CREMIT- FIRST EVER ALTCOIN INSURANCE

in cremit •  7 years ago 

Lately, I came across this project i.e, “Cremit” and in no time it grabbed my attention. I went through the whitepaper and after a detailed study thought of sharing my views with the steemit community.
With more and more investors investing in cryptocurrencies from across the spectrum, there is a pressing need for a mechanism that not only secures these investments but also provides them with a comprehensive and trusted risk management solution. This is where “Cremit” comes into picture offering a robust and researched solution to help business owners and investors secure their investments in cryptocurrencies. While their Lot 2 of the pre-ICO is still ongoing as they are yet to launch their main ICO token sale, here’s our detailed analysis and review of Cremit ICO.

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As cryptocurrencies are getting increasingly popular following the incredible returns benefitting investors in 2017, they have also emerged as a coveted “asset” attracting investors from all across the globe. Since the very inception of the first cryptocurrency, Bitcoin, followed by the second generation of cryptocurrencies, Ethereum in particular, we have been witnessing the Blockchain technology redefine the way we exchange money. Today, Blockchain projects are also providing businesses with adequate and articulate solutions to some complex business problems including making business processes easier, more transparent with decentralized ledgers, and quicker transaction processing and enhanced security. This continues to inspire more and more businesses to develop their own tokens leaving investors with a range of choices and opportunities. According to Coinmarketcap, currently, there are over 1600 cryptocurrencies exchanging ownership on popular exchanges. While billions are being invested and traded every day it is important to understand that every asset or investment has a risk attached to it. With more and more investors investing in cryptocurrencies from across the spectrum, there is a pressing need for a mechanism that not only secures these investments but also provides them with a comprehensive and trusted risk management solution. This is where “Cremit” comes into picture offering a robust and researched solution to help business owners and investors secure their investments in cryptocurrencies. While their Lot 2 of the pre-ICO is still ongoing as they are yet to launch their main ICO token sale, here’s our detailed analysis and review of Cremit ICO.

Cremit : First Ever Banking and Insurance Service Provider For Cryptocurrencies
Cremit identifies a common problem shared by almost every cryptocurrency investor/potential investor and that is “Security of their Investments”. And, with the security, they mean covering the risks facing investments due to “Market Volatility”. Clear in their approach Cremit is developing a solution to help potential investors and token holders assuring them of maximized profits by securing their investments. The market volatility is unpredictable and there are multiple factors ranging from government policies to hacking scenarios and from market liquidity to something as nominal as an influencer review that can be attributed to an unprecedented change in the value/price of a given cryptocurrency. Cremit mitigates such risks and provides its users with enhanced security in terms of investment.

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“This is a game changer for crypto world as the biggest fear for anyone who possess altcoins is market volatility in cryptocurrency. We offer insurance for Bitcoin, Ethereum and other coins against such volatilities. You can claim up to 100% insurance for your coins insured in Cremit”- explains the Cremit Whitepaper. They have a well defined slab for their insurance services along with a comprehensive process for getting your crypto assets insured.

Exclusive features for Cremit Users
Cremit offers some promising features to its users including a Cremit Smart Wallet, access to their Multi crypto exchange and multi crypto payment gateway, state of art mining farm for multi crypto mining, and exclusive Certificate of Deposit/Fixed Deposit. Of these the prominent feature that makes Cremit unique in its services is their Multi crypto exchange platform and the Certificate of Deposit/fixed deposit.

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Cremit’s Multi Crypto exchange will allow the users to exchange Bitcoin and other popular alternative digital currencies with zero fees and also insurance on rate will be given by default for the users. Moreover, Cremit’s exchange platform is developed to process 200,000 orders per second which not only offers the users a negligible wait time but also that makes it scalable.

Another exciting feature that users can benefit from is that Cremit offers interest against Fixed deposits and deposits. Every deposit made will be entitled to a Certificate of Deposit and the interest rates will depend on the term of the deposit made with Cremit.

