Indicoin is billing itself as the first-ever cryptocurrency launched within the country of India. The Indicoin platform combines a distribution portal for Indicoin and also an “autonomous social service digital app” where users can interact and vote.
What Is Indicoin?
Indicoin is created and maintained by a group of developers located in Uttar Pradesh, India. The team includes individuals such as Supreet Gupta, Kapil Kapadi, Vansh Bajaj, Varad Shambhawa, and several others.
Indicoin began its token presale on September 10th, 2017, with a public ICO beginning on October 1st, 2017. The initial token sale, which has a total of 1 billion tokens available for purchase, continues until November 1st, 2017.
This initial sale of Indicoin is meant to bankroll the company and platform to enable additional development and support.
The Indicoin platform is one part distribution network for the new cryptocurrency and one part social app, where users can submit “social proof” and “proof of actual work” to receive Indicoin in payment.
The mechanics of this are unclear according to the Indicoin site, but it’s implied that users can record photographic proof of completing a task, upload it to the site, and then receive Indicoin in return.
For its ICO, the value of a single Indicoin has been set at 1 Indian Rupee each, or approximately 0.016 USD. Investing in Indicoin provides an opportunity for a ROI if and/or when the valuation of Indicoin rises.
While Indicoin may be seen as a noble endeavor, we don’t have high hopes for this cryptocurrency. We’re concerned because the number of Indicoin is set, and that it’s only available from a centralized source – and that it can’t be mined independently. This makes it highly susceptible to price manipulation and “pump and dump” schemes in the future.