What Is Insight Protocol (INX)?

The Insight Protocol (INX) seeks basic reward governance, in which content consumption occurs using dApp services and the compensation structure of existing blockchain projects. Insight protocol believes that services for compensation alone are unstable. Insight Protocol believes these services should go up to the point where it impresses the user, and there should be additional rewards. Using the value of blockchain clarity and tokenization (the process of exchanging sensitive data for nonsensitive data), Insight Protocol focuses on service usability rather than technology, focusing on a user-friendly real-world service.

Many blockchain projects are a medium for content creation compensation as per its whitepaper. Yet, most of them have an ecosystem centred on content producers and information providers. However, only a few users produce helpful information. The increasing number of malicious users cause problems for the service ecosystem. The malicious users generate unnecessary information only to get compensation. As a result, blockchain content development projects usually fail to sustain business growth. Also, the distribution of rewards has been a consistent problem for content creators. To resolve all these problems, Insight Protocol introduced their dApp service called BlockInsight. With BlockInsight, Insight Protocol aims to create an ecosystem where information producers and service users get compensated and developed in a balanced manner.

Insight Protocol has a three-layered structure:

• Service Layer: The design of the service layer of Insight Protocol suits the characteristics of individual dApps. For example, BlockInsight, the first aApp of the Insight Protocol, was created using a separate User Interface (UI). Each component of News/Content/Airdrop/dApp information produced by the platform was to fit the configuration of the blockchain information curation app.

• Protocol Layer : The Protocol layer contains policies for service stabilisation utilising the INX token. It also contains policies that bring people together at the start and activates services.

• Blockchain Layer: A platform layer that enables Insight Protocol to apply to blockchain. Insight Protocol plans to investigate and analyze the right platform with its dApp service and select the platform at the right time.

Insight Protocol issues an INX token to activate the information user-centric reward ecosystem. The first purpose of token issuance is to tokenize service participants' data value and build an Insight Protocol ecosystem around the token. The second goal is to make the Insight Protocol service accessible to users, advertisers, and stakeholders. For example, advertisers who want to advertise or partner with the dApp of the Insight Protocol, purchase and utilize the INX token to execute compelling marketing through various Insight Protocol dApp.

History of Insight Protocol (INX)

Kevin Kang is the founder and CEO of Insight Protocol, while Peter Jeon is the CTO of the platform. The whitepaper was released in 2019.