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Strong Use Case and Growth Potentials

There is no denying the fact that Blockchain is Technology of the future and today with all cryptocurrencies combined already having a market capitalization of over $300Billion it is an indicator of great prospects for a platform like Cremit. Cremit is eyeing this huge market which is taking quantum leaps in terms of growth and are looking forward to emerging as a market leader and pioneer in Crypto Insurance and Banking services. No doubt that a large number of investors while looking to get increased returns from their investments will also want to get their existing and potential investments insured. The multiple features offered on Cremit’s platform will make it easier for their users to trade cryptocurrencies and even get an opportunity to earn interest on their parked assets.

The Team: Diverse and Dynamic

Cremit has a diverse and experienced team of specialists in various roles. Cremit CEO, Amit Singh, is a serial entrepreneur with startups in various verticals like Blockchain, Real-estate, and E-commerce. He has been associated with several successful projects in past and is also a Director with Virtual Gain Technologies Pvt. Ltd while offering his services to Cremit which he claims to be his dream project. Andy Watkins, technical head with Cremit is an experienced Blockchain geek. The team has dedicated specialists with relevant experience in Banking and insurance sector including branding and development. Apart from a strong team and talented and experienced experts spearheading the Cremit Project, they have been joined by some very established names like Phillip Nunn and renowned Blockchain Geeks, Vladimir Nikitin & Nikolay Shikilev, in their advisor board. While Philip founded the Blackmore Group in 2013, he is a well-known, online influencer in the blockchain and crypto space and has travelled the world evangelising and talking on these subjects. Vladimir is a World-class professional in consulting with over ten years experience in the legal, finance, marketing,retail, and IT industries and Nikolay has 20 years of experience of being involved in large-scale projects and is also the founder of the "Private Business Club" - a private club for successful entrepreneurs.

Cremit ICO Details

Cremit’s CRMT tokens are ERC 20 tokens built on top of Ethereum’s Blockchain. Cremit’s pre-ICO is already ongoing and their main ICO token sale is scheduled to be launched anytime in between July-August 2018. The Cremit ICO is being executed in two parts: the ICO presale and the main ICO token sale.

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The ICO presale has been further divided into two phases or lots wherein the initial lot which is already claimed offered CREMIT’s 1 CRMT token for $0.10 USD worth of Bitcoins. In the second lot which is currently ongoing, 1 CRMT token can be purchased for $0.27 worth of Bitcoins. One can purchase CREMIT tokens only against Bitcoins as no Fiat currency or other tokens are accepted. The total number of tokens available for ICO presale is 21 million CRMTs.

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The total number of Cremit tokens to be mined is 210,000,000 out of which 84 million CRMT tokens are available for sale to the public through their ICO. The main ICO which is scheduled to take place between July-August 2018, is further divided into three lots. The CRMT tokens available for crowd sale during the main ICO can be purchased against $0.50, $0.65, $0.75 worth of Bitcoins during the Lot1, Lot2, and Lot3 respectively. One can participate in their ICO token sale and purchase CRMT tokens from their website.

Allocation and Distribution of Funds

While a total of 105 million CRMT tokens goes towards ICO presale (21 million) and main ICO crowd sale (85 million) other 63 million CRMT tokens are reserved for future sale. Of the remaining, 42 million Cremit tokens (from the total of 210 million total tokens to be created) a 21 million each is reserved for Rewards and Bonuses and the Cremit Team.

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Benefits for early investors

Cremit also promises certain exclusive benefits to their early investors who will be participating and purchasing CRMT tokens through their ICO. Those investing in the ICO will be getting a 0.5% reward on their investment for every transaction made on Cremit’s Platform. Moreover, those purchasing tokens through the ICO will be entitled to exclusive insurance plans for their assets in altcoins. Further, 30% of the total revenues generated through the Cremit’s services will be distributed amongst the token holders.

Advantages:

One of its Kind services - Cremit is providing insurance and banking services including interest against deposits in alternate currencies which is not only the first of its kind but is also much needed in crypto space. This will provide users with added security while they continue to benefit from their investments.
Well Defined Roadmap - Cremit has a very well defined and detailed roadmap as they are already progressing with their pre-ICO. The conceptualization and planning are futuristic which add to the confidence of an average investor.

