INS, a new global project by the founders of Instamart grocery delivery service, today announced the initiative to build a decentralized grocery shopping ecosystem based on blockchain technology. Having declared the non-binding memoranda of understanding with Unilever – a leading FMCG company – INS plans to raise 210K ETH during a 2-staged Token Sale process: Pre-ICO starting on October 16th, 2017 and ICO starting on November 20th, 2017.
INS is disrupting the largest consumer retail market in the world. According to Persistent Market Research, the global grocery market will grow to $8.5 trln in 2020. Online sales of groceries are expected to reach over $300B by 2020.
“Grocery industry in its current shape is inefficient and controlled by retailers. For example, in the UK there are over 7,000 manufacturers and 25 million of households dependent on 4 key grocery retailers controlling 76% of the market. INS will adopt blockchain to cut the middleman – wholesalers and retail stores – to help consumers save up to 30% on grocery shopping,” says Peter Fedchenkov, INS co-founder and CEO.
INS Ecosystem Benefits
INS builds a scalable blockchain-based platform enabling consumers to buy groceries directly from manufacturers. Online decentralized platform powered by a self-regulated community of shoppers and suppliers eliminates the retailers from the purchase process. Smart contracts help both parts to facilitate trade and reduce risks and costs.
Any manufacturer can list and sell products, gain customer feedback, and reward loyal shoppers. The first memoranda of understanding is signed with Unilever – one of the world’s leaders in FMCG. In addition to savings for customers, INS will put manufacturers in full control of product pricing and listing.
Platform building roadmap runs through 2018 and aims to be completed by the end of Q3 2018. In future, the INS ecosystem will be deployed in the largest global cities.
ICO and INS Tokens
The INS token holders will receive exclusive benefits in the ecosystem. The INS token is designed to facilitate promotion, loyalty and reward campaigns, and can also be used as a means of payment in the ecosystem. A total supply is limited to 150,000,000 tokens, of which 90,000,000 will be offered to token sale contributors.
The token sale will be held in 2 stages following the World Blockchain Forum in London. Pre-ICO will run from October 16th, with ICO scheduled to start on November 20th, 2017. Token buyers can use BTC, ETH, altcoins, or wire transfers to complete the purchase.
Team and Advisors
INS is developed by 35-strong team. The project is co-founded by Peter Fedchenkov (CEO) who brings expertise in retail and technology, and Dmitry Zhulin (Strategy), a venture capital and private equity professional with focus on e-commerce. The team has previously founded Instamart – the largest venture-backed online grocery delivery service in Russia with over $10M of VC funding.
INS is advised by the world-class leaders in blockchain, retail and tech. Ilya Yakubson, ex-president of Dixy (#4 grocery retail chain in Russia), Dmitry Khovratovich, recognized expert in blockchain and cryptosecurity, Sergey Solonin, CEO of Nasdaq-listed Qiwi payment service provider, and Prabhakar Reddy, a serial entrepreneur and investor already joined the INS advisory board.