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PREAMBLE

With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve. While this revolution is gaining wide acceptance, Socratus, has created a digital platform with instant claims payment products for insurance companies (white labels) and fully digital consumer insurance companies.

Now that I have your attention, let’s get right to it.

What exactly is SOCRATUS?

Socratus makes a digital platform using immediate claim payment products for insurance firms (white label) and a fully digital consumer insurance provider.

The use of smart contracts makes it feasible to simplify trades - and in the event the client can expect to receive a payment, then it will be executed nearly instantly. In addition, it is well worth noting that the absence of multiple intermediaries - they are the reason for extra temporary, in addition to monetary costs. Following the demonstration of features of Socratus, many modern insurance companies instantly attracted attention to its own functionality. Investors received a full time program for the development of this exceptional project and are now analyzing the data in order to extend the founders with the necessary amounts.

THE MISSION

Socratus mission is to change the worldview of the conventional protection advertise in making ' Native protection', that will predicts current hazard and deals with protection as a matter of course. Socratus Claims are paid in a split second. Their Clients feel the undetectable nearness and support of protection insurance. Insurance agencies get from Socratus mechanical foundation, information examination and bits of knowledge, white name for their advertising exercises and new items improvement.

THE PROBLEM

It is worth highlighting some unpleasant moments faced by clients of traditional insurance platforms:

The lack of fast processing of requests - almost always have a very long time to wait for payments. It's all about multiple checks to confirm the existence of an insured event. Socratus gives you the opportunity to speed up this process - smart contracts will specify all the conditions for receiving funds, everyone will be able to count on their lightning-fast withdrawal;

No obscure middlemen who require commissions for their services. Each client will be able to choose the optimal insurance company and conclude a mutually beneficial agreement;

To pay for transactions within the system, its internal currency is used. Tokens can be purchased inside the platform at a fairly reasonable price;

Absolute security and privacy. In addition to the efficiency of processing all requests, users will be able to rely on the full protection of their data and tools. The developers are doing everything to ensure their customers the most favorable conditions of cooperation.

A small update of the functionality is planned soon enough, but it will require additional funds. The developers of the decentralized platform Socratus hope that they will be able to attract investors to the project. Already, several well-known insurance companies are testing the initial capabilities of Socratus.

FEATURES OF SOCRATUS

The emphasis ought to be on the consumers interests, win-win protection rules maxims are:

Instant claim payment,

Fair and transparent dealing,

Friendly prices

How does this function

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The client purchases a policy from a business or insurance brokers. Smart-contract begins to function.

Together with the initial policy, the customer will get access and password to get their profile.

The Customer informs the Insurance Provider about an accident via his site or program

Smart-contract provides the sign to Oracle to Confirm the Crash. Oracles becomes a confirmed information supplier.

Smart-contract implements the payment. Smart-contract is shut. Don't waste any more time and join Telegram team so it is possible to speak with us and describe any questions that you might have. Do not miss this fantastic opportunity provided by this Socratus project.

Socratus developed the WIN-WIN solution: a platform for insurance companies with instant claims payment products.

Benefits

For consumers

Save time and money:

Instant claim payments

Lower premiums

No need to collect documents in bulk

No personal communication interferes with the insurance company

For insurance companies

Cost savings:

Operating costs

Claim management

Product development

Business in development:

Data analysis

New insurance products

Penetration of new customer segments

How does it work?

Customers purchase policies from companies or insurance agents. Smart contract started working.

With the first policy, the client gets access and password to access their profile.

The Client notifies the insurer about the accident through its website or its application

Smart-contract signaled to Oracle to verify the accident. Oracles becomes a verified data provider.

In case of accident confirmation, Smart-contract sends a signal to send money to the customer.

Contract-smart runs payments. The Smart-contract is closed.

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Win-win insurance powered by Smart-contracts & Socratus Oracles

No more solo human decisions to pay or not to pay

No more lingering manual claims handling procedures

SMART-CONTRACT is a program code that replaces standard agreement, issues and executes insurance policy in blockchain

ORACLE is a program code, that sends verified data to the smart-contract upon accident

Any insurance company can connect the platform to become the part of Insurance Digital Ecosystem

The platform combines into ecosystem:

Insurance company, its agents and customers

Automated block for the verification of the facts of the accidents

Block for instant claim payment

SCR has the following functionality:

For consumers and community

Additional discount and special conditions for payment of tokens

Socratus platform contributors reward tool

User loyalty management and promotion tool

For insurance companies

The means of payment for the license for using the technical product (platform) Socratus

Socratus platform is aimed to build a protocol that:

Allows Insurance companies to implement innovative insurance products with instant claim payment

Becomes a standard in decentralized digital insurance and contains all the requirements of insurance players, and regulators

Decentralization of the protocol will bring to a native growth of tokensturnover between ecosystem participants and overall trust.

Distribution of tokens

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69% — Crowdsale

6% — Early participants in pre-sale

3% — Bounty

4% — Advisors & ambassadors

6% — Team & contributors

12% — Founders

A total of 2.000.000.000 (two billions) SCR tokens will be issued. The minimum target (softcap) for crowdsale is $5 millions. The target is $125 millions. Initial price will be set to 0,10$. If the softcap is not reached, the funds will not be able to reach by the team and all contributors will get a full refund.

Token sale raised funds allocation

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Funds raised from 69% of Tokens

are used for the following purposes:

20% — IT development

30% — Marketing

30% — Insurance reserves (including legal set-up of an insurance company)

15% — Team

5% — Legal and financial support.

RoadMap

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MEET THE AMAZING TEAM

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Be a part of this incredible project. Download the whitepaper for the full scoop.

Till next time…

For more information, please visit:

Website: http://socratus.io/socratus

Whitepaper: http://socratus.io/wp

ANN Thread: https://bitcointalk.org/index.php?topic=4134975.new#new

Facebook: https://www.facebook.com/socratus.io/

Twitter: https://twitter.com/socratus_io

Telegram: https://t.me/socratus_official

Instagram: https://www.instagram.com/socratus.insurance/

LinkedIn: https://www.linkedin.com/company/socratus/

Reddit: https://www.reddit.com/user/socratus_io

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Author: TheMichaelMatch

My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035

Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.