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Defined Revenue Streams - Cremit offers insurance services and also banking facilities for cryptocurrencies and they have simple and defined revenue streams like any other traditional banking or insurance service provider with an added benefit to its user to make transactions without any particular charges.

Strong and Dedicated Team - Cremit’s team is versatile and specialized including experts with previous industry specific related experiences. This is a positive side for those looking to invest in the project.

Scalable and High Order Processing Speed- The Cremit’s CRMT tokens are scalable and Cremit’s exchange is developed to process over 200,000 orders per second which means negligible wait time for those making transactions through Cremit’s multi crypto exchange.

Immense Growth Potential - Given the fact that Cremit is one of its kind services and the huge market of cryptocurrencies there is immense growth potential for Cremit to expand and offer its services. Also, lack of any existing risk management mechanism in the crypto world is definitely a big advantage with Cremit.

Concerns

Uncler Minimum Investment Amount - The minimum amount required to participate in the ICO is not specified and also one can only participate in the ICO by purchasing CRMT coins against Bitcoins.

Specific Benefits and Bonuses - The Benefits for high-end investors is not particularly clear as the white paper talks of benefits to all ICO investors.

Geographical Constraints and Legalities - Also, the legal requirements and if there are geographical constraints for investors needs to be made clear.

The Verdict

Cryptocurrencies are the most preferred investment avenue among young investors today. While these investments have an advantage of offering unprecedented returns the risks involved often dilutes the benefits one gets. Risk management and insurance is indeed the next step in the crypto world as sooner or later it will be one of the most sought-after services by those investing or holding assets in terms of cryptocurrencies. Cremit is encashing the idea and has meticulously planned its way through to become a market leader in this space. Moreover, the very idea of earning interest on cryptocurrency deposits is more than endearing. A strong team and well-planned roadmap show the efforts the ones behind the project have been putting in. Though the only accepted currency for Cremit’s ICO is Bitcoin this may not deter investors from participating in the ICO. While it might be too early to jump to conclusions there is no questioning the fact that the Cremit ICO is one of those that already stands out and ahead of the crowd.

Read the whitepaper here https://www.cremit.co/docs/Cremit-Whitepaper.pdf

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If Cremit is as advertised this is one hell of an investment. I am skeptical because a lot of cryptos can not inheriently earn more interest just by holding. Example such as bitcoin, litecoin, ethereum and so forth. The fact that Cermit can expect to earn enough in banking and insurance while charging little to no fees to its customers sounds suspicious.

I agree on this that if they can implement what they say, it would be hell of an investment. Besides, on the Interest part, the cryptos you have mentioned use Pow( Proof Of Work), but in PoS (Proof Of Stake) models, such as steem, you get a benefit to hold the tokens.
So is the model of Cremit, and quite frankly I’m more interested in the Insurance service, as it can turn out to be great hedging tool.

Sounds pretty cool... I didn't really understand how it worked though.

I have posted a schematic diagram of the mechanism. You can check it out, and get back to me if you still have questions.

Hi @rajuyadav This sounds like a really amazing product. With government intervention on crypto and coins being flooded into the market at a moment's notice this would be a great asset to have. Hopefully this isn't some kind of scam coin. Cheers!

Well , the team seems legit and they are keeping up their word. Only time will tell, how the project unfolds.
You can get the details of the team behind the project, which you should definitely see before making any investment decisions.
But just think about the possibilities and the untapped market, Cremit is trying to target.

Just a little advice :))
Your posts will be a little more credible if your actions are comprehensible.
You bought an upvote for 50SBD without checking if the vote is overbought.
Of course it's overbought. This is a guaranteed loss of 9 SBD.
If all your decisions go that way it will be hard with the red sports car.......
just saying

I appreciate your concern, but I found this piece of information useful. And I wanted to make sure that this post reaches to every steemit user.
If you read the article, my loss is recovered.

