Join the Insights Network ICO whitelist now – more details at the end of this post.
What is Insights Network?
Insights Network is a decentralized platform for data collection, connecting requesters of data with providers of data. Essentially, this is a market research platform on the blockchain.
In their whitepaper, Insights Network mentions some example scenarios for their solution:
- “A polling firm may want to run a poll to see who would win if the presidential election were
re-run at this moment in time.
- McDonald’s may want to run a survey to solicit feedback on a new menu item.
- University classes can administer surveys throughout the quarter or semester to get feedback on
the quality of instruction on an ongoing basis.
- A high-end auction can accept anonymous bids from verified individuals without having to
These scenarios are just some examples from the data brokerage market – estimated to be a $200Bn industry.
Insights Network is built on the EOS blockchain, which has not yet been released. The reason they have chosen EOS rather than, say, Ethereum is that “EOS will have the greatest throughput of any blockchain network currently in existence, which will be needed to handle the level of activity we expect in the Insights Network”, states the whitepaper.
Who’s behind the Insights Network ICO?
Insights Network’s founder team consists of Brian Gallagher, Darwin Lo, and Brandan Zaucha. All three are Y Combinator alumni – which has led to a partnership with Quantstamp. Furthermore, they all have relevant experience building and growing startups – albeit without any really big names on their CV’s. Beyond the founders, Insights Network has a strong team and a connection to researchers at Aarhus University in Denmark.
The advisor team has experience from the market research industry (Jason Hamlin, AC Nielsen), as well as blockchain expertise (David Gobaud, Mobius Network). We expect more advisors to come onboard in the weeks before the ICO takes place.
What utility does the INSTAR token have?
According to Insights Network’s whitepaper, the INSTAR token has one main utility: a reward for users to provide data. The INSTAR tokens can be cashed in for gifts in a reward store, or they can be used to place data requests on the platform. Companies that use the Insights Network platform would buy INSTAR tokens in order to request data, driving up demand for the token as more companies start using it.
How can I participate in the Insights Network ICO?
The ICO starts on February 14th, with a hard cap of 22,000 ETH (approx $22m) and 35% of tokens being sold. 5% have already been sold in a pre-sale. You can sign up for the Insights Network ICO whitelist here.
Based on our assessment above, we rate Insights Network as a Solid ICO. The team has a strong track record from startups, as well as access to both industry and blockchain expertise. Their solution fundamentally makes sense to have on the blockchain with its marketplace structure, and the market they address is very large.