Topic: [ANN][UMC] Unity Matrix Commons - Democratized Risk Management - page 26. (Read 65530 times)

We don't use slack. We use discord. https://discord.gg/mwKSgTK

Please drop by and say hello!

dev do you have link to join slack?

Recently, ICOs of InsureX and Coindash have been hacked, due to the lack of security in their ICO websites. Devs of Opus should definitely invest in improving the security of the ICO website to prevent the potential loss induced by hacking.

Thanks for the Response,
Im also curious what kind of rewards there will be for voters?

very good idea and very interesting project , will keep my eyes on it

The voting process will be completely democratized. The developers will not have any more of a say than any other member of the community. Votes will be weighted by how large of a policy the user holds - this will ensure payouts are assessed fairly as those with the most in float will be wary of fraud. Your second question is well taken - we plan on imposing policy limits and max payouts to mitigate against the chance that a user attempts to drain the pool with either too much voting power or too large a claim.

We are definitely trying to make this resilient and sustainable so your thoughts and suggestions are always welcome!

Thanks for Response UMC!

So is the voting controlled by both UMC and the community? Or just the community?
Are there limits to how much people can Invest or how much the voters can approve?

Sorry, I'm not seeing the overlap. They appear to be a lending company whereas we are entirely focused on providing benefits for insurance related costs. Their roadmap does not even have insurance services listed and the whitepaper lists this as their "final" deliverable, which in the software world really means "it's nice to have, but may never happen." We are dedicated to providing a shared, democratized insurance platform from launch.

We have a lot of the same benefits, like low fees. Both projects seem to be viable!

reserved Chinese  ANN thread translation,thanks

Sorry but we already have WeTrust for what you are trying to do with this project . I recommend you to sell your insanely overpriced tokens after the ICO and buy WeTrust tokens or better keep the ETH.

We're using discord - not many of the team members were using slack/telegram, but yes please join!

Seems like a cool idea - I'm looking forward to reading the token paper. Do you have an ETA for when you'll be releasing it?
may i join slack or telegram ,I'd be curious to chat with you guys/other interested people...

Thank's for update, again altcoin with concept insurance this is very interesting to follow
ICO start 2 day left i will keep my eye on this thread  for see the progress about crowdsale

Hello! The bounty information has been posted; https://bitcointalksearch.org/topic/m.20195463

If you have any questions, please ask! Thank you!

No. They were planning insuring your cryptocurrency losses. We are dealing more in the realm of traditional (auto, home, property) insurance/costs. Incidentally, I came across them while we were thinking of a name, but their website (http://www.umbrella.holdings/) and project seem dead...


We've had discussions back and forth about this, but we're generally aiming to cover deductibles across any insurance policy (up to a cap). Our CEO blogged about this very topic https://medium.com/@umbrellacoin

I'm sure we'll tweak it before launch. The only constant with software projects is change  


We'll post more bounty information in the coming days. We wanted to get the announcement out first and see how the community would react first. We'll update later - until then it's off to bed

Yes, name coins very nice, can we to participate in your project dev?
please launched bounty social media campaign on your projects.
i am would like joined in here.  
hope success.

Great questions! Regarding the legalities, we are explicitly not aiming for this to be proof of insurance/regarded as accepted insurance for a few reasons:

i. We wouldn't be able to reliably offer this to coin holders in other countries.
ii. The legal costs alone would be a nightmare. We wouldn't be able to fund that plus development.

We're taking the approach of the community purely funding the community through this pool. Insurance companies don't care how you pay deductibles or co-pays, as long as they don't have to pay them . Your concerns are well taken.

With respect to float, that is a topic we've had a lot of discussion about. First of all, there will be a waiting period before you can exercise your policy. So you can't just create a policy and attempt the drain the fund in a sort of coup with a bunch of your buddies. Second, the community votes on whether or not a claim is approved and their votes will be weighted by how big their policy is. The people with the most skin in the game should be the ones that are most cautious about paying out. Would you pay out when somebody submits a claim with no evidence saying they broke their leg? Dubious claims should be rejected, and there is no incentive for policy holders to pay out their own money to fraudulent claims. Third, in case the exchange rate changes between UMC and the fiat of the real world claim, we're planning on giving voters the ability to account for this by specifying the payout, up to a cap. Finally, in case people want to cancel their policy and take back the money they have invested, we're going to impose a fee if they do so prior to what we're calling a "mature date." Right now we're talking about the fee being between 10-20%, but we see this as a very effective way to maintain float levels.

Longer term, we want to make sure the market reaches an equilibrium with float throughput. That is a harder question to answer and which is why our roadmap has time allotted for algorithmic improvements.

Thanks for your questions

 [ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance

https://bitcointalksearch.org/topic/ann-umbrella-insured-cryptocurrencies-bittrex-litecoin-insurance-687265

Same concept??

Another insurance-related crypto project. That's good competition by the way.
So in case, we can have also a Raincoat Coin here, not only Umbrella.  
I'm interested on what type of insurance this one will focus on...
And yes, we all know that getting insurance is like giving someone else our hard-earned money.
So I'm interested here, might be useful in some ways for me. Watching this thread.

man this is scary, the legalities alone behind this are literally terrifying. I wish you the best of luck with the project however I personally would be very wary. On that note how would you ensure survival of the float so to speak? Insurance is ridiculously stingy and profit oriented but how do you ensure that everybody doesn't just payout all of the float within a week for example?

Thats a very extreme example obviously but I think you catch my drift.