Umbrella Coin Democratized Insurance
This is a fail project
Q:What Is the name of your coin/token?
A: Umbrella Coin (UMC)
Q:Do you have social profile for your coin or groups if there are can you please send us all the links?
Q: Is there an ICO/Premine for this coin?
A: There is no premine for the token. There will be an ICO launching August 20th with 68.8 million tokens available for purchase.
Q: What is algorithm behind the coin? Standard hash solving mechanism,or like in Primecoin case mining involves finding Cunningham chains or something else?Is coin POS/POW or mixed?
A: UMC is a smart contract on the Ethereum blockchain.
Q: What is the purpose of the coin? (Is is only used as currency or there is some deeper system behind it?)
A: Our coin is meant to disrupt the insurance industry. Traditional insurance companies take money from premiums and invest them. When it comes time to make a claim, they will fight to cover as little as possible, and there will still be costs passed on to the policyholder (deductible, co-insurance, co-pays). UMC was founded to help people cover these hidden costs. We will allow users to create policies with us and allow the community to vote on payouts when claims are submitted. In that sense, UMC acts as an investment vehicle and an insurance policy for users.
Q: Does dev or the team have any experience that makes them likely to succeed?
A: Our team is extremely strong with team members with backgrounds is insurance and software development.
We have a team of six developers with over three decades of industry experience who have worked on a variety of projects at major Fortune 500 companies, including one very well-known company headquartered in the Seattle, WA area.
A: Our developers have a history of delivering quality software projects ahead of schedule and under budget. We have plans for an aggressive release schedule and are currently working on end-to-end prototypes of the entire UMC network.
Q: What percentage of coins in circulation will the main developer have?
A: We will allocate 10% of ICO tokens to developers.
Q: How were the software clients generated (did they use the main Bitcoin client or something else to make their software)?
A: We will have multiple layers to the UMC network. The UMC backend platform leverages the Ethereum blockchain and its smart contracts which provide a comprehensive development environment and a large community.
The UI is implemented using React which is fast and responsive. We use a Node.js backend which handles most of the business logic. The React and Node.js combination has proven to be a very fast, lightweight and robust approach.
There will be an external datastore (most likely of the NoSQL variety), however the team has not decided on an implementation yet (Cassandra, Mongo, Redis etc.)
Q :Is the coin deflationary with hard cap of coins or not?
A: Yes. We are hard capping our coins at 100 million. Additionally, coins being used to pay out claims are being stored in a shared pool. This limits the number of coins available on the open market, enhancing the deflationary effect.
Q: Was is heavily premined, how many coins are in the hands of devs?
A: This was not premined. 10% of tokens will be in developer hands after our initial coin offering.
Q: If you ever had the chance to talk with Satoshis what would you ask?
A. I would ask how long it took him to conceive BTC, why he started it, whether or not where it is today is where he envisioned it when he started the project and where he envisions the larger crypto market heading.
Q: Even Vitalik Buterin with Ethereum can’t beat Bitcoin. How you gonna do it.
A. Who says we need to overtake Bitcoin? The crypto market is expanding exponentially – allowing for businesses that were once in the hands of a few powerful shareholders to be democratized and cut out their overhead. We’re trying to disrupt the insurance industry.
Q: Do you think your coin can make it at the top 20 of Coinmarketcap
A. Absolutely. The insurance industry accounts for nearly 4 trillion USD, or roughly 5%, of global GDP every year. If we can capture even .01% of that market share, we’re in the top 10 of coin market cap. With the expanding influence of crypto, we are in prime position for insurance to lose ground to a decentralized platform.
Notice: Undefined variable: userTotal in /home/fortune1/cryptocurrencieshub.com/wp-content/plugins/wp-review-pro/includes/functions.php on line 1278
Notice: Undefined variable: usersReviewsCount in /home/fortune1/cryptocurrencieshub.com/wp-content/plugins/wp-review-pro/includes/functions.php on line 1279
Notice: Undefined index: bk_ct in /home/fortune1/cryptocurrencieshub.com/wp-content/themes/gloria/inc/libs/gloria_core.php on line 1212