ICO Umbrella Coin - Democratized Insurance - ICO LIVE - 100% EARLY BONUS!

ATTN: We don't use Slack, we only use discord. We set up a slack, but our discord was always more popular so we just dropped everything else  Smiley

Hindi ANN: https://bitcointalk.org/index.php?topic=2040253.0
Polish ANN: https://bitcointalk.org/index.php?topic=2040607.msg20309488#msg20309488
Dutch ANN: https://bitcointalk.org/index.php?topic=2045792
Chinese ANN: https://bitcointalk.org/index.php?topic=2049143.0
Chinese WP: https://drive.google.com/file/d/0B8Vnqo8Zn7zqVlBNOVdWQ253NWc/view?usp=sharing
Portuguese ANN: https://bitcointalk.org/index.php?topic=2064990.msg20685553#msg20685553
Portuguese WP: https://drive.google.com/file/d/0B6d6bzKey1dFb1BwSkV0VXNFYU0/view
Turkish ANN: https://bitcointalk.org/index.php?topic=2035335.0
Indonesian ANN: https://bitcointalk.org/index.php?topic=2033074.0
Indonesian WP: https://drive.google.com/file/d/0B0VNZ9pipa8PRmpGNUp3ZmxfdU0/view?usp=drive_web

UMC was founded with the idea that insurance companies around the world getting rich while providing as little service as possible is fundamentally wrong. As premiums go up for Property/Casualty (P/C) and Life/Health (L/H) - policyholders are still required to pay hidden costs such as deductibles, co-insurance, and co-pays. In the United States, it is very prevalent to avoid exercising L/H insurance, like visiting a doctor, because of these hidden costs, while people actively avoid filing P/C claims to avoid rates going up. We think it's wrong that the entire industry is founded on not using the service they provide. UMC believes that blockchain technology built on a decentralized network can change this forever.

Traditional insurance companies take your premiums and invest it. This is called float. They build interest by investing it in various commodities and pay out claims from this pool. We're going to build a similar system on the blockchain. Users will create a benefits package by contributing to the UMC float pool. This entitles them to at least get their UMC back if they don't use the package but, in case they need to file for a payout, a vote will be held in the community of other policyholders. The policyholders will ultimately decide if the payout should be approved and what the amount should be. The latter amount will be capped while we initially try to reach equilibrium in our float pool. There will be a small incentive for voting. We are also going to take measures to ensure the float pool isn't drained such as imposing fees if the funds to create packages are withdrawn early.

Our token is going to be ERC20. Users will interface with our policy/claims system via a web client, which is under active development (http://staging.umbrellacoin.meteorapp.com/) and is being developed using Meteor. Meteor is a popular full-stack framework for javascript applications. It abstracts away many superfluous details during development, integrates with databses easily out of the box, and provides its own hosting environment for easier deployments. The essential business logic will be handled by the blockchain, while our meteor app and data store will be in charge of non-essential data. Our aim is to provide a user-friendly experience that seamlessly integrates with our blockchain backend.

We have plans to develop a mobile application after the web client is feature complete.

We initially see this as a way to augment existing insurance by providing benefits packages for certain life events. Ultimately this will be up to the community, but we are not targeting at replacing traditional insurance right now. This is due to the high cost of regulation in this industry. With respect to the immediate release schedule, please see our website for more information.

We have a combined two decades of experience in the insurance industry, including at companies like The Hartford, and our development team is primary made up engineers from one of the largest software companies in the world. Please see our website for more information.

Crowdsale Start Date: 20 August 2017 12:00 UTC

Crowdsale End Date: 20 October 2017 12:00 UTC

Issuance of UMC Tokens: 100,000,000 Tokens

Exchange rate: 600 UMC = 1 ETH
Minimum contribution: 60 UMC = 0.1 ETH
Minimum funding goal: 5000 ETH
Maximum funding goal: 100000 ETH
Bonuses: for the first 5000 ETH raised, the participants will get a 100% token bonus
Bounty: 1,200,000 Tokens (1.2% of issuance)
Token distribution rules: 
68.8% (68 million tokens) will be available to participants
20% (20 million tokens) will be used to build a preliminary float pool.
10% (10 million tokens) will be distributed among team members


We are very excited to start this project and really look forward to working with the community to make this great! Please give us your feedback and come chat with us in Discord or reach us by email info[at]umbrellacoin[dot]org