By HM - MN.Investments content producer, Midas.Investments
Midas announces the listing of SafeInsure (SINS) to the Midas platform as an Instant Share. Invest today to receive instant rewards.
What is SafeInsure and what do they offer?
Before going into the details of SafeInsure, let us briefly discuss the business model of the insurance industry. Nowadays, when you buy an insurance policy for something of value, you expect to recover a future loss, payable from that policy. The insurance companies can afford this protection by collecting payments, called premiums from you and other people sharing similar characteristics with you, called risk profiles.
Insurance companies assume that, at some point in the future, at least one of you will experience a loss or an accident and will want that insurance coverage. A portion of the money collected from yourself and everyone else will be used to pay for your protection, and the rest is considered revenues minus some other cost of doing business.
The premium you pay for your policy contract is determined by a lot of factors. It is a list of epic proportion to mention but in short, the type of products (auto, home, health or life), your situation (age, income, debt, marital status), commission fees for the network of insurance agents, brokers selling you the contract, etc… Each insurance company also has its own mathematical model to evaluate the premium or payment that should be collected from you and the coverage that you should receive.
Any payout to you, called an insurance claim, is typically done or denied through a very thorough investigation process. There will be a team behind the scenes to do this. Of course they want to make sure you provide the truth when claiming for a coverage. This is to prevent insurance fraud.
As you can see, there is a lot of data points to consider. SafeInsure aims to simplify the entire process by utilizing the benefit of blockchain technology. It is a marketplace to shop around for insurance policies tailored to your individual needs and risk profiles. According to their whitepaper, the decentralized and immutable nature of blockchain can provide lower cost, less fraud, and more automation for all parties involved. The SINS coin will be used to pay for policy and other insurance services. The addition of the masternode network provides extra privacy protection as well as incentives to hold SINS coin.
It is unclear at this time how SafeInsure can provide all of the tools needed for each step in the process, but the idea is promising. According to the roadmap published on its website, SafeInsure has been in contact with several insurance companies for partnership. There is also a plan for a marketing/PR push in the second quarter of 2019.
Desktop wallets are available for Windows, macOS, Linux, and Raspberry systems. SINS coin is listed on a few exchanges to bring liquidity. Other than Midas Investments, it is in partnership with several other masternode hosting providers.
The team is anonymous but they are reachable on the Discord channel.
Where can I purchase SINS?
Total supply: 21,000,000
There was no presale or ICO. Coins have been available for sale only on exchanges since the beginning.
Exchange: available as Instant Shares on Midas Investment or you can buy coins from other exchanges such as Crex24, CryptoBridge, ESCODEX, Exchange Assets, FinexBox
Consensus algorithm: Quark/Proof-of-stake
Masternode collateral: 1000 SINS
Block time: 60 seconds
Block reward: variable reward with 10% annual reduction
Can I get more information about SINS?
Block explorer: http://explorer.safeinsure.io/
Do you want to become a Midas partner?
Midas is looking for great projects to join us on our journey. Get in contact with the team via Discord for more details, and visit Midas.investments for information on our project, team and road map.