I was saying that this concept is a bit out there.
So what you're trying to do is create an insurance for crypto? Is this backed by any one company or holding?
Topic: [ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance - page 50. (Read 145901 times)
July 11, 2014, 09:38:34 PM
You didn't let me edit and add more :p
I was saying that this concept is a bit out there.I'm having a hard time reading it though could you please reformat the text so it's a bit easier on the eyes? thanks that's better!
So what you're trying to do is create an insurance for crypto? Is this backed by any one company or holding?
I was saying that this concept is a bit out there.
So what you're trying to do is create an insurance for crypto? Is this backed by any one company or holding?
July 11, 2014, 09:37:42 PM
July 23
ULTC Thread: https://bitcointalksearch.org/topic/ann-umbrella-insured-cryptocurrencies-umbrella-ltc-litecoin-insurance-707603
July 27
7/7 Trust Index Score
Coins Source has ranked the developer of Umbrella.Holdings according to our Trust Index criteria listed below:
Umbrella Holdings Trust Index Ranking
Email Address: 1/1
Bitcointalk: Forum Name -> Umbrella Holdings = 1/1 verified (Account Age > 3 months)
Social Media: Verified = 1/1
Mobile Phone #: Verified by Text Message = 1/1
State ID or License: Copy Sent to Coins Source = 2/2
Address: Address Received and Matches ID, Post Card Verification Pending = 1/1
Total Score = 7/7
Coins Source has ranked the developer of Umbrella.Holdings according to our Trust Index criteria and has awarded him a total score of
7/7 based upon the information that he has provided. To learn more about the Coins Source Trust Index see http://www.coinssource.com/trust/
July 28
Umbrella-LTC Launches.
July 31
ULTC Listed
August 15
ULTC Listed
Translations:
Spanish
https://bitcointalksearch.org/topic/ann-umbrella-las-primeras-cryptomonedas-aseguradas-cdic-cryptoseguro-687638
French
https://bitcointalksearch.org/topic/ann-umbrella-la-premiere-cryptomonnaie-assuree-relaunch-cryptsurance-707583
Chinese
https://bitcointalksearch.org/topic/ann-bittrex-758201
October 14
Umbrella-LTC expands to cover Litecoin losses, details coming soon.
July 11, 2014, 09:31:31 PM
Umbrella Cryptocurrencies Beta
Universal Umbrella Symbol: Ʉ
Latin Capital Letter U Bar - Unicode Character (U+0244)
“Innovations in cryptocurrency can come in many forms, only one of them being new algos.”
--Robert Murray - Founder of Umbrella
Umbrella-BTC - TBA
Umbrella-LTC - July 28 15:00 GMT
Umbrella-VTC - TBA
Umbrella-DRK - TBA
Umbrella-BTC
Ticker Symbol: UBTC
Algorithm: SHA256d
Type: POW
Merge-Mined with: Bitcoin
Total Coins: 2,625,000
Block Reward: 10
Block Time: 600 s
(2)Halving: Proprietary (diaBR/r)
Difficulty Re-target: Every Block
(3)Insured: Yes (CABI)
IPO: None
(1)Preallocation: 2%
CDIC Preallocation: None
Umbrella-LTC
Ticker Symbol: ULTC
Algorithm: Scrypt
Type: POW
Merge-Mined with: Litecoin
Total Coins: 6,000,000
Block Reward: 10
Block Time: 270 s
(2)Halving: Proprietary (diaBR/r)
Difficulty Re-target: Every Block
(3)Insured: Yes (CABI)
IPO: None
(1)Preallocation: 2%
CDIC Preallocation: None
Umbrella-VTC
Ticker Symbol: UVTC
Algorithm: Scrypt-Adaptive-N
Type: POW
Merge-Mined with: Vertcoin
Total Coins: 10,500,000
Block Reward: 10
Block Time: 150 s
(2)Halving: Proprietary (diaBR/r)
Difficulty Re-target: Every Block
(3)Insured: Yes (CABI)
IPO: None
(1)Preallocation: 2%
CDIC Preallocation: None
Umbrella-DRK
Ticker Symbol: UDRK
Algorithm: X11
Type: POW
Merge-Mined with: Darkcoin
Total Coins: 2,750,000
Block Reward: 10
Block Time: 540 s
(2)Halving: Proprietary (diaBR/r)
Difficulty Re-target: Every Block
(3)Insured: Yes (CABI)
IPO: None
(1)Preallocation: 2%
CDIC Preallocation: None
(1) - 1.5% For Development, Giveaways and Promotions. .5% Donation to the CDIC.
