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xugzr272186
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July 18, 2017, 03:44:39 AM |
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reserved Chinese ANN thread translation,thanks
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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umbrellacoin (OP)
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July 18, 2017, 03:51:03 AM |
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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.
Sorry, I'm not seeing the overlap. They appear to be a lending company whereas we are entirely focused on providing benefits for insurance related costs. Their roadmap does not even have insurance services listed and the whitepaper lists this as their "final" deliverable, which in the software world really means "it's nice to have, but may never happen." We are dedicated to providing a shared, democratized insurance platform from launch. We have a lot of the same benefits, like low fees. Both projects seem to be viable! |
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MadPanda
Member
 Offline
Activity: 70
Merit: 10
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July 18, 2017, 04:29:43 AM |
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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. Thanks for Response UMC! So is the voting controlled by both UMC and the community? Or just the community? Are there limits to how much people can Invest or how much the voters can approve? |
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umbrellacoin (OP)
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July 18, 2017, 04:58:30 AM |
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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. Thanks for Response UMC! So is the voting controlled by both UMC and the community? Or just the community? Are there limits to how much people can Invest or how much the voters can approve? The voting process will be completely democratized. The developers will not have any more of a say than any other member of the community. Votes will be weighted by how large of a policy the user holds - this will ensure payouts are assessed fairly as those with the most in float will be wary of fraud. Your second question is well taken - we plan on imposing policy limits and max payouts to mitigate against the chance that a user attempts to drain the pool with either too much voting power or too large a claim. We are definitely trying to make this resilient and sustainable so your thoughts and suggestions are always welcome! |
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5628398
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July 18, 2017, 05:07:28 AM |
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very good idea and very interesting project , will keep my eyes on it
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MadPanda
Member
Offline
Activity: 70
Merit: 10
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July 19, 2017, 01:34:48 AM |
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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. Thanks for Response UMC! So is the voting controlled by both UMC and the community? Or just the community? Are there limits to how much people can Invest or how much the voters can approve? The voting process will be completely democratized. The developers will not have any more of a say than any other member of the community. Votes will be weighted by how large of a policy the user holds - this will ensure payouts are assessed fairly as those with the most in float will be wary of fraud. Your second question is well taken - we plan on imposing policy limits and max payouts to mitigate against the chance that a user attempts to drain the pool with either too much voting power or too large a claim. We are definitely trying to make this resilient and sustainable so your thoughts and suggestions are always welcome! Thanks for the Response, Im also curious what kind of rewards there will be for voters? |
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da10ge
Newbie
Offline
Activity: 59
Merit: 0
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July 19, 2017, 01:40:07 AM |
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Recently, ICOs of InsureX and Coindash have been hacked, due to the lack of security in their ICO websites. Devs of Opus should definitely invest in improving the security of the ICO website to prevent the potential loss induced by hacking.
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ucliktea
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July 19, 2017, 03:03:43 AM |
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dev do you have link to join slack?
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King Sastro
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July 19, 2017, 05:11:55 AM |
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Still waiting for the responses and discuss from other member before join and invest at ICO. Insurance is the huge market, and more than $ 100 billion plagued from the insurance business
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umbrellacoin (OP)
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July 19, 2017, 03:23:16 PM |
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Thanks for the Response,
Im also curious what kind of rewards there will be for voters?
There will be small payouts in UMC to incentivize voters to take part in community votes. We're going to cap the incentives per day to avoid any possible abuse. In some other news, we're working on a redesign of our website and a few videos explaining the product. Hopefully these will launch within the week. Thanks for your support! |
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TronQuix
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July 19, 2017, 03:37:13 PM |
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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  interesting answer. So basically its like creating a rainy day fund to draw in in the event of an emergency so to speak. Do you think there should be anybody with any sort of medical experience weighing in on who gets approved for what? Who am I (someone who does not have a degree in the medical field) to diagnose, officially or unofficially, anybody. Or weigh in on weather or not a claim is legit. Granted that may not make any difference to anything, just curious! |
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jezus
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July 19, 2017, 03:45:25 PM |
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What the legalities i only see etherum token.
