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

Dev team update and new path forward
After making rapid tides in the first week of the crowdsale, the momentum tapered off a little bit for the funds raised by UmbrellaCoin in the previous week. People who trusted our platform early on have been eager to hear updates from our side regarding marketing, team, whether we will continue if we don’t hit our “soft cap” and what happens to all unsold UMC tokens during the crowdsale. The time is finally right for us to share the answers with you.
We have continued to make great progress on both the marketing as well as the development front with more scenarios being available in our staging app, and we’re now closer to integrating UMC Wallet with the website, as well as creation of claims and voting on individual claims. However the development team has faced personal hurdles in the past week, as conflict-of- interest with their current job has required them to step down from their positions as developers for our platform. Unfortunately this includes our CEO who works at the same company and has been confronted by the same HR policies. As a result, all of them have forfeited their share of UMC tokens. We thank them for the time and effort they spent making this product a success.

Our new team
However we’ve worked out a transition going forward. Ryan, who has worked full-time in insurance industry and has left his position there to avoid any conflicts of interest has volunteered to take over the responsibilities as the new CEO. Alex, who was the Head of Marketing and a co-founder for UMC has also decided to commit himself purely to the success of UmbrellaCoin and is COO. Emilio and Nick have also left their previous jobs to dedicate themselves to the success of UMC as a web developer/ media manager. Our ex-CEO continues to assist us through the transition process. All of them are from the Hartford, CT area and have shared beliefs on things needing fundamental change in insurance industry having grown up so close to it. We continue our search for full-time developers as a result of the recent departures but till then we are receiving part-time/ freelance assistance. If you want to contribute to the development efforts, do contact us.
Min Cap and fate of unsold tokens
The departure of our development team has freed a lot of our funds, and as a result we have decided to reduce our soft-cap significantly to 1500 ETH. This was partially facilitated by ETH’s price boom since the beginning of ICO. When we originally set the cap for this project, ETH was in the mid-100s after suffering a prolonged decline, so we had to adjust our funding goal accordingly. The presale bonus continues though. As to the question of the unsold tokens during the crowdsale after much discussion on whether to put it back into the float or not, we’ve decided we would burn all the unsold tokens during the crowdsale. There will be some tokens left over for the new development team, but it will be a significantly reduced amount.
After the momentary storm, our prospects look bright going from here.

We’ll be soon featured in some Youtube videos by prominent marketing specialists, have struck some marketing deals and continue to work with the exchanges such as Evercoin, Hitbtc to get listed after the crowdsale besides Coinomi and EtherDelta. We hope to reach our soft-cap within the next week. We’re all working hard on our shared goals to provide coverage for out-of-pocket costs to policyholders who’ve suffered in the hands of insurance and we have necessary funds at this stage to continue execution.