Overview of Instoken
Vision and Mission
Vision: Powering the global services network
Mission: Connecting users with trusted service providers
To facilitate transactions on the Instance platform, as well as offer incentives to other eco-system stakeholders, Instance is planning a blockchain solution powered by Insta. It provides a standardised and universal payment currency, eliminating the need for currency exchange and costly transaction fees across different economies.
Instance Blockchain solution
Blockchain Enabling the Instance Ecosystem
The use of smart contracts on the blockchain enables functionality with Instance that other digital platforms cannot perform. Through the 3 pillars of the Instance App, participants in the Instance ecosystem will truly experience an effective global service marketplace. The Instance Ecosystem is made up of:
Instance Payment Protocol
Payment is at the core of everything as it facilitates transactions between consumers and service providers on the Instance marketplace. Smart contracts on the Instance marketplace are the engines to fuss-free payments. For each service engagement, both consumer and service provider are required to send Insta to activate the smart contract. Rules, such as refunds for cancellations, time period to cancel before no refunds are issued and potential impact on reputation will be decided by Instance’s artificial intelligence engine based on factors such as the consumer’s or service provider’s history and reputation. With these in place within the smart contract, both consumers and service providers will then be able transact freely and with a peace of mind.
Instance Reputation Protocol
Decision making is mainly driven by the reputation of the two transacting parties. Consumers are often concerned about the trustworthiness and the quality of work of service providers. At the same time, service providers are typically concerned about consumers’ tendency to cancel on appointments. If a service provider receives too many customers that cancel at the last minute, the service provider’s revenue will be severely impacted. The Instance Reputation Protocol, a mechanism to be developed to address the above issues aims to ensure that both consumers and service providers can be taken care of.
Instance Arbitration Protocol
In digital marketplaces, dispute resolution is always a painful, time-consuming process for both consumers and service providers. Through the Instance Dispute Protocol, a dispute resolution mechanism to be developed, marketplace participants can expect a fuss-free dispute resolution process. When a dispute occurs, the Instance Dispute Protocol will be activated and all Insta previously transferred to the smart contract will be locked until the dispute is resolved.
To initiate a dispute, either party will have to submit an online ticket with details on the matter in dispute. A notification will then be sent to a group of arbitrators appointed by Instance who will then look into the issue and vote for or against the party. This group of arbitrators will receive an amount up to 10% of the Insta locked in the smart contract (in which the initiator will put up as an offer) for their contribution in resolving the issue. The remaining Insta will be transferred to the rightful owner through the use of the smart contract. A higher reward will encourage arbitrators to pick up and resolve disputes. The Instance Dispute Protocol will only commence the resolution process when 5 arbitrators have agreed to participate.
To participate as an Instance arbitrator, the individual will be required to stake his/her Insta. All Instance arbitrators will have their participation rates and correct decision rates recorded on blockchain.
In the event that either party wishes to appeal the decision made, a new group of arbitrators will be assigned to vote. In this situation, the appealer will pay Instance a fee equivalent to 5% of the Insta on hold, on top of the additional Insta to be offered to the new group of arbitrators.
The Instance App, acts as an aggregator of services, provides a robust platform for freelancers or gig economy workers without middlemen fees and at zero start-up costs.
Aspiring entrepreneurs can market their services online without having to worry about huge overhead costs and existing businesses can leverage the Instance App to market their services to a wider audience.
To address the lack of a specialised platform which caters for the provision of a range of dependable services, Instance has created a singular ecosystem and services marketplace that allows customers to browse, review, compare and evaluate credible service providers, coupled with a platform that lets them visually connect in real-time, elevating the element of trust and comfort.
Instance App aims to build a healthy and thriving community, bustling with reliable service providers and endorsed by genuine and satisfied customers.
The Features of Instance App
- A face-to-face conversation environment
- Instant help with no need for the merry-go-round of emails or chats
- Elimination of miscommunication & uncertainty
- Video calling to increase comfort level
- Attachment of documents & photos for clearer presentations
- Recording of call & video history
- Blockchains of smart transactions to safeguard payment between parties
- Comprehensive rating system
Team and Partnerships
- Ben Ng, Founder and CEO
- Nour Helmi, CTO
- Wilson Sia, Head of Product Development
- Fred Lim, CFO
- Jon Tallis, Head of Marketing
- Adrian Lee, CO-Founder and Operations Manager
- Joyce Goh, Data Scientist
- Tan Song Kwang, Corporate Governance officer
- Roy Ling, ICO Advisor
- Loo Choon Chiaw, Legal Advisor