[ANN][UMC] Unity Matrix Commons - Democratized Risk Management

[umbrellacoin]

ATTN: We don't use Slack, we only use discord. We set up a slack, but our discord was always more popular so we just dropped everything else  

Hindi ANN: https://bitcointalk.org/index.php?topic=2040253.0
Polish ANN: https://bitcointalk.org/index.php?topic=2040607.msg20309488#msg20309488
Dutch ANN: https://bitcointalk.org/index.php?topic=2045792
Chinese ANN: https://bitcointalk.org/index.php?topic=2049143.0
Chinese WP: https://drive.google.com/file/d/0B8Vnqo8Zn7zqVlBNOVdWQ253NWc/view?usp=sharing
Portuguese ANN: https://bitcointalk.org/index.php?topic=2064990.msg20685553#msg20685553
Portuguese WP: https://drive.google.com/file/d/0B6d6bzKey1dFb1BwSkV0VXNFYU0/view
Turkish ANN: https://bitcointalk.org/index.php?topic=2035335.0
Indonesian ANN: https://bitcointalk.org/index.php?topic=2033074.0
Indonesian WP: https://drive.google.com/file/d/0B0VNZ9pipa8PRmpGNUp3ZmxfdU0/view?usp=drive_web

UMC was founded with the idea that insurance companies around the world getting rich while providing as little service as possible is fundamentally wrong. As premiums go up for Property/Casualty (P/C) and Life/Health (L/H) - policyholders are still required to pay hidden costs such as deductibles, co-insurance, and co-pays. In the United States, it is very prevalent to avoid exercising L/H insurance, like visiting a doctor, because of these hidden costs, while people actively avoid filing P/C claims to avoid rates going up. We think it's wrong that the entire industry is founded on not using the service they provide. UMC believes that blockchain technology built on a decentralized network can change this forever.


Traditional insurance companies take your premiums and invest it. This is called float. They build interest by investing it in various commodities and pay out claims from this pool. We're going to build a similar system on the blockchain. Users will create a benefits package by contributing to the UMC float pool. This entitles them to at least get their UMC back if they don't use the package but, in case they need to file for a payout, a vote will be held in the community of other policyholders. The policyholders will ultimately decide if the payout should be approved and what the amount should be. The latter amount will be capped while we initially try to reach equilibrium in our float pool. There will be a small incentive for voting. We are also going to take measures to ensure the float pool isn't drained such as imposing fees if the funds to create packages are withdrawn early.

Our token is going to be ERC20. Users will interface with our policy/claims system via a web client, which is under active development (http://staging.umbrellacoin.meteorapp.com/) and is being developed using Meteor. Meteor is a popular full-stack framework for javascript applications. It abstracts away many superfluous details during development, integrates with databses easily out of the box, and provides its own hosting environment for easier deployments. The essential business logic will be handled by the blockchain, while our meteor app and data store will be in charge of non-essential data. Our aim is to provide a user-friendly experience that seamlessly integrates with our blockchain backend.

We have plans to develop a mobile application after the web client is feature complete.


We initially see this as a way to augment existing insurance by providing benefits packages for certain life events. Ultimately this will be up to the community, but we are not targeting at replacing traditional insurance right now. This is due to the high cost of regulation in this industry. With respect to the immediate release schedule, please see our website for more information.


https://bitcointalk.org/index.php?topic=2027272.msg20195463#msg20195463


We are very excited to start this project and really look forward to working with the community to make this great! Please give us your feedback and come chat with us in Discord or reach us by email info[at]umbrellacoin[dot]org

[1713499104]

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[1713499104]

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[1713499104]

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[dimox]

UMBRELLA COIN
Democratized Insurance

WEBSITE | WHITE PAPER | TWITTER | REDDIT | DISCORD | BLOG

Hello everyone! Our team is pleased to announce Umbrella Coin, a benefits platform made in order to deal with the hidden costs of insurance.

What is the project about?
UMC was founded with the idea that insurance companies around the world getting rich while providing as little service as possible is fundamentally wrong. As premiums go up for Property/Casualty (P/C) and Life/Health (L/H) - policyholders are still required to pay hidden costs such as deductibles, co-insurance, and co-pays. In the United States, it is very prevalent to avoid exercising L/H insurance, like visiting a doctor, because of these hidden costs, while people actively avoid filing P/C claims to avoid rates going up. We think it's wrong that the entire industry is founded on not using the service they provide. UMC believes that blockchain technology built on a decentralized network can change this forever.

