Cryptocurrency market is the fastest growing market on the planet with billions of dollars worth of cryptocurrencies traded on exchanges every day. And many of these exchanges are insecure.
INCODIUM is API-based Smart Contract Solution for Exchange Hacking.
A risk management protocol that implements fast and accurate compensation functions on behalf of investors who are victims of an exchange hacking incident.
* The Incodium Mobile Wallet
At the heart of Incodium – a decentralized application (DApp) developed based on Ethereum with smart contract technology to provide exchange hacking protection.
If a user holds Incodium coin in the Incodium Mobile Wallet and is the victim of an exchange hacking incident (an exchange where Incodium coin is listed), the user will be reimbursed in Incodium coin with the lowest of the following three values: 30 times the amount of Incodium coin held in the Incodium Mobile Wallet, the amount of actual damages or 10,000 USD.
* HOW COMPENSATION WORKS:
• Eligible Exchange: An exchange where Incodium coin is listed
• Eligible Victims: Victims who hold Incodium coins in the Incodium Mobile Wallet
• Compensation Coverage: All cryptocurrencies lost due to the exchange hacking
• Compensation Amount (the lowest of the three values): 30 times the amount of Incodium coins held in the Incodium Mobile Wallet, actual damages or 10,000 USD
• Compensation Payment Method: Incodium coins sent to the victim's Incodium Mobile Wallet App for the covered amount