Building a mainstream P2P guarantee trading application to reduce fraud and modernise insurance. kuverit ICO rating – not rated.
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Active ICO : 25/12/18 – 24/12/19
About kuverit ICO (token sale)
Kuverit ICO strive to progressively modernise the global Insurance industry and eradicate P2P fraud by harnessing innovative smartphone technology alongside the core fundamentals of blockchain.
Plugging straight into the shift towards a pay-as-you-consume model, Kuverit ICO is taking a new approach to the insurance business by first launching a peer-to-peer (P2P) insurance application. We are giving everyone with internet access the opportunity to get a guarantee for any two-way transaction. Whether you are a service provider or contractor, business or customer, the Kuverit ICO app lets you enter an agreement with anybody at any time, assuaging any new buyer anxieties.
Benefitting both buyers and sellers, how it works is simple: a user creates an account on the application, enters details of what they need to be guaranteed for – and how much – and then posts their request for a guarantor to other users of the application.
A guarantor can scan open contracts to find one that suits their risk thresholds, for example, the reputation score of the guaranteed, or a minimum fee for guaranteeing a transaction. Selecting ‘buy now’ will then automatically create a smart contract between the guarantor, the client (who is tending the service) and their customer.
Following the establishment of our application, we will turn our attention to the creation of Kuverit ICO insurance – a fully independent, blockchain-based insurance company utilising smart contracts to provide a streamlined service with an emphasis on transparency, fairness and finality.
Tokens and Fees
Use of the Kuverit ICO application is free to all members except guarantors, every guarantor must pay 10% of their fees to the network pool. Tokens in the network pool are used to reward voters and auditors and fund the guarantor protection fund. All surplus tokens are sent to the furnace and burned. When the circulating supply reaches a level that is determined to be sufficient to the contributor committee the guarantor fees will be reduced to cover the voter, auditor and guarantor protection fund allocations.
Each month up to 100,000 new tokens from the Kuverit ICO reserve will be released as welcome bonuses and download incentives for new members of the Kuverit P2P application.
Guarantors who hold a minimum balance of 10,000 tokens in their wallet for a period of 30 days will be exempt from the 10% network fees for the next 30-day period.
The Kuverit application is free to download and view, however, users of the platform must stake a minimum amount of KUV Tokens in their internal wallet to maintain their position within the application.
Voters, junior auditors and senior auditors are paid in KUV Tokens for each claim they participate in. We allow one hour for voters to evaluate the supporting evidence from both parties involved in a claim.