Instacoin – Social Blockchain Lottery Network ICO For Instagram?
Instacoin claims to be the world’s first official lottery-based social marketing system. Find out what that means today in our Instacoin review.
What Is Instacoin?
Instacoin, found online at Instacoin.pro, is a digital currency created by an advertising company named Instacoin Inc. The company claims to have created “the world’s first official lottery in social networking websites using cryptocurrency.”
The goal of the company is to give advertisers a new way to market to customers on social networking websites like Instagram. It uses cryptocurrency as a fast and efficient payment method for traffic or advertising services.
Right now, the Instacoin whitepaper is a little difficult to understand, and the English on the website isn’t perfect. The company’s ICO, however, is scheduled to begin on August 30.
How Does Instacoin Work?
You access the platform through the Instacoin mobile app or your web browser. You authorize the app to access your personal Instagram account. Then, you can choose to market to people in your city based on where your business is located along with their interests and other data.
You can also separate your business into different industries based on the interest, including entertainment, mobile, consumer electronics, art, real estate, and more.
In more straightforward terms, Instacoin helps local businesses incentivize customers to participate in social media activities. Then, customers can use the Instacoin lottery feature to “win” service from local businesses.
The Instacoin whitepaper mentions an example of a guy in California who needs to fix his car. Residents of California can log onto the Instacoin app and search for stations for car repair. That guy can also take part in a “lottery” to win a free car repair. To enter that lottery, the guy may need to follow the company’s account on Instagram or perform another type of social media interaction.
With another example, someone with a personal account – say, a blogger named Katy – could contact Instacoin with an order to promote her own account. Katy pays an amount equivalent to the time of distribution on the Instacoin website. Then, she selects the prize in the form of consumer electronics or any service popular among her target audience. Users who use Instacoin will be able to see Katy’s blog or Instagram page from this section, then subscribe for a chance to win that prize.
The Instacoin ICO
Instacoin’s ICO begins at the end of August and continues throughout September.
The cost of one token is $0.405 USD. The company claims you can expect a value of $1.50 per token within 3 to 6 months of launch.
A total supply of 100 million tokens will be produced. Investors (token holders) will receive profits every month on the 28th.
Instacoin is seeking to raise $16.2 million for its ICO. Their maximum funding (hard cap) is $32.4 million USD, while the minimum amount is $2 million.
For the ICO, the exchange rate will be 1 ETH = 457 Instacoin tokens.
The Instacoin ICO will begin at 9am (GMT) on August 30, 2017. Bonuses are available. Visit the Instacoin.pro website for more information.
Who’s Behind Instacoin?
Instacoin is led by founder Nikita German, co-founder Vadim Lyskovtsev, Danil Balabanov, and Kseniia Luna.
You can contact the developers by email at [email protected]
Instacoin is a marketing platform catered towards Instagram users and businesses that use Instagram. The company is introducing a cryptocurrency that can be used to launch contests on Instagram and other social media platforms. Basically, you setup a contest by paying with Instacoin tokens, then give away some type of prize to the lottery winner. People can enter the lottery by engaging in some type of social media interaction – like following your Instagram page.
Overall, Instacoin’s whitepaper is slightly difficult to understand, and the grammar could use some work. The whitepaper also seems very focused on how much money investors can make through the token (they claim you can expect the value of the token to rise to $1.50 within 3 to 6 months) as opposed to explaining the technical details of the platform.
The website also has vague, meaningless sentences, like “Our goal is to contribute to the development of a blockchain-based ecosystem” (this is a heading on the front page). The front page doesn’t explain further details about the features of the platform or other things you typically want to know before investing.
In any case, you can learn more about Instacoin online at Instacoin.pro.