AltCoin Review: Umbrella Coin

Umbrella Coin - Democratized Insurance



Introduction

Premium payments have evolved into a big part of global economy. This is not only proven by the fact when legend investors like Warren Buffett consider insurance as one of their core investments but also through the data which indicates that in 2015, 1.2 trillion USD was paid in insurance premiums around the globe. Umbrella Coin (UMC) is a platform aimed at merging global insurance industry with the modern cryptocurrency culture to make the entire process decentralized, secure and efficient. UMC aims to transfer the authority of such insurance policies in the hands of the policyholders, disrupting the current culture. This coin is one of the thousands I selected to talk about since it is on the verge of developing its technology at an unmatched pace and expanding contracts into different sectors of the economy aggressively

Crowdfund Information

One of the factors that are unique about Umbrella Coin, unfound in the others, is that this company is extremely analytical about the information provided, backed by logical conclusions and market validations. Through the information provided below, it may seem clear to recognize a market adjusted business strategy.
The crowdfunding campaign of Umbrella coin had initiated on 20 of August 2017 and will end after two months on 20 of October 2017. UMC intends to release 100,000,000 coins upon its ICO which will be based on the Ethereum network. As an Ethereum dependant cryptocurrency, the exchange rate of UMC is based on 1 ETH = 600 UMC  which is a moderate rate for an initial ICO stage. The minimum transaction amount is set to 60 UMC whereas the maximum transaction amount is set to 1.8 million UMC. 1.2 million tokens of UMC are set for bounty. The platform aims for minimum sale goal of 5000 ETH and a total sale goal of 100,000 ETH in the 2 month ICO period. The token will be distributed in the method that allocates, 68.8% of the total tokens to its participants, 20% to the UMC trust for the development of a preliminary float pool whereas the remaining 10 % will be distributed among the team members.

Roadmap

Umbrella Coin aims to release its core technology in time for the ICO for the purpose of exchange, voting, fees, and claims for its customers. After the initial coin offering, the platform will focus on marketing the product to diverse insurance claim agencies and expand its policies to different areas.
In October 2017, the company aims to develop smart contracts and implement float infrastructure. Furthermore, until December of 2017, the platform will initiate its partnership with existing insurance companies to offer UMC through their network. UMC is aiming to complete its client features by February of 2018. Within the next three months, it will improve further upon its coin holder policy and automate claim review.


UMC for its benefits

In its initial stages, UMC will operate as both a policyholder as well as an insurer however it is clear that they are not striving to replace insurance, rather their policies are aligned to complement insurance and to ensure that the users of UMC are not a victim of high out of pocket costs at the end of large premiums. Inspired by Augur, UMC will allocate a benefits package to those spending the tokens on their platform. Upon the purchase and usage of UMC, the user is entitled to many advantages like receiving 5 times the amount in UMC spent from their policy per annum. Also at the end of the year, in the case that there are no claims made on the insurance or the amount invested remained untouched, the user will be credited back with the unused UMC amount. Furthermore, unlike conventional insurance policies, the user is given the right to terminate the insurance policy at any time prior to the maturity date, however, this may be done at a 40% fund depletion rate. To ensure saving the customer from this depletion UMC has taken extensive and strict measures such as a cap on individual investments, introduce starter fees of 20% of the policy value, determine the cooling period of 90 days after creating the insurance policy, identification of any fraud claims and create minimum policies. The listed advantages have not been seen to an extensive amount in any existent cryptocurrency insurance platform.

Conclusion

I hope that the mentioned statistics has provided you with enough information to analyze the capabilities of Umbrella Coin correctly to gain maximum monetary advantage, however, if you wish to inquire more about this platform, I have provided all the links about UMC below

Website
Whitepaper
BitcoinTalk Ann
BitcoinTalk Bounty

Written By: AltCoins Reviews
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AltCoin Review: Umbrella Coin AltCoin Review: Umbrella Coin Reviewed by AltCoins Reviews on October 25, 2017 Rating: 5

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