ICOWatchlist had a chat with Mr, Peter Fedchenkov, Founder of INS about the entirety of the project and we also zeroed in on their upcoming crowdsale – the conversation went thus;
Hello Peter, briefly introduce us to INS Ecosystem?
INS Ecosystem is a scalable blockchain-based platform we are building, that enables consumers to buy groceries directly from manufacturers at lower prices, with convenience. Bypassing retailers will provide a totally different everyday shopping experience with up-to-30% price cuts.
The INS ecosystem is validated by consumer interests and receiving strong support from manufacturers.
All manufacturers will be able to list and sell products directly to consumers, gain customer feedback and reward loyal customers. Smart contracts power loyalty programs, blockchain helps us make the supply chain more efficient and trim costs.
INS has received strong support and signed memoranda of understanding (non-binding) with some of the largest grocery manufacturers in the world, including Campina, Unilever, MARS, Valio and others. The INS team has developed a roadmap which covers everything from development of robust and scalable software to order fulfillment process to sales and marketing campaigns to attracting broad audiences of consumers and manufacturers of all sizes from local farmers to large multinational grocery manufacturers to join the INS ecosystem.
Who are the primary target market for the INS project? Is the project limited by jurisdiction?
INS is disrupting the grocery industry which is expected to reach $8.5 trillion by 2020. IGD projects double-digit annual growth rates for online grocery in largest markets by 2020. Top 10 global markets alone are expected to explode from $98 billion in 2015 to $290 billion in 2020. Our expansion plan assumes launching in 10 cities during the next 3 years and reaching a $15 billion turnover by 2022. Grocery retail supply chain is outdated and hasn’t changed much in the last 70 years. It is expensive to run and limiting the customer choice. In most countries, a handful of retailers control the market and abuse their power. For instance, in the UK there are 4 major retailers connecting 7,000 manufacturers with 25 million households. We believe, that in the 21stt century consumers should decide – what goods they need, what brands they want, whether to buy from local or national manufacturers.
Who are your competitors in the blockchain technology space and how does INS stand out?
Blockchain in the grocery and food industries is in a nascent stage. There are few companies globally that are challenging the status quo and applying blockchain and smart contracts to improve the supply chain or food security. We very much welcome these efforts. This past summer, Wal-Mart and Nestle announced blockchain collaboration with IBM to strengthen consumer confidence regarding the food they purchase and improve food safety. Ambrosus is building an interesting and useful solution. However, we are more focused on the supply chain as well as manufacturer-to-consumer loyalty programs that fit really well with smart-contract logic. I haven’t seen anyone doing something like INS.
How have you been able to successfully build a community of active stakeholders around the project thus far? What is the secret?
We have announced our ICO publicly only recently, however our community is steadily growing every day. We are pleased how positively INS has been by received by crypto community globally. The problem we are solving resonates well with everyone, since we all purchase groceries and we know how painful and expensive it might be. An experience that we all want to change to something better. Interestingly, we have been encouraged by our community to consider expanding INS to other markets – some of the proposals include flowers and agricultural commodities. Grocery could be just a first use case…
Which exchanges will be trading INS tokens?
We are currently in an active dialogue with several of top 10 exchanges and expect the token to be listed at 2-3 of them in 2-4 weeks after the end of the token sale.
Briefly run us through how the process of INS token sale will be done
INS plans to raise 150K ETH during an ICO (equivalent of $45-50 mln depending on the exchange rate) kicking off November 27, 2017. ICO will last for up to 4 weeks. Bonuses for early participants.
Thank you Peter, it was a pleasure talking to you.
Thank you ICOWatchlist, the pleasure is also mine.
For more details, follow the INSEcosystem ICO here.