Umbrella coin is simply an insurance policy for next generation model for providing risk management for individuals and businesses. This insurance policy will be built on a decentralized, blockchain platform to avoid the fees and management costs associated with traditional insurance companies. The aim of umbrella’s policy is to cut out middle men and stop overpaying for coverage. Middlemen are agents that are licence to selling insurance and they tend to make commission out of the sale of insurance which is part of what umbrella coin is here to fight for. Middlemen gaining profit off sale of insurance policy tends to increase its cost of purchase.
Umbrella coin involves the unique mission plan of insurance through availability of coins in the eventful happenings life presents. Umbrella’s platform and framework is beautifully designed and built on the UMC network that defines and comes impaired amount of benefits payouts. It is a float pool. This means that UMC helps you to invest and see you wealth grow into and from a float metrics of wealth creative. The claims and vast benefits of UMC. Also, makes dealing with financial hardship and burdens is a thing of the past as they intervene to help in all times. This includes helping you through the numerous mediums of deductibles, co-pays and co-insurances.
what is insurance?
The Concept of umbrella coin is based on insurance. Insurance is a financial contract by which the buyer is protected from financial responsibility in the case of an emergency or unexpected life-event. There are lot of terms which works alongside insurance policy. i’m going to be discussing them.
How it works
Creating Benefit Packages in a UMC Network is building a float. Float is stored in the UMC network, which allows umbrella to increase the cost of the network and ensure that we have sufficient funds for payments.
Registration of a benefit package allows coin holders to apply. Claims are paid to UMC from the float.
The UMC will operate with coin holders acting as both policyholders and insurer, essentially combining the role of the traditional format. Now note this;UMCis not tying to replace insurance, but complementing insurance initially as its not insurance.
UMC is a platform to ensure after the high premiums of insurance, customers aren’t left with high out-of-pocket costs. This applies to all form of insurance whether it be health, automobile, life, property. UMC is seeking to disrupt the hidden finances of carrying an existing insurance policy.
Crowdfund Start Date: 20 August 2017 12:00 UTC
Crowdfund End Date: 20 October 2017 12:00 UTC
Issuance of UMC Tokens: 100 000 000 Tokens
Exchange rate: 600 UMC = 1 ETH.
Minimum transaction amount: 60 UMC (0.1 ETH)
Maximum transaction amount: 1 800 000 UMC (3 000 ETH)
Bonuses: for the first 5000 ETH raised, a 100% bonus will be given
Bounty: 1 200 000 Tokens (1.2% of issuance)
Total Sale goal: 100 000 ETH
Minimal Sale goal: 5 000 ETH Token
68.8% (68 million tokens) will be available to participants
• 20% (20 million tokens) will be allocated to the UMC trust and will be used to build a preliminary float pool.
• 10% (10 million tokens) will be distributed among team members
• All collected funds shall be received and stored on wallets with multi-signatures.
Official web page:https://www.umbrellacoin.org/
ANN thread: https://bitcointalk.org/index.php?topic=2025943.msg20180128
bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1048662
My Youtube channel: https://www.youtube.com/channel/UCoKb8l6T6TN3dk9_9CvTnvw