InsCoin With Knox Project
WHAT IS INSCOIN?
InsCoin is an insurance company to be established in several locations precisely in Dubai, Lisbon, and the Bermuda Islands. By taking place in three areas, it aims to enable Knox insurance to operate in various laws and allow token economies on a global scale.
What are Insurance and its benefits?
Insurance is coverage which is a form of agreement between the insured or the customer with the insurer or the insurance company. In this case, the insurer is willing to bear the number of losses that may be experienced by customers in the future. However, before the customer must first to make payment of money called the premium.
This insurance acts as a transfer/risk transfer mechanism, ie, transferring risks such as providing financial security facilities and peace of mind from one party insured to the insurer. This means that insurance companies can eliminate any misfortune you have. However, with the insurance, the risk of large losses due to the occurrence of a disaster can be minimized because previously you have invested in protection by paying a premium.
What is InsCoin for Knox?
KNOX is the first insurance company to combine the digital world with the real world using a technology called Blockchain; this will create the most efficient and sophisticated structure in the sector to find solutions to problems on certification and anti-counterfeit insurance policies.
Knox Insurance will issue insurance policies in traditional paper form and the form of smart contracts, allowing customers to monitor each policy in real time, full transparency and security. Thus, with the excellent platform developed by this Knox insurance, the policy will evolve entirely into an automatic and eliminate the possibility of a conflict of interest among the parties involved.
What are the benefits of using Blockchain and Smart Contracts?
Advantages for Customers
- Smart Contracts can prevent the insurance policy cheating because the system will give them after the payment.
- Clients have full control over insurance policies written in Blockchain, which can be checked by anyone at any time.
- Clients, via WEB and mobile platforms, they can access all company services and check policies.
Advantages for Insurance Companies
- Thanks to Smart Contracts, there will be no delay in collecting premiums, this will significantly increase the company’s cash flow.
- Thanks to Blockchain, the company cannot be accused of fraud.
- Blockchain improves operational processes and provides a genuinely stable security system.
Advantages to Brokers
- Gain trust before holders and beneficiaries.
- The immediate inspection report by an administrator.
- Direct commission distribution.
HOW BLOCKCHAIN IT WORK?
Blockchain’s work is straightforward and simple, while the policy certification process will be partially done on Knox Insurance’s own internal platform and partly on Blockchain Ethereum. However, at the end of the certification process, a smart contract will be issued that incorporates the authenticity and scope of the policy while respecting the privacy rights of any contracting party.
Overview of Token Deflation and Economic plans
The smart contract will temporarily block for one year supply (Broker WhoSaler reserve) at the end of ICO as much as 15%. The premium collection in inscoin is articulated as follows:
- For premium <$ 1’000’000 1% must be paid in INSC.
- For premiums <$ 100’000, 3% must be paid at INSC.
- For premiums, <$ 50’000 5% is paid in INSC.
- For premiums <$ 10’000 10% must be paid in INSC.
- For premium <$ 500 20% must be paid in INSC.
Inscoins collected per single policy, as soon as received by the company, will be blocked by a smart contract for 1 year. After that, they will be released at a quarterly rate of 25% of the total to be received and used to support the increase in turnover of the three companies and ensure a correct and healthy token economy.
What is the primary purpose of this platform?
The primary function of this platform is to obtain a legitimate license with the help of raising funds and creating an internal exchange platform.
This platform will have a fundamental role, in which the client can access purchases of insurance products made by the company structure.
- Create individual profiles for brokers with their wallets.
- Possibility for brokers to create for all their clients their primary profile, in combination with the identification code and appropriate wallet.
- The ability for each personal customer to create their own profile, with the relative Inscoin wallet. Download all policy functions for evaluation and quotes.
- Buy a policy, the Smart Contract address, where you can verify the authenticity.
- The internal platform is essential for this project because this we can effectively manage all the project innovations.
ICO InsCoin bonus
Get a bonus based on the investment
During Sale Token (Pre-ICO and ICO) will be available Bonus based on the amount of investment.
- For 10 – 29 ETH will be + 5% Bonus from INSC In addition to regular bonuses.
- For 30 – 49 ETH will be + 10% Bonus from INSC In addition to regular bonuses.
- For> 50 ETH will be + 15% INSC Bonus In addition to regular bonuses.
If you are a Broker contact (email@example.com), so the company can provide a special bonus for you.
Visit inscoin.co for more information.
Website : https://www.inscoin.co/
Whitepaper : https://inscoin.co/assets/content/whitepaper_en.pdf
Author (rifkikolep): https://bitcointalk.org/index.php?action=profile;u=2255480