With the growth of security concerns, InsurPal projects come with a solution that many might find interesting. The ICO has been finished and the funds successfully gathered, making this fundraising quite a success. Thus, we have decided to write a review of the IOC prior to its release as to show what successful crowdfunding projects are.
In this article, we shall go over the project’s issues it tries to solve, the whitepaper is published and the product/token it offers for investors. Will all information gathered, we propose the reasons why the ICO succeeded/failed as to provide you with effective analysis tools. InsurePAL is listed on Livecoin exchange platform.
Summary of ICO “InsurPal”
InsurPal is a platform that offers peer-to-peer insurance system in which contracts are constructed and designed between people. The platform dubs itself as the first blockchain-inspired insurance platform where anyone can make the contract in any trade industry. InsurPal aims to become the very first decentralized contract insurance environment, with a unique product.
It is important to note that the blockchain itself is not an insurance issuer itself. Contracts made by the parties are subject to change by the creators themselves. Partnerships with real insurance companies are planned along the way for various sectors but the company itself leaves the adherence to peers, as shown below.
Apart from the contract, you also have an endorsement tool, in which other people would vouch for you. This is particularly useful for first timers as the general level of trust depends on past business endeavors or social interactions. We also consider this a double-edged sword. Scams can be easily created by asking friends to help you out or creating bots to endorse your account.
The blockchain tries to solve this with lack of anonymous features for its users. The blockchain wishes to build a transparent platform where everyone can be checked upon at any given time.
As for the ICO itself, fundraising is done through Ethereum, while the token offered is called IPL. The used algorithm for the token is Proof of Concept, used to calculate premium rates and costs for insurances.
The InsurPal offers a detailed description of the development team as well s the owners of the project. Each of the team members has a link to the LinkedIn profile, alongside with brief business history, as seen below.
Quite a nice feature to have, as the ownership is then widely known and can be easily checked out. It also means that the company behind the ICO adheres to the business rules and laws. If something goes amiss, you have the ability to sue the dev team and owners for business misconduct.
You have two co-founders, 8 executive management members, 9 advisers, 14 marketing, and development team members. Quite a large number of people involved in the project, all bent on providing the promised services to the investors.
What does the ICO Try to Solve
The main issue that the ICO tries to solve is the correct segmentation of the insurance market. Differentiating clients through risk levels is a major problem for the financial industries, where sometimes high-risk individuals or organizations would get low-prices insurance plans.
On the other hand, low-risk business ideas and organizations would pay high insurance price premiums. Blockchain aims to correct the said system by offering an environment where businesses and individuals could provide social proofs of their risk-free ideas. Thus, they would pay a fraction of the premium price costs.
The blockchain offers a solution for both supply and demand side of the market by offering tokens, contracts, and social endorsements. The fees for the insurance product would be lower in cases of several persons backing up the insurance seeker. Insurance issuer would get the risk-free market to work with in return, securing the growth of the industry.
With the ownership exposed and clearly defined, the whitepaper was a natural extension of the blockchain’s transparency. Over 50 pages long, the written presentation offers all needed information about the ICO, from problem/solution overview to the team presentation and roadmap of the project. The ICO itself is presented in three separate stages while detailed graphical presentations offer clear pathway and explanation to the investors, as shown below.
The whitepaper is oriented towards both starters and experts, though beginners might find the blockchain’s coding and information flow a bit complex to follow. Below you can find the roadmap of the project since the start of the project to the year 2019.
The entire paper is designed with care, having an expert feel to it. It is transparent when it comes to ICO’s details and the blockchain itself.
What is the Product/Token
The token is called IPL and it shall be available for use within the platform only. The said coin is meant for contracts and insurance payments as well as the transfer of funds within the blockchain market.
There are plans on including several exchanges, an additional way for investors to make profit form the coin. Using Ethereum’s smart contracts, token holders would be able to benefit from both insurance products and regular crypto trade. It will not be possible to mine the coin.
ICO was scheduled to start at 16th of January and was supposed to be open for 21 day period. Bellow, you can check out the coin’s specifications and volume distribution strategy.
Up to 201 million of coins was available for fundraising purposes, while 72 million was dedicated to the owners of the crowdsale. Rest of the coins was delivered amongst other members of the team. Contributors who contribute within 96 hours of the InsurePal token crowdsale launch would get 10% bonus on the number of IPLs.
The ICO was a complete success, selling out all of the available tokens within several days after the crowdfunding stage start.
There are several reasons why this ICO was so successful. First are the interesting product and solution to the insurance issues in the market. The project offers a sustainable marketplace in which many would be interested to participate, especially due to lower insurance expenses for low-risk projects.
Next in line is the transparent ownership and blockchain explanation, where all participants are made known. Investors, although sacrificing their privacy, have a low risk of default while any issues can be resolved directly with the owners and dev teams.
Lastly, the token’s price is quite low as you have to pay only $0.10 per coin to get one and become part of the platform.
InsurePAL is listed on Livecoin exchange platform.
Note that the ICO reviews at Cryptocoinzone are done by different freelancers. This review was done by nickname "Lazar". All ICO reviews and other material published on Cryptocoinzone is for informational purpose only. We don't do any investment advice.