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umbrellacoin (OP)
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July 19, 2017, 03:53:33 PM |
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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 interesting answer. So basically its like creating a rainy day fund to draw in in the event of an emergency so to speak. Do you think there should be anybody with any sort of medical experience weighing in on who gets approved for what? Who am I (someone who does not have a degree in the medical field) to diagnose, officially or unofficially, anybody. Or weigh in on weather or not a claim is legit. Granted that may not make any difference to anything, just curious! Yeah you could look at it as a rainy day fund which, when you think about it, is exactly what insurance should be. Regarding the approval process, the community voting/deliberation process will be interactive with people allowed to make posts or comments on the validity of the claim. We are going to ask policyholders to submit supporting information to make their claims. We really want this to work based on community involvement and the community trusting each other. If we or the community can verify a legitimate doctor as part of the platform, that would be something we strive to build in to the platform. If we or the community can verify a legitimate insurance claims adjuster, that would be great. Right now there are other P2P insurance providers which operate in a similar manner, but all claims go through the company. We think the community can collectively reach the same conclusion as traditional insurance companies with the same information. |
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btctube
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July 19, 2017, 04:28:45 PM |
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Am I the only one who thinks some ICO are scam?
I don't see someone from a respected team or a familiar name in crypto who may be able to back this project up. Insurance if a huge market which is why scammers aim for this one.
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phucdigan
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July 19, 2017, 05:04:51 PM |
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Am I the only one who thinks some ICO are scam?
I don't see someone from a respected team or a familiar name in crypto who may be able to back this project up. Insurance if a huge market which is why scammers aim for this one.
Sorry, but did you look at the team and their linkedin profiles? We have multiple team members who have worked in insurance for decades in sales, underwriting, and actuarial capacities. Our development team is made up of engineers working at Microsoft, and we are in the process of recruiting more. Everyone involved in the product development is completely transparent. Insurance is a huge industry that most of our team has seen the internals of for years, and was very dissatisfied with how customers were routinely taken advantage of. Now, we're going to leverage the blockchain to start chipping away at the power they wield. Exactly! I looked at the profile and felt they were totally experienced and competent. You deserve a successful project. I like your project and will keep track of it. |
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zidanaltaer
Full Member
Offline
Activity: 340
Merit: 100
idap.io
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July 19, 2017, 05:44:05 PM |
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I think the ideas of this insurance model is very beneficial for the community, I am very enthusiastic about this project and I believe this project have a good prospect. Building a strong community is essential
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umbrellacoin (OP)
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July 20, 2017, 05:32:28 AM |
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Hey everyone!
We have a few exciting announcements to come in the next few days! First up: our website is currently being reworked by a professional website designer. Some users made comments on our website appearance, and with good reason! We have a half dozen or so developers on the team, and all of them have a primary focus in complex software systems, full stack solutions and responsiveness. Design and layout is admittedly not our strong suit, and people usually make those decisions for us :p
Anyway, the new site will probably launch Friday. Stay tuned for more updates regarding development and our prototypes!
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hdclover
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July 20, 2017, 05:37:38 AM |
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Hey everyone!
We have a few exciting announcements to come in the next few days! First up: our website is currently being reworked by a professional website designer. Some users made comments on our website appearance, and with good reason! We have a half dozen or so developers on the team, and all of them have a primary focus in complex software systems, full stack solutions and responsiveness. Design and layout is admittedly not our strong suit, and people usually make those decisions for us :p
Anyway, the new site will probably launch Friday. Stay tuned for more updates regarding development and our prototypes!
Great , good luck with your project. |
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ticterine
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July 21, 2017, 02:26:37 AM |
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Hey everyone!
We have a few exciting announcements to come in the next few days! First up: our website is currently being reworked by a professional website designer. Some users made comments on our website appearance, and with good reason! We have a half dozen or so developers on the team, and all of them have a primary focus in complex software systems, full stack solutions and responsiveness. Design and layout is admittedly not our strong suit, and people usually make those decisions for us :p
Anyway, the new site will probably launch Friday. Stay tuned for more updates regarding development and our prototypes!
Just saw the updated website. It looks way better imo. Still following the project closely. Good Luck! |
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