A True Decentralized Insurance Model brought by SafeInsure

in #crypto6 years ago (edited)


The insurance marketplace has had its own unique challanges just like any other industry and other fields of business. The insurance industry is faced with enormous challenges that conventional technology and economics have proved futile to solve and will not be able to solve.

That is why there is need to solve these problems through another means - the blockchain.

SafeInsure is a decentralized insurance marketplace built on the blockchain bringing to its users decentralization of the insurance industry in its true sense. SafeInsure is an insurance marketplace that connects insurance users and insurance providers in a seamless network. They eliminate intermediaries and connecting middle men and by so doing eliminating the associated costs that come with utilizing the services of these intermediary bodies.

The essence of highlighting the problems the current insurance faces is not to scare you but to point out their flaws and convince you to see the changes SafeInsure brings to the table and how much they are willing to offer.

Firstly, one of the major problems the insurance industry faces is security. Succesful cybersecurity breaches against insurance companies have shown in the past to make them lose billions of dollars. Insurance companies and agaents have also done virtually nothing to improve or avert this.
Even those who have tried have had their efforts proven non effective as measures taken to curb these meausres aren't suffecient.
But with the right technology, SafeInsure has made this possible. SafeInsure utilizes Decentralized masternodes on the blockchain which help prevent fraud and increase security by adding an extra layer of security to all transactions made on the network.
This also increases the speed of transactions made on the network.

The insurance industry consumers also faces a big challenge in the flexibility of policies made by companies and intermediaries. SafeInsure eliminates this problem by allowing its users to create their own insurance policies at their own terms.

Users can then send their personalized insurance requests into a marketplace of thousands of provides on the network. This way, power is truly in the hands of the consumer bringing about true decentralization as promised.

The SafeInsure network is run by a tokenized currency as is any other project on the blockchain. This native currency, the SafeInsure Coin (SINS) is an ECR20 token.
Transactions made on the SafeInsure network will be run by the SINS currency.

In the spirit of true decentralization, the SafeInsure network will also be run by individuals who will posses governing rights over the network. These individuals can be you or me as anyone who runs a masternode can posses these rights.

All it takes is to run a masternode with a certain amount of collateralized SINs currency - this is also known as staking conventionally in the crypto world. Once you run these masternode servers you have the right to be part of the governing system of the network similar to witnesses or oracles (as they are reffered to on similar projects on the blockchain); the amount of staked SINs curreency being directly proportional to the amount of governing rights on the network.

Individuals who run the servers will also receive staking rewards. A staking reward model for the SIN network is shown on the website.

This project already has a working model and you can aceess the SafeInsure network on www.safeinsure.io

For more information about the project, you can also access the following links below.

You can set up your masternode now.

Mastenode SETUP Guide

You can download a SIN wallet compatible with your device.

SIN currency is already live and trading on the following exchanges

For more information:

- BTC address: 1KzVRFK11zgsK6yq6qaFgPiyi1HhcVZteT
- Link to contest post
- Social Bonus

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