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
* Compensation flow
Once an exchange hacking damage occurs and there is public recognition, an eligible victim will be able to report the damage incurred via the Incodium Mobile Wallet app (additional information may be required to complete the report). Once an eligible victim provides necessary information, the Incodium Mobile Wallet automatically carries out a smart compensation process: communicating with the exchange where the hacking damage occurred, verifying the identity of the victim as well as the amount of Incodium coins in the wallet, and, once all of this information is verified, the appropriate compensation amount is deposited into the victim’s Incodium Mobile Wallet. Our ultimate goal is to build this as an automated “smart compensation protection” service, and once it is fully implemented, eligible victims will receive full compensation within 48 hours from the time of the incident.