Projects inscoin knox

PROJECT INSCOIN KNOX: Blockchain based insurance company

According to Knox company research, businesses lose millions of dollars every year due to lack of insurance payments. Insurance events, whether it is an accident or loss of important data in the company, require the collection of many documents, working with company inspectors. That is why payments can be delayed for months.


Figure 1. InsCoin is a new approach to insurance products

The InsCoin platform is a decentralized solution to complete various insurance contracts. Safe case processing and automatic payment transfers, personal data about the company is stored on the blockchain. Such an approach does not include forgery, late payment, the need to provide insurance companies with documents.

How does the InsCoin platform work? Who will benefit?

The project is based on Knox's company's successful practices that automate the issue of insurance certificates and payment calculations. The main function of InsCoin is the creation of a special profile for brokers who will then offer unique terms for customers. The approach is completely different from traditional markets: instead of the conclusion of a "framework" contract, it solves individual problems. There are three benefits of Special Profiles that are distinguished by developers.

FIgure 2. Recovery of insurance through InsCoin

The possibility to make an insurance contract using the cryptocurrency client wallet data. Such tools allow working in the international market and ensure customers face various types of risk simultaneously.
Possibility to choose several insurance companies. Ordinary InsCoin users can insure their property, risk trading the stock market, and other activities with the most favorable terms.
Automatic payment after the occurrence of the insurance event specified in the contract. If the client gets a serious situation, he can open the InsCoin application and explain the situation in detail, and the smart contract will "take care" of this.


Figure 3. Possible technical InsCoin for brokers, insurance companies, and clients

Personal data and insurance objects are described in detail in smart contracts and stored on an encrypted blockchain. Such an approach protects insurance companies and people against various types of fraud, which are relevant in modern industry. User requests are processed in minutes, which is why users quickly receive insurance payments.

How does the InsCoin ICO leave? How will the project develop?

The InsCoin developer team has issued tokens worth 500 million ERC20. The exchange rate is 5 thousand INSC to 1 ETH. The team plans to collect 40 494 ETHs in Pre-Sales (23 June - 15 July) and in Crowdsale (23 July - 30 August).
Most of the INSC (54%) will be sold to the public. Brokers will receive 15% of the total number of tokens, the team and broker-partners will get 10%, 9% will be provided to the new company, 2% will be invested in AirDrop and Bounty. Funds collected in the ICO will compensate for spending on integration of insurance companies on the platform (60%), development (20%), marketing (10%) and creation of reserve funds.



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