Instacoin is a cryptocurrency-based lottery system for Instagram users. Find out how it works today in our review.
What Is Instacoin?
Instacoin, found online at Instacoin.pro, is an Instagram lottery system that just recently launched. The lottery uses decentralized blockchain technology and smart contracts to reduce the potential of fraud. Calculations within the system are performed with the Instacoin digital token, and Instagram users can win cash in the form of Instacoin digital tokens.
The ICO for Instacoin began in October and is underway until November 1.
Instacoin is more of an advertising company than a lottery company. In exchange for giving users the chance to win a lottery, businesses receive advertising benefits. A business can use Instacoin to launch a lottery, for example, and give away a free product or service. Everyone who follows the business’s Instagram account gets a free entry.
Let’s take a closer look at how Instacoin works.
How Does Instacoin Work?
Instacoin describes itself as “the world’s first blockchain-based official lottery” for Instagram. The goal of Instacoin is to make Instagram a more dependable advertising platform for companies. Many companies avoid advertising on Instagram, although Instacoin claims that “you can and should do business on Instagram.”
One of the problems with Instagram as an advertising platform is the quality of users who follow a business’s account. Marketing agencies can launch Instagram advertising campaigns. These campaigns may promise thousands of followers for your business account. However, 90% of those followers are bots created by Instacoin itself.
Instacoin envisions a better marketing system, where businesses can promote their business to interested, real-life users – not bots.
To take part in Instacoin’s lottery, a user needs to spend time viewing a business’s product. Here’s the basic process by how it works:
Step 1) A user follows a link to the Instacoin application, and authorizes access to that app through their Instagram account
Step 2) The platform has a certain number of contests or giveaways in various countries and towns; this allows business clients to attract the audience in a particular geographic area. All giveaways are grouped according to interest spheres. Interest spheres could include mobile tech, entertainment, household appliances, cars, art, and more.
Step 3) The Instagram user follows the business account on Instagram, then enters into a lottery for that company.
Here’s one example of how Instacoin could be used: someone living in California might need an oil change for their car. They search for offers in their area on Instacoin, then find a local car shop willing to give free service in exchange for an Instagram follow. The user follows the business, and the user automatically gets entered into the lottery offered by the company.
You don’t necessarily have to follow an account to enter the lottery. Another option is to set a length of time the user needs to view your page before entering the lottery.
Instacoin aims to provide benefits to two different parties, including the advertiser or business and the client:
Advertisers and businesses can create a secure, transparent giveaway through the Instacoin platform; a business can quickly attract thousands of Instagram followers in exchange for a transparent giveaway – like a $50 gift card or a free oil change
Customers can win significant prizes for “free” – all they need to do is follow the business, spend a few minutes looking at the page, or perform other basic online tasks
The Instacoin Token Sale
Instacoin is seeking to raise a minimum of 333 ETH and a maximum of 8,000 ETH during their token sale. 1 ETH = 800 Instacoin tokens. The token sale launched at 9am on October 1, 2017. It will continue for 31 days (until 9am on November 1) or until the maximum is hit. Bonuses of up to 25% are available in the first week of the sale.
Who’s Behind Instacoin?
Instacoin is led by Nikita German (Founder) and Vadim Lyskovtsev (Co-Founder). The company launched in summer 2017.
Instacoin believes many businesses don’t use Instagram because they struggle to attract real, local users to their page. Traditional advertising agencies don’t solve this problem: they just spam business accounts with bots and low-quality followers. Instacoin wants to solve this problem using a unique lottery system built on blockchain technology. Businesses can use Instacoin to launch a lottery. They can encourage users to follow their Instagram page to win a ticket for that lottery. The business gets thousands of real followers in exchange for giving away a free product or service.
To learn more about Instacoin and their ongoing ICO, visit the company online today at Instacoin.pro.