographic data they are interested in. This means that their data pool for said demographic will be updated in real time, and extremely precise (so much so as the smart contract defines).

Security/anonymity: The available information for a given user will be restricted to anyone except for the user themselves, and any other party they agree to share their information with, meaning that third parties cannot get a hold of their information without consent.

Decentralized data storage: If information is securely stored and decentralized, there is no single point of attack for malicious groups to get a hold of swaths of data (i.e. Equifax hack).

How advanced is the project?

The project is still in the whitepaper stage, with only a YouTube demo of the app they are developing at present. The team has partnered with Partisia, a Denmark-based cryptography/security company.

Below is a demo of the INSTAR wallet (video is 0:48 long):

Their roadmap moving forward is as follows:

Q1 2018 - Wallet integration and platform online in Alpha
Q2 2018 - App Client beta tokens redeemable. Platform in private Beta
Q3 2018 - Launch INSTAR platform v1.0, while launch EOS beta platform
Q4 2018 - INSTAR EOS consumer client fully functional
Q1 2019 - INSTAR to become a fully decentralized platform

What are the tokens used for and how can token value appreciate?

The INSTAR token (ERC-20 for the short term, but will be swapped with an equivalent EOS-based token in the future) will be used as the interactive payment currency between the requesters and providers.

The value of the tokens will depend on how much activity there will be on the platform. As both the number of providers (users), and requesters (3rd parties/businesses that can use demographic data) increase, the demand for INSTAR tokens by requesters should also appreciate.

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Team

The team is comprised of 9 members total, and the following is a bio of the key members:

Brian Gallagher, CEO – 4 years’ recent experience in the online business space, with the most recent being Chief of Staff at GrubMarket, a startup that raised funding of $32.1 million over 3 rounds.

Darwin Lo, CTO – 10 years’ experience in software engineering positions with his most recent experience being with Wink Health, where he is currently CEO.

Brandon Zaucha, Business Development and Community – 6 years’ experience successfully playing poker with just under 2 years’ experience as the CVO of Underground Cellar (an online wine market).

Sebastián León, Lead Wallet Developer – 6 years’ experience in development and data mining with his most recent experience being as current CEO of DataFace.

Kurt Nielson, Strategy and Operations – Associate Professor for 10 years at the University of Copenhagen, with ~9 years’ experience as CEO of Partisia.

Michael Bax, Smart Contract Lead Developer – PhD in Philosophy and Masters of Engineering, with his last 3.5 years’ experience being at Facebook as a software engineer.

Insights Network also has a diverse array of advisors from a range of backgrounds like David Gobaud, CEO of Mobius Network, Jason Hamlin, President of Gold Stock Bull, Andrew Rosener, CEO of MediaOptions.com, and Claudio Orlandi, an Associate Professor at Aarhus University.


Opportunities

  • Data analytics is a huge industry and one that’s growing quickly. We like the idea of users taking control of their own data.
  • Because users control their own data, they can create a very accurate profile of themselves, which allow advertisers to target their audience better than the current offerings. This way, fraud can also be reduced significantly, potentially saving advertisers money.
  • This project is the first EOS ICO, so it is attracting a lot of attention.
  • The Equifax hack in September 2017, which allowed attackers to obtain crucial personal identity information for 143 million people, shows that it is unsafe to share consumer information with centralized companies.

Concerns

  • The project is at a pretty early stage, so it is essentially a white paper project. 
  • Should there be any delay in the launch of mainnet for EOS (currently scheduled for June 2018), the roadmap for Insights Network would also be delayed.
  • Insights Network represents a two-sided market (requesters and users). If the network cannot attract users from both sides quickly, the network effect would be diminished.

Conclusion

Overall, we like both the short- and long-term potential this ICO. Our thoughts of the tokens for short term and long term are as follows:

For ​short-term holding

Good. Being the first EOS ICO, the market is paying close attention to the project. Red Pulse, the first NEO ICO, has performed very well (10x) as of the time of publication.

The idea, token metrics with a maximum bonus of just 10%, team, and market awareness are all above average. We believe the early stage of the project is less of a concern for this project because EOS mainnet will not be rolled out before June 2018 anyways.

For long-term holding

Good. We like the idea of users taking control of their own data. This is one of the key benefits of a decentralized system over the centralized counterpart.

The project provides real benefits to both users (they are compensated for sharing their information) and requesters (better targeting and potentially lower cost because of the elimination of middleman and fraud). If the project is successful in building up the network effect, the potential is substantial.


For more information about the ICO, please visit the following links:

* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.

This article is contributed by Victor Lai with the help of our intern John Coburn.

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