Insolar is a blockchain platform dedicated to managing data, creating new business models, and streamlining communications between companies.
The Insolar blockchain aim at building a stable hybrid platform with interoperability between private and public networks. Insolar is being run by founders with years of entrepreneurial experience, prior to establishing the Insolar blockchain platform.
The Insolar network is an integrated environment with composable application calls that allow multiple service providers to collaborate with each other and create a streamlined business process, regardless of their locations in the public or private networks of the Insolar blockchain platform, thereby increasing efficiency, quality, and the general value of a business, and further foster client satisfaction.
What is INS Token
The Insolar token is referred to as INS. Insolar coin or INS is the native coin on InsolarMainNet and it serves various purposes on the blockchain platform. Below are the purposes that INSis used for:
INS serves as a medium of exchange between organizations. It plays the role of transfer of value from one party to the other, which will be based on already agreed valuation or rate. Payments may come in the form of application fees, resource fees, and subsidies.
INS can also be used as collateral for both a medium of exchange and a store of value. The total value locked up in the staking will represent the aggregate commitment to the security of the network.
Introductory Guide to Insolar (INS)
It is predicted that there will be a radical transformation in the processes for business operation, business models, and industries. Insolar took this initiative to be the foundation for that change, by creating a platform that enables direct, easy, and secure transactions between organizations.
Insolar is combining a fourth generation blockchain protocol with the most appropriate business blockchain tools and services to quickly attain its goals. Insolar strives to streamline the design and reuse of complex cross-organizational business processes, automate cross-organizational business processes. It creates a blockchain protocol and tools compatible with legacy enterprise software and other DLT solutions.
The Insolarblockchain platform makes use of a multi-layer architecture, with clear separation of layers, in order to present a robust expansibility solution. Stakeholders have so much ability, as they act in different layers, with their own set of goals, requirements, and incentives. The platform will be constantly developed, with the aim of facilitating an active market for application services for enterprises and individuals.
Advantages of Insolar Cryptocurrency
If there is any reason to use Insolar, it would be because of its numerous advantages. Here is a list of the advantages of Insolar;
Unlimited Scalability: Insolar has been designed in such a way that it can handle unlimited information, storage, and network traffic. This feat is achievable due to the integration of enhanced protocols into the system like Globula Network Protocol, work partitioning, node role allocation, and per-transaction consensuses.
Simplified Development: With a simple development system, Insolar allows users to make use of existing development skills to develop services and applications. Preconfigured networks and infrastructure help in reducing the time it will take users to develop applications and services, also giving them the ability to experiment easily with modular.
High Security: It is not news that blockchain is one of the most secure technology in the tech world. Particular crypto developers have decided to go a step further with security on their platform. Insolar for one integrated a ‘best-in-class’ data protection via scattering, isolation, and split-key encryption into their security.
A Multi-Network System: Insolar uses both public and private networks. The platform thereby, enables users to choose between using a private network, using a public network, or using both. This operation is called a hybrid system. This gives users the opportunity to choose domains that best suit them and carters to their needs.
Key Features of Insolar Cryptocurrency
The Insolar platform was created to run on three key components, namely; domain, contracts, and clouds.
Insolar Domains: Insolar domains were created to be the backbone of “the lifecycles of contracts”. The Insolar domains are the most integral element of the Insolar platform. The domains would be used to define: procedures, data formats, rules for working, work environment, standards to implement change, and how to manage and secure personal data. Domains grant access to oracles to create cryptography criteria and put transaction conditions in place.
Insolar Contracts: Unlike the norm in regular financial institutions, Insolar contracts are not legally binding, rather, they are a set of functions put in place to guarantee compliance to the rules and regulations put in place by the platform. The Insolar contracts form the most basic part of the Insolar platform after the domains. As a matter of fact, the principle of operation for the Insolar platform is ‘Everything is a contract’.
Insolar Clouds: Clouds in Insolar are a set of nodes that are made up of computing power and storage providers. The clouds stand as storage for the execution of contracts in the domains bound to the cloud. The cloud also manages information exchanged between contracts, which are implemented on the Insolarblockchain.
History of Insolar Cryptocurrency
The 2009 digital wave ushered in the coming of many digital currencies in the world. A few years later the world of digital currency saw a very great increase. As there was a huge increase in the number of platforms offering services for “digital currency” or cryptocurrency as it is popularly known. In 2017 many other platforms were created to tap into the multi-billion dollar world of crypto. One of such platforms is Insolar.
Insolar was founded in the third quarter of 2017, it experienced huge progress due to its unique features. The launch of TestNet 1.0 in the first quarter of 2019 led to a series of new developments on the Insolarblockchain platform.
Insolar(INS) Trading History
The INS token has performed well in the crypto market over time. The INS token had a starting price of 0.08 USD and has been performing well in recent times.
INS even though young, has grown to be a big deal in the world of digital currency, with a total supply of 50,000,000 INS. It is estimated that there is about 32,500,000 INS in circulation. In January of 2018, INS hit an all-time high of 10.00 USD. The Recent turbulence experienced in the crypto caused INS to hit an all-time low of 0.155200 USD.
Where and How to Buy Insolar Cryptocurrency
INS which is the Insolar coin is available for trading on only a few platforms. It is although, available on the most popular crypto trading platforms;
INS can be bought on Binance by visiting either the Binance online platform or the mobile platform and going through the registration process. After by simply searching, INS can be located and bought on the platform.
Other platforms that offer the sale of INS are;
Where and How to Store Insolar (INS)
Hardware Wallets: Digital currencies are usually stored in a wallet. And one of the best ways to store your digital currency is on a hardware wallet. There are vital things needed to store cryptocurrency in a hardware wallet. INS can be stored safely and conveniently in a hardware wallet. Examples of hardware wallets include Trezo
Software Wallets: This is referred to as cold storage software. There are hosts of usable software for storing digital currency. Here are a few software wallets for storing INS
Online Storage: The most popular method of storing cryptocurrency is by using the online storage mediums. Online platforms offer unique wallets to individuals who need to store their digital currency and cannot afford the earlier stated means of storage. Here are a few online platforms that allow individuals to store INS;
The Insolar project was embarked upon by a dedicated team of young professionals, the members of these team are;
Andrey Zhulin, co-founder of Insolar and the current Chie Executive Officer. He is an experienced technology entrepreneur with outstanding contributions to other successful companies.
Peter Fedchenkov, Chief sales officer and co-founded Insolar
Dmitry Zhulin, Chief Financial Officer
Other members of the Insolar team are; the CTO, Pavel Scherbinin, Krill Ivkushkin, the Chief Architect. Danil Kabanov, the Head of Application Development. Artem Serebrov, Pavel Kirillov, Lesley Czuma, are the Chief Product Officer, Head of Innovation, and Head of Public Relations respectively.
After being ranked globally as number one in terms of development activity amongst DLT companies, Insolar has experienced growth in major areas, and currently has a team with over 80 members across Europe and North America. The Insolar team is dedicated to creating a leading ecosystem amongst DLT companies in the world.
Insolar was founded in the third quarter of 2017. In Q1 2019, TestNet 1.0 was launched. TestNet 1.0, is a Network for testing of basic hypotheses behind the Insolar platform architecture, Basic mechanisms of network consensus and built-in smart contracts execution.
Plans are on the way to launch MainNet 2.0 in the second quarter of 2020. The third quarter of 2020 will also see the light of MainNet3.0, and in 2021 EnterpriseNet will be launched.