UMBRELLA COIN UMBRELLA COIN

UMBRELLA COIN

Insurance platform built on Ethereum.
Risk: High
past
Sep 20, 2017 — Sep 20, 2017
Raised 445 752.93 USD
Goal 5 000 ETH
Cap 100 000 ETH
Prices
  • From Sep 20, 2017 Till Sep 20, 2017 —
    600 UMBRELLA COIN
    =
    1 ETH 1ETH = $836.459
past
Aug 20, 2017 — Oct 20, 2017
Raised 0.000000000000000000ETH
past
Aug 20, 2017 — Sep 20, 2017
Raised 0.000000000000000000ETH
About Umbrella Coin

Own Your Capital

UMC is built on the UMC network. The UMC network carries an unspecified amount of UMC to handle benefits payouts. This pool acts as float. Traditional insurance companies take money from premiums and immediately invest it. UMC allows you to own a stake in the network float and be involved in the payout process.

Claims and Benefits

UMC will pay you a benefit during specific life events to ease the burden of financial hardships. This includes items such as deductibles, co-pays, and co-insurance. Claims are paid out from the existing float. Extensive measures will be taken to ensure coin holder safety including mature dates, maximum payouts, and voting on fraudulent claims.

Peace of Mind

At the end of the day, your insurance should be there to help you get through tough times, while still letting you enjoy the good times. UMC's next-generation platform to engage the community and crowdfund benefits packages gives you peace of mind that, in case of emergency, you will be taken care of.

Distribution/Crowdsale

  • Issuance of UMC Tokens: 100,000,000 Tokens
  • Exchange rate: 600 UMC = 1 ETH
  • Minimum contribution: 60 UMC = 0.1 ETH
  • Maximum contribution: 1,800,000 UMC = 3000 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

 

Features

Community involvement provides low fee alternative to traditional insurance while filling existing gaps in coverage.

Technical Info

Technical details:  Multiple layers to the UMC network. The UMC backend platform leverages the Ethereum blockchain and its smart contracts which provide a comprehensive development environment and a large community. The client will be web based at first. The UI will be implemented React which is fast and responsive. Node backend will be used to handle most of the business logic. The goal is to release the web client initially and expand into a standalone mobile application in the second half of 2018. There will be an external datastore (most likely of the NoSQL variety), however the team has not decided on an implementation yet (Cassandra, Mongo, Redis etc.). Users will be able to spend their UMC to create a policy on the network. Creating a policy will allow users to both submit and vote on claims. There will be both a minimum and a maximum payout allowance - minimum to prevent gas fees from cutting too deeply into claims, and maximum to prevent attackers from coordinating an easy depletion of funds. These values will be adjusted as we gather data on claims submission rates. There will be an additional fee if users attempt to withdraw their UMC before a mature date is reached, or if they are found of trying to commit fraud. The community will be allowed to vote on claims and will be paid UMC to do so. This payment will come from the submitter of the claim. This will incentivize the submitter to not submit fraudulent claims and incentivize the community to give attention to claims with fewer votes (they get a bigger piece of the fee). Claims will be required to submit at least two pieces of evidence - a receipt and some supporting evidence (video, picture etc.). The community can vote Yes, No, Needs more information, or Fraud. If Yes has greater than 50% of the total votes, it will win and the claim will be paid. If Yes has less than 50% of votes, the next highest vote will win. The community will be able to discuss the claim and share information in a discussion board-like setting. The source code:  The code is fully available on GitHub. Proof of developer:  Public team

Roadmap

  • June-July 2017

  • Whitepaper written and website launched
  • Aug-Oct 2017

  • Client and smart contract development for benefits; float infrastructure implementation
  • October 2017

  • Client launch
  • Read More
  • Sept-Dec 2017

  • Claim benefit creation; claim review from community
  • Nov-Dec 2017

  • Start partnering with existing benefits companies to offer UMC through their network
  • February 2018

  • Client feature complete
  • May 2018

  • Automatic claim review; coin holder policy improvements
  • 2018

  • Further partner expansion; algorithmic review

Activity

Status:
Full Member
MEDIUM
Activity:
138
MEDIUM
Merit:
100
MEDIUM
Posts:
504
HIGH
Views:
52 007
VERY HIGH
Members:
150
VERY LOW
Alexa
Rank:
11 228 931
VERY LOW
Delta:
10 646 253

Team

Verified 0%

Attention. There is a risk that unverified members are not actually members of the team

President and CEO
unverified
Lead Blockchain Developer
unverified
Software Architect
unverified
Senior Software Engineer
unverified
Backend Software Engineer
unverified
Chief of Marketing and Sales
unverified
Forrest Whitehouse
Chief Software Engineer
unverified
Chris Fong
Backend Software Engineer
unverified
David Arnold
Marketing and Sales
unverified
Alexander Vargas
Chief of Marketing and Sales
unverified
Nick Guerrera
Operations Manager
unverified

Advisors

Verified 0%

Attention. There is a risk that unverified members are not actually members of the team

Brandon Sweet
Insurance Advisor
unverified
Conrad Membrino
Senior Insurance Advisor
unverified

3.03

risky+
5.0 14
ICO Profile Vision Activity Potential Product Team

icorating
-
icobazaar 3.6
icobench 1.9

Collected:
0 USD
The amount in USD is calculated at the closing date of the ICO
Goal: Cap: 0 ETH 0 ETH ICO: 20 Sep 2017 20 Sep 2017

Please read the disclaimer and risk warning. Show disclaimer and risk warning.