What are we going to do about it?
Traditional insurance companies take your premiums and invest it. This is called float. They build interest by investing it in various commodities and pay out claims from this pool. We're going to build a similar system on the blockchain. Users will create a benefits package by contributing to the UMC float pool. This entitles them to at least get their money back if they don't use the package but, in case they need to file for a payout, a vote will be held in the community of other policyholders. The policyholders will ultimately decide if the payout should be approved and what the amount should be. The latter amount will be capped while we initially try to reach equilibrium in our float pool. There will be a small incentive for voting. We are also going to take measures to ensure the float pool isn't drained such as imposing fees if the funds to create packages are withdrawn early.

What does your roadmap look like?
We initially see this as a way to augment existing insurance by providing benefits packages for certain life events. Ultimately this will be up to the community, but we are not targeting at replacing traditional insurance right now. This is due to the high cost of regulation in this industry. With respect to the immediate release schedule, please see our website for more information.

Who is on the team?
We have a combined two decades of experience in the insurance industry, including at companies like The Hartford, and our development team is primary made up of Microsoft engineers. Please see our website for more information.

Distribution/ICO
ICO Start Date: 20 August 2017 12:00 UTC
ICO End Date: 20 September 2017 12:00 UTC
Issuance of UMC Tokens: 100,000,000 Tokens
Exchange rate: 600 UMC = 1 ETH
Bonuses: in the first two days, the participants will get a 20% tokens bonus
Bounty: 1,200,000 Tokens (1.2% of issuance)
Token distribution rules:
68.8% (68 million tokens) will be available to participants
20% (20 million tokens) will be used to build a preliminary float pool.
10% (10 million tokens) will be distributed among team members

We are very excited to start this project and really look forward to working with the community to make this great! Please give us your feedback and come chat with us in Discord or reach us by email umcoin[at]protonmail[dot]com

Reserving indonesian translation if needed

[MadPanda]

So is your business life itself?

Seems like a awesome idea but is it limited to insurence/co-pays?  Or can people file a public claim for any hardship they want???

P.s. If you can make zombies down the road that would be great. 

[ticterine]

Looks very interesting. Dev team seems really experienced. Will give the whitepaper a closer read.

[webvn20]

i think Umbrella is T-virut - do you think like me ?

[King Sastro]

Insurance is a huge market share. This is an opportunity, and I see this is a good concept, maybe one can compare with the already completed ICO Insure-X and they succeed.

[inspiredinvestor]

looks very interesting, the insurance industry sure needs disruption! I have the white paper now checking it out..

Also I couldn't see the details/link to a bounty information page, do you have one yet?

[gold969]

As always a good idea, but difficult to resolve and the insurance market - a large market with a huge competition.
I can be insured against losses in your ICO 

[umbrellacoin]

looks very interesting, the insurance industry sure needs disruption! I have the white paper now checking it out..

Also I couldn't see the details/link to a bounty information page, do you have one yet?

Thanks! We're working on figuring out the bounties. We'll probably post it in the coming days.

Seems like a awesome idea but is it limited to insurence/co-pays?  Or can people file a public claim for any hardship they want???

Thanks for the questions! We initially were leaning towards the former - that was why we started the project in the first place. However, as we thought about it more, we are leaning more towards the latter. If we let the community decide what is/is not insurable or reimbursable, then we have truly achieved a democratized insurance model.

As always a good idea, but difficult to resolve and the insurance market - a large market with a huge competition.

If it wasn't challenging it wouldn't be worth doing! Initially, we're aiming to carve out our own piece of the pie and take on bigger chunks as time goes on. Amazon started as a book delivery company, if you recall

[TronQuix]

man this is scary, the legalities alone behind this are literally terrifying. I wish you the best of luck with the project however I personally would be very wary. On that note how would you ensure survival of the float so to speak? Insurance is ridiculously stingy and profit oriented but how do you ensure that everybody doesn't just payout all of the float within a week for example?

Thats a very extreme example obviously but I think you catch my drift.

[TimeTeller]

Another insurance-related crypto project. That's good competition by the way.
So in case, we can have also a Raincoat Coin here, not only Umbrella.  
I'm interested on what type of insurance this one will focus on...
And yes, we all know that getting insurance is like giving someone else our hard-earned money.
So I'm interested here, might be useful in some ways for me. Watching this thread.

