The insurance sector was born in Italy in the fourteenth century, merchants, in fact, began to ensure the goods transported due to the excessive presence of pirates. At the beginning, these assurances were of a verbal nature, but in the fifteenth century the first insurance was issued in the form of a written policy: a contract between the company and the insured, in which all the clauses of the insured circumstance appear. To date, in 2018, we are facing a mature sector because almost all the present circumstances in reality can be subject to insurance.
Blockchain is the latest technological game changer to enter the picture, and many are predicting that distributed ledgers could have profound effects on the way that insurance companies are able to operate. One important issue that blockchain technology seems tailor made to address is the underlying principle of ‘utmost good faith’ in insurance contracts.This principle states that every party entering into an insurance contract has a legal obligation to act with a standard of “honesty greater than that usually required in most commercial contracts”. This means that the insurer is required to trust that they are being told the truth by the person looking to take out insurance. This differs from other contracts, which are usually based on the principle of ‘let the buyer beware’, or the idea that the buyer assumes the risk that the product may fail to meet their expectations.
The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment. With the smart contract the company won’t have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself. With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the blockchain system that, in a totally disinterested by the human opinion, will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers.
USE OF THE TOKEN AND THE DEFLATION PLAN
The INSCOIN token is a fundamental part of our project. Through it the customer can pay insurance premiums and can access the maximum degree of authenticity of the policy, receiving it in the form
of smart contract.
Inscoin's supply will be 500.000.000and will be distributed like this:
- 54% Token Sale *
- 15% Blocked reserve (Broker WholeSaler)
- 10% Team and Advisors
- 9% Reserves distributed to the 3 insurance Companies (blocked for 3 months and 10% monthly release)
- 10% Broker Network partnership, Legal and Insurance advisor
- 2% Airdrop and Bounty program
TOKEN INFORMATION
Ticker: INSC
Type: ERC20
Total Supply: 500.000.000 INSC
Tokens for sale: 270.000.000 ISNC
Exchange rate: 1 ETH = 5.000 INSC
Soft Cap: 4.000 ETH
Hard Cap: 39.444 ETH
Unallocated tokens will be burned after the end of the ICO.
Pre-ICO starts: June 23, 2018
Pre-ICO ends: July 7, 2018
Pre-sale Price : 1 INSC = 0.0002 ETH
ICO Price: 1 INSC = 0.0002 ETH
Accepting: ETH
Soft cap: 4000 ETH
Hard cap: 39444 ETH
Bonuses: Up to 30%
ICO starts: July 23, 2018
ICO ends: August 23, 2018
For more information, please visit the links below :
Website : https://www.inscoin.co/
Whitepaper : https://inscoin.co/assets/content/whitepaper_en.pdf
Telegram: https://t.me/inscoinico
Twitter: https://twitter.com/inscoinforknox
Author :
Bitcointalk Username : nugroho997
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=2070778;sa=summary
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