INSCOIN: PERFECTING THE WORLD INSURANCE SYSTEM

cryptoboss12 (40)in #blockchain • 6 years ago

As life runs by, man is daily faced with risk which appears in various forms; it can be theft, fire accident, auto accident, etc, which most of the times are not prepared for. As at the time such things occur, the effect leaves man wounded physically, emotionally and some other ways, and need various resources to get back on his feet. The mitigation of the effects of these kind of occurrences has brought about what is called Insurance.

Insurance is a system of risk management which help in preparing for any form of uncertain risk. Zurich, AXA, and some others are examples of insurance companies. They are organizations (insurers) which offers coverage for damages or loss, in form of compensation, in exchange for the premium payments made by the affected business or individual (insured).

However, as advantageous as this idea is, the world insurance sector is not yet perfect; there have been increased rate of fraud, high cost of investment, slow growth rate and others. There is a call for revolution of this sector, and INSCOIN is here to answer it.

KNOW ABOUT INSCOIN

Inscoin platform was developed to resolve all challenges facing the insurance ecosystem. It is blockchain driven, with the aim of incorporating blockchain into the ecosystem thereby making it perfect with more efficiencies.

It infuses all the capabilities of blockchain into the insurance system, truncating its poor growth rate, and reforming it into a fast growing marketplace being driven by the fast- moving development wheel of blockchain. This will transform it into an ecosystem with more effectiveness and efficiency.

Every of the operations done on the platform will be on a decentralized ledger via blockchain; mitigating the problem of trust and security.

SMART CONTRACT

Smart contract is one of the important components of the blockchain technology. It is a system which enhances a more transparent and secured marketplace. Inscoin makes use of this system in connecting insurer and insured together, giving them organisational experiences which are more efficient than the traditional insurance system. Listed below are other aftermaths of smart contract in the insurance ecosystem;

❖ It will put an end to the widespread of false insurance policies.
❖ There will be. Improvement in the company's(insurer) system of operation, as they will no more have to be waiting for a long period before receiving credit cards; smart contract will ensure payments first, then instant issuance of the policies.
❖ It will improve the transparency of the ecosystem as the platform will be the one to determine whether the damages or loss that occurred need to be paid for or not, rather than the opportunistic attitudes of the insurance companies.

TOKEN
INSC token is the main currency of the platform. It is ethereum driven, and mined in the form ERC20. It is the gateway to various operations on the platform.

Token Ticker: INSC
Platform - Ethereum
Type - ERC20
PreICO price - 1 INSC = 0.0002 ETH
Price in ICO - 1 INSC = 0.0002 ETH
Pre-ICO starts - June 23, 2018
Pre-ICO ends - July 7, 2018
Bonus - Available

Investment information
Min. investment0.1 ETH
Accepting - ETH
Distributed in ICO - 54 %
Soft cap - 4,000 ETH
Hard cap - 39,444 ETH
Tokens for sale - 270,000,000

CONCLUSION
People tends to ignore the payment / preparation for unforeseen risks due to the imperfections of the world insurance system. But with Inscoin, the system becomes more perfect and efficient with a lot of incentives.