INS Ecosystem, a tokenized startup developing a decentralized platform for delivering groceries direct to consumer, announced Monday it has closed its initial coin offering (ICO), raising a total of US $42 million selling an ERC-20 token it calls INS.
According to data from Token Report, INS’ hard cap in the sale was 60,000 ETH, or USD $42.5 million at the Cryptocompare exchange rate posted at 0:00 Eastern US time on Dec. 25, the day of INS’ announcement. INS opened its crowdsale Dec. 4, according to Token Report, when Ethereum was priced at US $457.28; ETH went up 60 percent against the dollar over the course of the INS sale.
Moscow-based INS is developing a platform designed to enable grocery manufacturers to list and sell products directly to consumers. Features include customer feedback and loyalty programs. Founder Peter Fedchenkov is also the founder and chief executive of Instamart, a seed-stage food delivery startup founded in 2013 and operating in Russia. INS expects blockchain technology to make its grocery supply chain more efficient than incumbents.
Incumbents abound. E-commerce and retail giants Alibaba Group Holding Ltd., Amazon.com Inc., Wal-Mart Stores Inc. and Tencent Holdings Ltd. all have significant investment in online grocery delivery. Amazon made headlines in June, announcing its US $13.7 billion acquisition of Whole Foods. Wal-Mart’s China footprint of 400 stores is organized around online grocery delivery, Bloomberg reported last month.
The funds raised from the token sale will correspond with the INS roadmap, with funding allocated for research and development; infrastructure; administration and operations; marketing and sales; and legal and contingency services.
“Grocery is the second largest retail industry in the world, yet it has remained perhaps the slowest to adopt emerging technologies. This presents an incredible opportunity for growth and change, and through our conversations with industry executives, leaders in the crypto space, and our community as a whole, it is clear that there is an enormous amount of faith in INS as the best suited project to take on this challenge,” added Fedchenkov.
INS Ecosystem has used blockchain technology to disrupt the grocery market and eliminate retailers from the food chain. This is practically the disruption of the century and could see INS coin hit unprecedented price levels in 2018 and beyond. Let’s look at the key pillars that will support INS Ecosystem’s growth throughout the year.
For starters, through the INS token, consumers can interact directly with manufacturers and dictate to them what they want. Essentially, this means that groceries will be way cheaper since there are no middlemen in between introducing unnecessary costs to the system. That’s a big incentive for consumers to adopt the INS coin, an adoption that will serve to push up its value.
Another benefit that INS Ecosystem (INS) offers to consumers that is pivotal to its value is that of speed in access to groceries. While buying groceries online isn’t that slow right now, it’s not operating at its optimum. The large scale retailers selling groceries have long supply chains that means groceries can take time before they reach the consumer.
However, with the disruptive power of INS Ecosystem, consumers can order groceries online, directly from the many producers in the market. This process is fast since there are no middlemen involved, and also guarantees consumers fresh groceries. Clearly, this is practical and disruptive aspect to INS Ecosystem that is guaranteed to anchor its value growth both now, and in the long-run.
The INS Ecosystem (INS) is also quite valuable to manufacturers. It gives them total control over what they produce, as well as how they price it. This allows them to cut on costs as well as develop customized relationships with their customers. Given that control over product and pricing has the potential to grow producer profit margins, it is not hard to see why they will be keen to adopt INS Ecosystem as they get to learn about it. This is guaranteed to push up the price of INS coin, as demand increases against a capped supply of 50 million coins.
Producers will also be keen to use the INS platform as a tool to improve on their product offering based on the feedback that comes from direct interaction with the customer. This is a treasure for producers since customer feedback is key to improving product quality and sales. On this basis, grocery producers are likely to take a keen interest in INS Ecosystem once they learn of how it works. This will, in turn, play a role in creating positive hype around this coin, which will help push up its value.
The value growth of INS Ecosystem (INS) is also anchored on the fact that it is listed on multiple major exchanges. This is definitely a coin worth buying. It could easily hit the top ten and play in the same league as Bitcoin and Ethereum!
For more information please visit :
website : https://ins.world/
Bitcointalk ANN : https://bitcointalk.org/index.php?topic=2208591.0
whitepaper : https://ins.world/INS-ICO-Whitepaper.pdf
Facebook : https://www.facebook.com/ins.ecosystem/
Twitter : https://twitter.com/ins_ecosystem
Telegram : https://t.me/ins_ecosystem
author :
BItcointalk username : XLMLOVER
Bitcointalk profil link : https://bitcointalk.org/index.php?action=profile;u=1232458
Ether Addres : 0x0aCf4053dFcF1b47770509a7d4d6DB5eAAe1846F