InsCoin for Knox: ICO review & Token details
- Insurance is one of the oldest industries and can be seen as part of the growth of modern business, which began to define societies around the world. Although insurance in the form that we recognized today began with the first insurance contract in 1347, the methods of transferring and distributing risk in the monetary economy were observed in China in the third millennium BC.
- Blockchain is the newest technological game changer for entering the picture, and many of them predict that distributed registers can have a profound effect on how insurance companies can work. One of the important problems that blockade technology, apparently, is intended to be solved, is the fundamental principle of “maximum conscientiousness” in insurance contracts.
This is a great company that enables the addition of blockchain technology to the existing methodology that was previously used with the use of crypto-currency to find possible solutions to fraud, certification and other problems occurring on the platform. The policy adopted by the Knox Company will favor an old method and the implementation of a new one to solve the problem faced by an insurance company. The KNOX insurance company will be located in the following places in Lisbon, Dubai and Bermuda Islands to allow free operation without any restrictions.
Blockchain technology is very important for the insurance company in the following ways. Customer rescues illegal activities due to centrality. It also increases the cash flow of the company by removing the delays to be paid for a contract made by the client. It also helps intermediary by earning commission instantly without any delay.
- It is the smart contract introduced to the system false insurance will be avoided Because there can't be a different system for clients after the payments. on the other hand, Company won't have any delay in collecting credits, Because policies will be issued only after the client's payment.
- The most important factor of this new system. It cuts opportunistic behavior of humans.
- The blockchain system never considers human opinion. Blockchain system will take the decisions according to the policy. nothing else. This method will surely enhance the company's transparency to the clients.
Mechanism of work:
Knox issues a paper-based policy and there will be a serial number of the policy and a unique bar code, Then the beneficiary should activate the policy on the platform. activation can be done by entering enter the serial number and the code which you got on the paper. Once you successfully entered the correct data you will see a certified PDF file and terms and policies are stated on it. It will also certify the coverage and authenticity. Then the contractor can pay the premium and then Knox insurance policy will issue the policy in a smart contract form. This is how it brings the fully transparent and secure system to the insurance sector.
- Ticker: INSC
- Type: ERC20
- Total delivery: 500’000’000 INSC
- Tokens for sale: 270’000’000 ISNC
- Exchange rate: 1 ETH = 5’000 INSC
- Soft cover: 4’000 ETH
- Hard cap: 39’444 ETH
- Undistributed tokens will be burned after the ICO
- Pre-ICO starts: June 23, 2018
- re-ICO ends: July 7, 2018
- Pre-sale price: 1 INSC = 0.0002 ETH
- ICO Price: 1 INSC = 0.0002 ETH
- Acceptance: ETHSoft cover: 4000 ETH
- Hard cover: 39444 ETH
- Bonus: up to 30%
- ICO begins: July 23, 2018
- ICO ends on August 23, 2018
Find more information here