(2) - (diaBR/r) = Decreasing Insurance Allocation Block Reward/Rate
(3) - (CABI) = Crypto-Asset Backed Insurance
PRESS RELEASE
UMBRELLA ANNOUNCES A SUITE OF INSURED CRYPTOCURRENCIES
COINS THE TERM “CRYPTSURANCE”
FOR IMMEDIATE RELEASE:
Umbrella Holdings
Media Contact: [email protected]
Websites: http://www.umbrella.holdings • http://www.cdic.us
(Los Angeles, CA - July 15, 2014) Umbrella is proud to unveil the world's first fully insured cryptocurrencies (cryptsurance). Umbrella is a basket of insured cryptocurrencies that are designed to hedge against the loss of its overlying cryptocurrency. A secondary cryptocurrency by nature, Umbrella is designed to be merge-minded alongside each algorithms corresponding industry leader. Umbrella-BTC to Bitcoin, Umbrella-LTC to Litecoin, Umbrella-VTC to Vertcoin, and Umbrella-DRK to Darkcoin. Using the ticker symbols UBTC, ULTC, UVTC, and UDRK, respectively. Additional Umbrella securities will be added once clear leaders emerge for newer algorithms such as SHA3 and X13. Similarly, if a new industry leader emerges for any particular algorithm, we will create new securities around it as well. Since Umbrella are the only cryptocurrencies to be insured and backed by the Cryptocurrency Deposit Insurance Corporation or (CDIC), your currency is safeguarded against theft, hacks, and insolvency on participating exchanges. Umbrella cryptocurrencies are also insured when held in the CDIC’s free cold storage service. This means that you can now safely diversify your assets by allocating a percentage of your portfolio into Umbrella cryptos.
Umbrella solves one of the major problems of owning cryptocurrencies. If your cryptocurrency is lost by an exchange due to a hack or insolvency, your options are extremely limited in recovering your losses. While Umbrella cannot reimburse your loss of the overlying currency, through the CDIC, we can reimburse any loss of Umbrella currencies as incurred by the exchange. For example, holding equal amounts (in value) of Bitcoin and Umbrella-BTC would offer a substantial upgrade in asset protection compared to owning Bitcoin alone. Having asset protection in place by reducing your exposure is a fundamental requirement in today’s financial markets. Wall Street has a variety of ways to deal with risk, from derivatives like options and futures, to more exotic offerings like forwards and swaps. It all comes down to minimizing risk; Umbrella makes this a seamless process. While Umbrella does not solve all the problems plaguing today’s cryptocurrencies or exchanges, we offer something no other cryptocurrency can, which is peace of mind.
Working with the CDIC, a portion of each block reward is allocated into an insurance fund and held as collateral for claims. These amounts will halve at certain points based on implied risk. Participating exchanges will receive a seal of approval guaranteeing that your Umbrella holdings are fully insured. While we cannot fully comment on the CDIC’s approval process or policies, we do know that the exchange must provide proof of liabilities and pass a series of penetration tests before being insured. This ensures that the exchange is doing its job, and reassures its customers that it’s a safe place to store digital currency. These policies are provided at $0 premium to the exchange due to the unique Crypto-Asset Backed Insurance or (CABI) system devised by the CDIC.
Finally a reason for merged-mining! Currently, most merged-mined coins linked to their larger brethren suffer from high difficulty, which drives down profitability. This makes merged-mining an afterthought in most cases and it’s simply not worth the time or effort. Umbrella changes this model where profitability is no longer the sole reason for mining, but rather insurance becomes the motive. Merged-mining is also green by nature as the work is already being done for the primary coin. In addition to keeping the network secure, merged-mining offers no interruption or loss of hash-rate on the primary coin. In other words, no extra work is needed by the miner other than the initial configuration. You can now mine Bitcoin, Litecoin, Vertcoin, or Darkcoin and it’s corresponding Umbrella currency in parallel. Pool operators can take advantage of this as well, possibly eliminating pool fees in lieu of keeping mined Umbrella cryptos. This would add a layer of protection to the exchange with little modification to its core infrastructure. So the only question remains: Why wouldn't you mine peace of mind alongside your primary coin?
