Etherisc, the global, decentralized insurance platform, and the Decentralized Insurance Foundation have announced that registration is now open for the DIP Token Generating Event. (TGE) The event will support the foundation to develop and promote decentralized insurance and ensure the long-term development of an open-source protocol.
What does that mean you may ask? Well a decentralized insurance platform uses open source 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.
Etherisc Co-Founder Stephan Karpischek said: “The insurance industry is outdated and riddled with frustrations and conflicts of interest.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 – and when – as they make a claim. For the first time ever, Etherisc is leveraging blockchain technology to answer the market demand.”
Etherisc is the first decentralized insurance platform to utilize blockchain technology to make the purchase and sale of insurance more efficient; in essence, it cuts out the middleman and eliminates insurer-customer conflict. Etherisc also brings the concept of ‘provable fairness’ to insurance consumers.
Winner of the Blockchain Oscar 2017 for most innovative blockchain startup, Etherisc has built a thriving 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 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.
“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,” added Karpischek.
Etherisc Co-Founder Stephan Karpischek said: “With the incredible outpouring of support we’ve received so far, we can now build our open-access platform and help make one of the globe’s biggest industries work the way it should – for everyone, everywhere.”
To register for the DIP Token Generating Event, visit https://etherisc.com/