UMBRELLA COIN
Democratized Insurance
WEBSITE | WHITE PAPER | TWITTER | REDDIT | DISCORD | BLOG
Hello sa lahat! Ikinagagalak ng aming team ang ianunsyo ang Umbrella Coin, isang benefits platform na ginawa upang tapatan ang hidden costs ng insurance.
Tungkol saan ang proyekto?
Inilunsad ang UMC nang may ideya na mali na ang mga kompanya ng insurance sa iba't-ibang parte ngmundo ay yumayaman sa pagbibigay ng maliit na serbisyo. As premiums go up for Property/Casualty (P/C) and Life/Health (L/H) - policyholders are still required to pay hidden costs such as deductibles, co-insurance, and co-pays. In the United States, it is very prevalent to avoid exercising L/H insurance, like visiting a doctor, because of these hidden costs, while people actively avoid filing P/C claims to avoid rates going up. We think it's wrong that the entire industry is founded on not using the service they provide. UMC believes that blockchain technology built on a decentralized network can change this forever.
What are we going to do about it?
Traditional insurance companies take your premiums and invest it. This is called float. They build interest by investing it in various commodities and pay out claims from this pool. We're going to build a similar system on the blockchain. Users will create a benefits package by contributing to the UMC float pool. This entitles them to at least get their money back if they don't use the package but, in case they need to file for a payout, a vote will be held in the community of other policyholders. The policyholders will ultimately decide if the payout should be approved and what the amount should be. The latter amount will be capped while we initially try to reach equilibrium in our float pool. There will be a small incentive for voting. We are also going to take measures to ensure the float pool isn't drained such as imposing fees if the funds to create packages are withdrawn early.
What does your roadmap look like?
We initially see this as a way to augment existing insurance by providing benefits packages for certain life events. Ultimately this will be up to the community, but we are not targeting at replacing traditional insurance right now. This is due to the high cost of regulation in this industry. With respect to the immediate release schedule, please see our website for more information.
Who is on the team?
We have a combined two decades of experience in the insurance industry, including at companies like The Hartford, and our development team is primary made up of Microsoft engineers. Please see our website for more information.
Distribution/ICO
ICO Start Date: 20 August 2017 12:00 UTC
ICO End Date: 20 September 2017 12:00 UTC
Issuance of UMC Tokens: 100,000,000 Tokens
Exchange rate: 600 UMC = 1 ETH
Bonuses: in the first two days, the participants will get a 20% tokens bonus
Bounty: 1,200,000 Tokens (1.2% of issuance)
Token distribution rules:
68.8% (68 million tokens) will be available to participants
20% (20 million tokens) will be used to build a preliminary float pool.
10% (10 million tokens) will be distributed among team members
BOUNTY THREAD:
https://bitcointalksearch.org/topic/m.20195463
We are very excited to start this project and really look forward to working with the community to make this great! Please give us your feedback and come chat with us in Discord or reach us by email umcoin[at]protonmail[dot]com