image source: http://www.insightchain.io/
Insight Chain is another blockchain platform that tries to ‘connect’ more traditional companies to the blockchain world. The financial order in the blockchain world at the current state looks very disorganized and Insight Chain wants to make it look more like ‘Wall Street’ in a way. So, the idea is to have a decentralized research platform to share index and review and even information. It’s like a big data ecosystem through the public blockchain.
With this article, we will explore more about the history of Insight Chain, the purpose and use cases of Insight Chain, and how it performs in the crypto market. Let’s get started.
History of Insight Chain
Image source: http://www.insightchain.io/html/team.html
There’s very little information on the internet about the ‘beginning’ of Insight Chain. At the time of this post writing, it is not really known whether they had private investors or other types of funding. According to the official telegram group of Insight Chain, there was no initial coin offering (ICO) in the token creation process. Insight Chain is mostly targeted toward Chinese blockchain enthusiasts and unfortunately not much ‘old’ information that has been translated to English by the Chinese community.
Most of the core team of Insight Chain are people who have a lot of experience with market research and big data. The CEO Lisa Yang has 10 years of experience with data analysis of market research. The CTO, Jason Ji, also has years of experience with software research and big data.
According to CoinMarketCap, Insight Chain token (INB) is still an ERC20 token. Just like most other newer crypto startups that were released in 2017-2018, Insight Chain also chose Ethereum as its platform of pre-mainnet token launch. Apparently, Insight Chain token (INB) will move to its own blockchain in Q4 2019, as you can see from the official roadmap.
Insight Chain ‘technically’ is still a new project, with the very first design of INB blockchain that was started in Q3 2018. The technical white paper itself was only written at the beginning of 2019. Prototype development was also created in the same quarter (Q1 2019).
Then, in Q2 2019, the test for the production network has finally begun. They also implement their special consensus algorithm for the testnet. They use the combination of delegated proof of stake (DPoS) and byzantine fault tolerance (BFT). The development of smart contract feature is still in the process (Q3 2019). And as soon as they finish the current stage of development, they will go to the mainnet development and business data integration in the next quarter (Q4 2019).
Purpose of Insight Chain
image source: http://insightchain.io
The blockchain world, as we know it, is still an ocean of unorganized information. There are a lot of frauds and projects with half-truth statements. It’s a bit hard to trust newer projects, especially those that had little to no background in the first place. Insight Chain provides a solution to this problem. In the Insight Chain ecosystem, users with fraudulent information will be penalized by losing their INB tokens while those with good and well-researched data will be rewarded with the same INB tokens.
With Insight Chain, they have what they call as “authentication system” where every single party in the Insight Chain ecosystem must use their real names. These parties include the media, investors, analysts, and companies. And thanks to the decentralized data trading system, all the parties ‘connected’ in the Insight Chain ecosystem can just ‘transact’ with each other using INB tokens without any kind of middlemen. For example, if Insight Chain user wants to trade with analyst research, he can easily do it in the Insight Chain ecosystem.
The biggest standout feature of Insight Chain is its consensus algorithm that’s called VDPoS. VDPoS stands for Validated Delegated Proof of Stake. The idea is to combine three important elements in the blockchain. Delegated Proof of Stake + Byzantine Fault Tolerance + Validated Nodes all combined into VDPoS. So, validated nodes are presented to the network through delegated proof of stake consensus. But, they are selected on VRF random lottery mechanism, and they use Byzantine Fault Tolerance consensus for secondary blocks verification.
Not only that, but the team also plans to use sharding technology on top of their VDPoS consensus. With multi-main chain and multi-child chain at the same time, the hope is that the speed of the blockchain will be significantly improved. Considering the base of Insight Chain supporters are mostly Chinese blockchain community, improving transactions per second (TPS) is considered one of the biggest appeals. Chinese crypto supporters often prioritize ‘scalability’ and TPS whenever they look for a new project to invest in.
Not only these things, but Insight Chain also promises to use a structural way to store business data on the blockchain. This is different from traditional blockchain platforms where they can only store the data content or what is often called the hash.
According to its official website, Insight Chain can achieve more than 100000 TPS for both transaction data and business data. And Insight Chain can also decrypt and encrypt business data on the chain.
All of these features above are what make Insight Chain ‘unique’ and ‘standout’ if we want to compare them with more popular blockchain platforms. However, keep in mind that at the time of this post writing, the mainnet is not yet launched. So, all the ‘theories’ above are not really tested with real transactions and applications.
One more thing to keep in mind. Insight Chain team claim they have registered over 300 patents to ‘protect’ Insight Chain ecosystem from copycats.
Crypto Wallets For Insight Chain Tokens (INB)
At the current state, Insight Chain token (INB) is still an ERC20 token. It’s still part of the Ethereum ecosystem. Because of that reason, whatever wallet that supports ERC20 tokens most likely support INB as well. If you use your phone to store your cryptocurrencies, you can try Trust Wallet. It will automatically add INB token in your crypto-list as soon as you send your INB tokens (from a crypto exchange) to your Trust wallet ETH address. Other alternatives include Coinomi which is also good enough to store ERC20 tokens.
If you are more of a desktop user, Metamask or MyEtherWallet are highly recommended. Metamask is a browser extension, you can try it with Brave Browser or Google Chrome or Mozilla Firefox. To show your INB tokens in your Metamask, you might need to add the token contract address. You can check the token contract address on etherscan to add your INB tokens to Metamask wallet. The alternative to Metamask is MyEtherWallet. With MyEtherWallet, you can also add a custom ERC20 token contract address to show your INB token balance.
There isn’t much to say about Insight Chain and its history. That’s why there is also no known controversy around this project. Perhaps, the only ‘issue’ is the lack of story and communication from the core team to the international supporters. Also, mainnet is not yet live. All the claims about hundreds of thousands of TPS are still not tested yet with the real environment and real applications. Whether Insight Chain can live up to their own ‘hype’ or not is something that is still yet to be seen.
Insight Chain Token (INB) In The Crypto Market
Image source: https://coinmarketcap.com
INB is one of the top 250 cryptocurrencies by market cap. Currently (September 27th, 2019), one INB token is worth $0.298937. According to the admin in the Insight Chain official telegram group, INB token price was just $0.015 when it was first available to trade on crypto exchanges. INB is one of the success stories when it comes to price and ROI. Many people said that starting a project without ICO or IEO investors can help to get better ‘natural price growth’ because many retail investors often dump the tokens as soon as they become available on the crypto exchanges.
INB has a market cap of $104,598,923 USD with 6,266,462 USD daily trading volume. Most of the volume can be found on DragonEX under INB/USDT pair. While many supporters believe INB can benefit from more crypto exchanges availability but so far there’s no indication whether INB will be available on other exchanges. You can also find INB on Livecoin but the trading volume is simply too low over there.
There’s no known direct competitor to Insight Chain when it comes to use cases. Some people might say Storj or Filecoin can become the competitor to Insight Chain because they can store data, but they are not really targeting the same market. At the end of the day, Insight Chain will directly compete against blockchain 2.0 and 3.0 platforms because the ‘real’ use case is when people actually use the platform to create smart contracts and applications. Ethereum, EOS, NEO, Tron, and many others can cross paths against Insight Chain if Insight Chain becomes much bigger than today in the crypto space.
Despite its technological features, Insight Chain still has a lot to prove. The team does not seem to want to make too much effort on ‘communicating’ with the international community but this might change once they start having more supporters from all over the world. The key event will be after they launch their mainnet. Whether they can live up to their own promises and claims, that will be the deciding factor.