INSCOIN For KNOX

The First Blockchain based insurance Company

Author: rifkikolep
Topic: The First Blockchain based insurance Company
Source: Inscoin.co official site and whitepaper

Introduction

Insurance companies are one of the oldest industries, and this can be seen as part of the growth of modern businesses that have come to define communities around the world. Insurance in the form that we will recognize today begins with the first insurance contract in 1347, methods for transferring and distributing risks in monetary economics have been observed in China in the third millennium BC. One thing that has defined the insurance sector for thousands of years is its ability to adapt its practices to suit the changing technological landscape. From contracts written on parchments to large websites and data, the industry has changed rapidly.

Is that InsCoin for Knox?

KNOX is the first insurance company to combine the digital world with the real world using the technology called Blockchain; this will create the most efficient and sophisticated structure in the sector to find solutions to problems with certification and anti-counterfeiting insurance policies.

Insurance Knox will issue insurance policies in the form of traditional paper and smart contract forms, allowing customers to monitor each policy in real time, full transparency and security. Thus, with this excellent platform developed by Knox's insurance, the policy will develop fully to become automatic and eliminate the possibility of a conflict of interest between the parties involved.

Platform Goals

The primary function of this platform is getting a legal license with the help of raising funds and creating an internal exchange platform.
This platform will have a fundamental role, where clients can access the purchase of insurance products made by the company structure.

Create individual profiles for brokers with their wallets.
Possibility for brokers to make for all their clients their main profile, in combination with the corresponding identification code and wallet.
The ability of each personal customer to create their profile, with a relative Inscoin wallet. Download all policy functions for evaluation and quotes.
Buy policies, Smart Contract addresses, where you can verify authenticity.
The internal platform is essential for this project because it can effectively manage all project innovations.

How Does Blockchain Work?

Blockchain's work is straightforward and simple, while the partial policy certification process will be carried out on Knox Insurance's own internal platform and partly on Blockchain Ethereum. However, at the end of the certification process, a smart contract will be issued which combines the authenticity and scope of the policy while respecting the privacy rights of each contracting party.

Token Deflation and Economic plans

The smart contract will temporarily block for one year supply (Broker WhoSaler reserve) at the end of ICO as much as 15%. The premium collection in inscoin is articulated as follows:

For premium <$ 1’000’000 1% must be paid in INSC.
For premiums <$ 100’000, 3% must be paid at INSC.
For premiums, <$ 50’000 5% is paid in INSC.
For premiums <$ 10’000, 10% must be paid in INSC.
For premium <$ 500 20% must be paid in INSC.

Inscoins collected per single policy, as soon as received by the company, will be blocked by a smart contract for one year. After that, they will be released at a quarterly rate of 25% of the total to be received and used to support the increase in turnover of the three companies and ensure a correct and healthy token economy.