The Umbrella coin ICO
The Umbrella Coin (UMC) is a blockchain-enabled next-gen insurance platform to overcome hidden costs of traditional insurance. As the solution will be built on a decentralized, Ethereum blockchain platform, it will help to avoid the fees and management costs that create a burden on individuals and businesses. The Umbrella Coin team intends to have UMC tokens augment standard insurance policies like property/casualty (P/C) and life/health (L/H). Compare net premiums with total profits, and there is a clear opportunity for the insured to completely avoid middle-men and cease paying for coverage.
In addition, the requirement of a policyholder to pay deductible and other hidden costs imposes an even large overhead when making an insurance claim. The intention behind UMC is to make it viable for standard benefit packages and expand it to full insurance policies later on.
Umbrella Coin will protect users from all sorts of insurance monopolies by covering all out-of-pocket costs incurred regarding insurance.
UMC tokens can be used to purchase a policy. Exchange ETH for UMC for making the purchases, and if premiums are not used, 100% amount will be refunded by the end of the plan period.
Notable thing is that Umbrella Coin is not trying to replace insurance, but complementing insurance at first. They are not insurance. UMC will operate with coin holders who will be policyholders as well as insurers.
UMC will ensure that the high premiums of insurance doesn’t leave customers with excessive out-of-the-pocket costs. This is for all types of insurance – automobile, health, life, and property. The aim is to disrupt all hidden costs of carrying an insurance policy.
Benefits of Umbrella Coin
Users will be able to spend UMC to create a package on the blockchain network. The value will be added to the float and invested immediately.
- Users will be able to receive utmost 5x the UMC they spend within their policy period (365 days). It means, for a purchase of 2 ETH worth of UMC during the crowdsale, a user will be entitled to 10 ETH worth of benefits for the year.
- At the end of the period, if a user makes no claim or initial invested amount is not used, the user can get the unused UMC back. Taking the previous example, if only 1 ETH worth of valid claim is made, user can get the remaining 1 ETH worth of UMC.
- A user can chose to terminate the policy much before the maturity date, but at 40% penalty to avoid fund depletion.
About Umbrealla Coin ICO (Crowdfunding):
Total UMC Tokens: 100,000,000 Tokens
Price: 600 UMC = 1 ETH
Minimum transaction amount: 60 UMC (0.1 ETH)
Maximum transaction amount: 1,800,000 UMC (3,000 ETH)
Bonuses: A 100% bonus on the first 5000 ETH raised
Bounty: 1,200,000 Tokens (1.2% of issuance)
Goal: 100,000 ETH
Minimal Sale goal: 5,000 ETH
Important dates for Umrella Coin ICO
ICO Starts: 20 August 2017 12:00 UTC
ICO Ends: 20 October 2017 12:00 UTC
UMC Token distribution rules:
- 68 million tokens (68.8%) will be available to participants
- 20 million tokens or 20% will be allocated to UMC trust to build a preliminary float pool
- 10 million tokens or 10% will be distributed among team members
- Collected funds will be received and stored on multi-signature wallets
Amount Raised So Far
At the time of publishing this article, Umbrella Coin team has raised around 1478 number of Ethereums by selling 1773658 UMC Tokens.
Team behind UMC ICO
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