Thanks

I have always admired your knowledge, and your passion for cryptocurrencies and blockchain.
I Have also made decent profits on your investment ideas, but on a scale of 01 to 10 how much would you rate this project?
Thanks for the advice on Boolean Coin.

I am glad to know that you have made profits on my previous recommendations. And on the rating thing, I would not give you a number, since it’s too early. But I am a big fan of the idea, and have invested some Bitcoin.
You too can invest, but I suggest reading the whitepaper first.
It’s better to bet something which you may lose, than to invest nothing and see the prices soar. I hope you understand what I mean.

first time hear about "cremit"...

Yes, that is beacuse the project is in pre ICO phase. The pre ICO slae has started from the 15th Of June,i.e, yesterday. So not knowing the project is obvious. You can be the earliest investor in the project, I suggest you should read the whitepaper.

Sounds unrealistic(just my opinion)

So was my first opinion, which changed when I read the whitepaper. They have explained the mechanism, I suggest you should read it too.

Where do you see Cremit in the next two years?
Do you have any cremit tokens?

By 2020 I see Cremit being listed on several major exchanges, a ten fold increase in prices and global presence. And the answer to the second question is , Yes, I hold cremit tokens and plan to add more in this pre ICO sale.

I see that the tokens are pre mined, and so it will be too centralised. What are your thoughts?

Although the tokens are premined, I don’t feel it will be centraslised becuse people will eventually come in and dilute developers holdings.

Good post, thank you for your recomendatons this and previous recommendations go ahead friend

Just sharing my knowledge, and thanks for the comment.

Nice one Great work best information share by you thank you

please follow me and vote me

Make your place here, you just cannot ask for upvotes if you don’t have something good to offer. Contribute to the community and the community shall reward you.

when this ico will comeout ?

The pre ICO sale is live, You can buy it now at chepaer rate.
To be precise, cheaper than the ICO price.

Where can I read more??

I have shared the whitepaper link in the article. You can check it out.

Excellent work friend @rajuyadav from @Venezuela always supporting your post, I learned a lot thanks to your work ... Congratulations is still men ...

I’m glad you liked it.

<3

<3

Congratulations @rajuyadav!
Your post was mentioned in the Steemit Hit Parade in the following category:

  • Pending payout - Ranked 6 with $ 470,44

Feels good to be in the top 10 list.

i upvote you.... plz upvote me follow me and help each other

Try posting valuable content and I will surely upvote it.

Good initiative . Boon for crypto investors.

Yes, it can be a revolution. And this is why I’m interested.

This one could be a good project but scams are everywhere be careful!!

Agreed, and that is why it’s important that you read and understand any project, before investing your hard earned money.

Nice. I have upvoted you.. your content is good.

Thanks for reading.

It is too good to be true.

It gives me immense pleasure when I see people (investors), evaluating the parameters before making investment decisions.
It may seem unconventional , but so does everything before it is done.

Its a neat idea I used ti have a decent amount of PTOY which was purposed for use in the medical field it's crazy just how much Blockchain tech and cryptos can be applied to I truly feel they will change the world and hopefully for the better

Yes, blockchain has the potential to chAnge the world.

Thats really great , thanks you for the post
find out my latest article HERE

You’re welcome

Aey Raju

Just kidding , informative post man , keep it up!!

Had no idea about the song😂

Excellent work friend @rajuyadav from @Venezuela always supporting your post, I learned a lot thanks to your work ... Congratulations is still men ...

Great article. Thanks for the review.

Thanks for reading.

You have recieved a free upvote from minnowpond, Send 0.1 -> 2 SBD with your post url as the memo to recieve an upvote from up to 100 accounts!

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This post has received a 6.9 % upvote from @boomerang.

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i upvote you.... plz upvote me follow me and help each other :) @palcrypto

Did you read the article?

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Dear, I expect my Post's Two questions answer
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Excellent work friend @rajuyadav from @Venezuela always supporting your post, I learned a lot thanks to your work ... Congratulations is still men ...

Will read about it.