Global, decentralized insurance platform Etherisc and the Decentralized Insurance Foundation have announced that registration is now open for the DIP Token Generating Event. The TGE will support the foundation to develop and promote decentralized insurance and ensure the long-term development of an open-source protocol. Etherisc’s decentralized insurance platform uses this protocol to lower operational costs and provide greater transparency into the industry compared to traditional operations. The TGE has a hard cap of $30 million USD and is expected to commence in April 2018.
Co-Founder of Etherisc, Stephan Karpischek said: “The insurance industry is outdated and riddled with frustrations and conflicts of interest. Everyday people and businesses have, for years, been calling out for an insurance process that is transparent, reliable, and instant. They want complete insight into how much they will receive, how, and when — not struggle to prove their case, make a claim, and receive a correct and timely payout. For the first time ever, Etherisc is leveraging blockchain technology to answer the market demand and bring insurance back to its roots as society’s safety net. Etherisc’s decentralized platform will modernize the insurance industry by bringing back the long-standing values of transparency, efficiency, and fairness, which have somehow become lost along the way.”
Etherisc seeks to utilize blockchain technology to make the purchase and sale of insurance more efficient; cut out the middleman; eliminate insurer-customer conflict by offering insight into the claims process and instantly paying out valid claims; democratize access to reinsurance instruments; and encourage industry innovation through an ‘open access’ platform that will allow other types of products and risk pools to be developed. Etherisc also brings the concept of ‘provable fairness’ to the consumers in order to stem any concerns about the industry’s incentives as the outcome of insurance claims are predetermined and accepted by all parties.
Winner of the Blockchain Oscar 2017 for most innovative blockchain start-up, Etherisc has built a community of supporters ranging from blockchain entrepreneurs to traditional insurance industry players. As a result of extremely high demand for participation in the DIP TGE, Etherisc has implemented a strict identity check and registration process to ensure all processes are fully compliant and to ensure the maximum number of participants possible.
A fixed amount of 1 billion DIP tokens will be distributed during the TGE, which will enable the economy on the Etherisc insurance network. Customers can use DIP tokens to purchase insurance. The ecosystem will also reward participants for providing or updating risk pools, offering access to data and oracles, distributing products and providing services.
The funds raised in the DIP TGE will support the Decentralized Insurance Foundation, which intends to focus on the long-term development and maintenance of the open-source DIP protocol. The protocol will be free and accessible to anyone in order to encourage the development of innovative and decentralized insurance products and applications.
Etherisc has been working closely with legal advisors to meet the requirements of the Swiss Financial Regulatory Authority, FINMA, which recently released Initial Coin Offering (ICO) guidelines to provide regulatory safety for creating and distributing tokens.
Karpischek added: “We are thrilled to have the opportunity to become one of the first projects to conduct a fully regulated and approved token event in Switzerland. With the incredible outpouring of support we’ve received so far, we can now build out our open-access platform and help make one of the globe’s biggest industries finally work the way it should – for everyone, everywhere.”
The Etherisc Board of Advisors is comprised of blockchain experts and industry pioneers including William Mougayar, the Toronto-based investor and author of ‘The Business Blockchain’; Jake Brukhman, Co-Founder and Managing Partner at CoinFund LLC; Ralf Glabischnig, Co-Founder of leading early-stage investment company Lakeside Partners; Ron Bernstein, CEO of AugmentPartners Limited; and Tobias Noack, member of the ARS Operational Board.