Umbrella Coin (UMC)

Umbrella Coin (UMC) widget

ICO date: 18.08.2017 - 18.09.2017
Industry: Insurance

A decentralized platform on the Ethereum blockchain to provide insurance benefits for hidden costs of insurance (deductibles, co-insurance, co-pays etc.). The policy/claim system will be completely democratized.


Community involvement provides low fee alternative to traditional insurance while filling existing gaps in coverage.

Technical details:

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 client will be web based at first. The UI will be implemented React which is fast and responsive. Node backend will be used to handle most of the business logic. The goal is to release the web client initially and expand into a standalone mobile application in the second half of 2018. 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.). Users will be able to spend their UMC to create a policy on the network. Creating a policy will allow users to both submit and vote on claims. There will be both a minimum and a maximum payout allowance - minimum to prevent gas fees from cutting too deeply into claims, and maximum to prevent attackers from coordinating an easy depletion of funds. These values will be adjusted as we gather data on claims submission rates. There will be an additional fee if users attempt to withdraw their UMC before a mature date is reached, or if they are found of trying to commit fraud. The community will be allowed to vote on claims and will be paid UMC to do so. This payment will come from the submitter of the claim. This will incentivize the submitter to not submit fraudulent claims and incentivize the community to give attention to claims with fewer votes (they get a bigger piece of the fee). Claims will be required to submit at least two pieces of evidence - a receipt and some supporting evidence (video, picture etc.). The community can vote Yes, No, Needs more information, or Fraud. If Yes has greater than 50% of the total votes, it will win and the claim will be paid. If Yes has less than 50% of votes, the next highest vote will win. The community will be able to discuss the claim and share information in a discussion board-like setting.

Whitepaper: Whitepaper

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See also