ICO of the week: Umbrella Coin
Project name: Umbrella Coin
What’s it about: Insurance platform based on the Ethereum
Crowdsale period: 20/08/2017 – 20/10/2017
Project target: Total Sale goal: 100 000 ETH, Minimal Sale goal: 5 000 ETH
About the project:
Umbrella Coin is an Ethereum-based platform aimed at excluding third parties from the process of insurance payouts. With the platform decisions on payouts will be done securely on a network without any middlemen. Excluding third parties will allow to reduce insurance fees. While the participants of the project themselves will hold decisions in each insurance case separately by voting. Thus will make Umbrella coin the first democratic insurance blockchain based project.
The token of the project is UMC. Its holders will be both the insurers and policyholders, they will vote on claims, deciding if payment should be made.
Umbrella Coin will fight all hidden costs of insurance (deductibles, co-insurance, co-pays etc.). The project’s voting model will allow to eliminate not only fees, but also claims delays with the existing insurance companies and cover claims traditional insurance companies do not.
Features of the project:
- Though the project is in compliance with the SEC regulations, the founders of the project stated that they are asking US and Hong Kong investors not to invest in the crowdsale.
- The project may not be as attractive for countries with socialized healthcare, as for other territories. However, apart from medical insurance Umbrella Coin covers other insurance types, such as auto insurance.
- 10% of the tokens will be distributed toward the team. While 68.8% of the tokens will be available for the crowdsale.
- One of the restrictions of the project is the limited amount of insurance policies available to one participant. At any time, no single policyholder can buy a policy worth more than 1% of the net amount in the float.
- Founders of the project claim Umbrella Coin to be highly secure. The platform’s servers won’t be storing anyone’s identity, just their UMC address, the project will be compliant with HIPAA.
- The pre-alpha version is available for testing.
Terry Tata, President and CEO is a veteran of the computer software industry, having worked on projects at multiple Fortune 500 companies. He holds a master’s degree in computer science from the University of Illinois and currently works as a software engineer for Microsoft. Roshan Parikh, Lead Blockchain Developer is a very versatile engineer, leading or contributing to projects related to web service development, mobile application development and Windows application development. David Lackey, Software Architect works as a developer for Microsoft and has experience in various areas such as desktop applications, full stack web development and mobile applications.