Hedging can’t help us escape the hard reality of the risk-return trade off that is the cryptocurrency markets, but we can limit our exposure through insurance. By definition, Umbrella means any kind of general protection. Umbrella is a currency that is insured and scarce by design, a currency that is designed to be acquired and held like a contract. These properties will lend itself to low volatility and a stable market price. We also believe this winning combination will lead to a good store of value. This will play an important role if the asset ever needs to be sold to offset the loss of another cryptocurrency. In the unregulated world of cryptocurrencies, few tools exist to protect the miners who are the backbone of the industry; we intend to change this.
###
How does it work?
In a nutshell, Crypto-Asset Backed Insurance or (CABI) is what makes Umbrella possible with no premium required from the exchange or miner. A portion of Umbrellas block reward is automatically allocated into an insurance fund as it is mined. The insurance block reward is set to decrease geometrically, with a (TBD)% reduction rate, every (TBD)# of blocks. The CDIC will use proprietary algorithms to calculate the decreasing insurance allocation block reward/rate or (diaBR/r). A byproduct of reducing the insurance block reward is an increased reward, for standard blocks. One of the models used for calculating the (diaBR/r) is a modified Monte Carlo Method (VaR) or Value-at-Risk measure algorithm. This algorithm factors in the historical data of failed exchanges, the amount of Umbrella holdings per exchange, and it’s distribution on the network. Unlike the Greeks, duration and convexity, or beta, which only pertain to certain asset classes, value-at-risk is general. This generality makes it suitable for our application. These metrics will yield the rate at which insurance block rewards are generated and halved.
The allocated cryptocurrency is then held as collateral by the CDIC for insurance claims. The CDIC fills the role of underwriter, insurer, and escrow. The CDIC will also process and investigate all claims made against cryptocurrency exchanges that hold active policies. Exchanges can apply for free coverage, provided they meet all the *criteria. Umbrella is considered a beta product until sufficient data is available to complete our metrics and code in the (diaBR/r). Until that time, Umbrella is launching with a 1:1 ratio between standard and Insured block rewards. This will kick-start the insurance fund and pave the way for every miner to reduce his or her exposure to risk. For more information please visit www.cdic.us.
The CDIC modified Monte Carlo Method (VaR); value-at-risk measure for calculating the (diaBR/r) is specified in three items:
• Historical data for exchange failures and hacks resulting in lost funds.
• Amount of Umbrella holdings per exchange.
• The distribution of Umbrella holdings on the network.
* Exchanges must provide proof of liabilities and pass a series of penetration tests before being insured.
Coming Soon.
Umbrella Website: http://umbr.la/Cryptocurrencies
Umbrella Press Release: http://umbr.la/p_R
CDIC Website: http://umbr.la/Cryptsurance
Twitter: https://twitter.com/UmbrellaCryptos
Facebook: https://www.facebook.com/umbrellasecurities
Google+: http://umbr.la/googlePluS
Umbrella Forums: http://umbr.la/forumS
Umbrella Q&A: http://umbr.la/QanA
Reddit: http://umbr.la/ReDiT
Umbrella-BTC
Windows
Macintosh
OSX
Source Code
Umbrella-LTC
Linux:
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/umbrella-ltc-5.3.5.1-linux64.zip
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/umbrella-ltc_5.3.5.1.deb
Windows:
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/umbrella-ltc-5.3.5.2-win32.zip
OSX:
https://s3-us-west-1.amazonaws.com/umbrellaholdings/Umbrella-LTC/Umbrella-LTC-Qt-5.3.6.5.dmg.zip
Source:
https://github.com/UmbrellaHoldings
Umbrella-VTC
Windows
Macintosh
OSX
Source Code
Umbrella-DRK
Windows
Macintosh
OSX
Source Code
Code:
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