INTRODUCTION
Over the years, blockchain technology has evolved from a small-scale encrypted currency experiment to a large-scale distributed application involving tens of millions of participating accounts every day. An important development direction of blockchain is to use digital currency to connect with traditional banks and financial markets. It is encouraging to see that as more and more people now participate in the industry, more funds will be inevitably brought in and push forward the better development of blockchain.
WHAT IS LARGO
Largo platform is a digital framework that utilizes Largo coin to solve the problems of insecure deals and uninsured transactions in trust-dependent markets, strives to reduce or eliminate centralization of financial power, lack of individuals’ financial sovereignty or independence by means of blockchain technology.
Largo coin is a decentralized financial instrument that allows anyone to transact freely without any limitations, with low or zero fees and almost zero delays.
LARGO COIN AND INSURANCE PRACTICE
Insurance was born out of the need to eliminate or reduce the loss suffered by an individual or organization, to this end the insurance firm compensates the insured when a loss is suffered. The goal of insurance is to bring the insured to the state that he was before the loss was suffered, in order words the compensation is for only the loss suffered and the insured is not expected to profit from the insurance scheme. The insured pays a premium which in most cases is a percentage of the amount of the insurable interest (asset).
The largo team believes in the possibilities of blockchain technology to revamp and remodel the insurance practice for greater efficiency. This could be brought to life with the inclusion of better technology and know-how which the project has built into the largo platform.
The largo insurance model shares a similar structure or procedure with the conventional insurance procedure both in the compensation of the insured and the premium which is expected to be paid by the insured. The example below depicts the procedure of the largo insurance model
Example:
• Two parties wish to transact or exchange goods/services
• There is no trust between the two parties
• Both parties are willing to complete the process in a short amount of time and with minimal costs, but without sacrificing the security and convenience
• The buyer can insure his purchase using Largo Platform which will cost him up to 15% of the initial cost
• After transferring the payment and the insurance cost to the Largo platform the buyer receives an equivalent of the initial cost in Largo Coins
• In case the exchange between the buyer and the seller goes normally the platform gets the tokens back
• In case there is a problem the buyer’s insurance deposit gets unlocked and he can sell it on an exchange to compensate for the initial cost
In the example above, it is evident that the largo platform serves the purpose of an insurance company, but the platform has all the infrastructural and technological requirements to ensure that the agreement between the transacting parties is duly followed to prevent the loss which could arise for the buyer. The platform also houses a committee of validators who are assigned to individual contracts registered on the platform for greater efficiency.
COIN SPECIFICATION
CONCLUSION
The largo platform has an inbuilt modality to ensure that the insured party which is the buyer does not suffer from any loss transacting with the seller. This is evident with the step by step procedure laid out to checkmate every process and agreement between the transacting parties. The payment can only be released to the seller after a confirmation has been made by the buyer and in the event when losses are recorded the buyer would be duly compensated as his account would be unfrozen and he can withdraw the initial cost to cover the loss.
PROJECT INFORMATION
WEBSITE - https://web.largocoin.io
ANN THREAD - https://bitcointalk.org/index.php?topic=5200762
TWITTER - https://twitter.com/largocoin
FACEBOOK - https://www.facebook.com/LargoCoinPublic
MEDIUM - https://medium.com/@largocoin
REDDIT - https://www.reddit.com/r/largocoin/
TELEGRAM - https://t.me/largocoin_chat
AUTHOR’S INFORMATION
BTT USERNAME - Henrytrust
BTT PROFILE LINK - https://bitcointalk.org/index.php?action=profile;u=2642094
WALLET ADDRESS - DKnqzMfWz33i7p76NFWc2Xk2okUKzzsQVA