[Black Mamba]

 [ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance

https://bitcointalk.org/index.php?topic=687265.0

Same concept??

[umbrellacoin]

man this is scary, the legalities alone behind this are literally terrifying. I wish you the best of luck with the project however I personally would be very wary. On that note how would you ensure survival of the float so to speak? Insurance is ridiculously stingy and profit oriented but how do you ensure that everybody doesn't just payout all of the float within a week for example?

Thats a very extreme example obviously but I think you catch my drift.

Great questions! Regarding the legalities, we are explicitly not aiming for this to be proof of insurance/regarded as accepted insurance for a few reasons:

i. We wouldn't be able to reliably offer this to coin holders in other countries.
ii. The legal costs alone would be a nightmare. We wouldn't be able to fund that plus development.

We're taking the approach of the community purely funding the community through this pool. Insurance companies don't care how you pay deductibles or co-pays, as long as they don't have to pay them . Your concerns are well taken.

With respect to float, that is a topic we've had a lot of discussion about. First of all, there will be a waiting period before you can exercise your policy. So you can't just create a policy and attempt the drain the fund in a sort of coup with a bunch of your buddies. Second, the community votes on whether or not a claim is approved and their votes will be weighted by how big their policy is. The people with the most skin in the game should be the ones that are most cautious about paying out. Would you pay out when somebody submits a claim with no evidence saying they broke their leg? Dubious claims should be rejected, and there is no incentive for policy holders to pay out their own money to fraudulent claims. Third, in case the exchange rate changes between UMC and the fiat of the real world claim, we're planning on giving voters the ability to account for this by specifying the payout, up to a cap. Finally, in case people want to cancel their policy and take back the money they have invested, we're going to impose a fee if they do so prior to what we're calling a "mature date." Right now we're talking about the fee being between 10-20%, but we see this as a very effective way to maintain float levels.

Longer term, we want to make sure the market reaches an equilibrium with float throughput. That is a harder question to answer and which is why our roadmap has time allotted for algorithmic improvements.

Thanks for your questions

[mandor]

Yes, name coins very nice, can we to participate in your project dev?
please launched bounty social media campaign on your projects.
i am would like joined in here.  
hope success.

[umbrellacoin]

[ANN] Ʉ Umbrella | Insured Cryptocurrencies | BITTREX | Litecoin Insurance

https://bitcointalk.org/index.php?topic=687265.0

Same concept??

No. They were planning insuring your cryptocurrency losses. We are dealing more in the realm of traditional (auto, home, property) insurance/costs. Incidentally, I came across them while we were thinking of a name, but their website (http://www.umbrella.holdings/) and project seem dead...

I'm interested on what type of insurance this one will focus on...

We've had discussions back and forth about this, but we're generally aiming to cover deductibles across any insurance policy (up to a cap). Our CEO blogged about this very topic https://medium.com/@umbrellacoin

I'm sure we'll tweak it before launch. The only constant with software projects is change  

Yes, name coins very nice, can we to participate in your project dev?
please launched bounty social media campaign on your projects.

We'll post more bounty information in the coming days. We wanted to get the announcement out first and see how the community would react first. We'll update later - until then it's off to bed

[umbrellacoin]

Hello! The bounty information has been posted; https://bitcointalk.org/index.php?topic=2027272.msg20195463#msg20195463

If you have any questions, please ask! Thank you!

[MelodyCrypto]

Hello! The bounty information has been posted; https://bitcointalk.org/index.php?topic=2027272.msg20195463#msg20195463
If you have any questions, please ask! Thank you!

Thank's for update, again altcoin with concept insurance this is very interesting to follow
ICO start 2 day left i will keep my eye on this thread  for see the progress about crowdsale

[wyz2484]

Seems like a cool idea - I'm looking forward to reading the token paper. Do you have an ETA for when you'll be releasing it?
may i join slack or telegram ,I'd be curious to chat with you guys/other interested people...

[umbrellacoin]

may i join slack or telegram ,I'd be curious to chat with you guys/other interested people...

We're using discord - not many of the team members were using slack/telegram, but yes please join!

[enzeperix]

Sorry but we already have WeTrust for what you are trying to do with this project . I recommend you to sell your insanely overpriced tokens after the ICO and buy WeTrust tokens or better keep the ETH.