India has been facing the issue of a growing population number and slow modernisation for a very long time. The weak infrastructure system causes a severe danger to a daily life of millions of people, with only a little that can be done on such a colossal scale.
The everyday life is just one of many examples of how the lack of institutional management has impacted the country. Not to mention the ongoing issues with corruption and changes inside the government.
However, of the ICOs – IndiCoin – seems to have a simple, but effective, solution – involving citizens in the social tasks and offering them an incentive for doing so.
The country would start receiving a much-needed support, but instead of a traditional volunteering system, participants would receive IndiCoin tokens as a reward.
Pretty smart, right?
IndiCoin is one of the first blockchain-based social services platforms that offers tokens in exchange for volunteering services.
IndiCoin is one of the first ICOs in India, built on the Ethereum network. It works as a DAPP for a community of people who want to contribute to the society. Unlike its follower, BitIndia, it focuses on blockchain technology with a cryptocurrency as an enticement.
By using smart contracts and blockchain technology, Indicoin supplies social tasks to the community and links them with a monetary incentive in the form of a cryptocurrency.
These tasks are then approved by a decentralised, and transparent, voting system, with an end goal of not only bringing the community closer but also encouraging it to undertake more tasks.
What are these social tasks? Anything from planting the trees, to cleaning up the streets and construction work – anything that helps the country to move forward and break from the current loop.
Moreover – IndiCoin has a potential of addressing various limitations in a current system by simplifying and modernising the traditional lengthy process of getting an approval.
So members of Indicoin network will not only be the first ones worldwide to validate social tasks and proposals, but they can also earn through it.
IndiCoin is an innovative platform not only due to a modern way of saving an ongoing issue but also because it avoids the governmental involvement.
The project was started by a group of cryptocurrency enthusiasts, who have been following the crypto-market for a while, and saw an opportunity of using blockchain technology in a more positive and advanced manner. The idea was born in 2016.
Most importantly, Indicoin provides a new platform where one does not have to be a certified social worker to be able to contribute to the country’s pressing problems.
How Does IndiCoin Work?
This first-ever social services platform is built on the public Ethereum blockchain, with a transparent distribution of tokens via Smart Contracts.
Apart from the Ethereum blockchain, IndiCoin also used IPFS as a storage client.
All users have an option to register with their own Ethereum or IPFS node address – afterwards; users will receive an IndiCoin address.
Following that, a user has to transfer Ether to the given IndiCoin address, and in exchange, will receive ERC20 tokens.
If you’re familiar with the technicalities behind cryptocurrency and blockchain technology, then you would know that any transaction requires a validation (most often it’s a complex mathematical formula that has to be solved by miners).
In the case of IndiCoin, however, users can submit live videos, pictures etc. Any of these proofs would undergo a validation process of a transparent and unbiased public voting.
If the proposal is approved (based on the affirmative votes), a user will be rewarded with tokens. If not, the proposal would be disapproved and declared as fake.
Interestingly, irrespective of the proposal’s declaration, all community members get rewarded.
If the outcome is positive, both upvoters and social workers are rewarded, and if the result is negative, only downvoters get rewarded with tokens.
Invest in IndiCoin
India is a home to the 17% of the entire population worldwide, and almost 23% of India’s population falls below the poverty level.
IndiCoin has a fantastic opportunity to reach out to those coming from a less privileged background and involve them in a community.
As one of the founders of Indicoin stated:
“Indicoin shall redefine social service and give it another leap. Blockchain has unlocked a huge potential for the Social Sector to redefine their model and India is the rightest place to start and a very much needed crowdfunding of Social Service. Today, people are running back after making hefty monetary gains at the cost of the society, environment and various other incentivising factors in accordance with this; they should also change the way social service functions. Indicoin shall be able to deliver on these lines.”
The ICO pre-sale ran from the 10th until the 20th of September, and it successfully raised 900 Ethereum.
IndiCoin ICO has successfully finished, with the team being able to raise all of the necessary funds. There was 1 million token all together minted.
One of the biggest milestones for IndiCoin was securing the listing one of the most significant cryptocurrency trading exchanges – HitBTC. It not only grew the exposure of the coin, but it will also increase the liquidity, and there already plans for
The team has been working hard on planning the first campaign launch and redesigned the website to accommodate increasing interest and to support potential investors.
150 million unused tokens will be burnt on December 10th, which will decrease the amount of supply and will likely affect the token price positively.
One of the next developments for IndiCoin will be developing the Distribution Protocol and Smart Contract for Social Vault in early 2018.
What do you think of IndiCoin as a blockchain-based social services platform? If you’re from India, are you going to use it? Let us know in the comments below!