If your friends trust you, we trust you!
VouchForMe https://vouchforme.co is a self-regulating blockchain platform based on decentralization and social proofing. Individuals can reduce insurance and other business deposit costs using a social proof endorsement. It will provide an engaging customer experience, allowing the end user to easily navigate through the process of obtaining the most favourable premium via their mobile dAPP.
Platform will connect individuals and gives them the opportunity to cut down costs of their insurance premiums using social proof endorsements. It is a next generation peer-to-peer web application, where users can endorse friends for their diligent behaviour. The endorsee receives a financial guarantee. The endorser, in turn can expect a returned endorsement when due. Social endorsements act as a security guarantee that allows users to maximize savings. Social proof is the vehicle which makes VouchForMe the global “go-to” blockchain solution for insurance and other GIG economy sectors.
How it works
VouchForMe application works both ways: endorse and get endorsed in return. The platform itself acts as a global provider of various insurance modules based on social proof mechanics.
After signing an insurance policy, insurance company offers to insured person an option to lower their premium by joining the VouchForMe platform. Any user has the opportunity to invite as many as 10 friends and ask them for a financial endorsement in a specific timely manner. User’s credit score proportionally increases in value with each additional endorsement. As a reward, endorsers will receive IPL tokens which may be used for additional discounts, services or can simply be exchange into everyday fiat currency.
What's in it for you
Endorsee
Family members, friends and colleagues endorse you for being a diligent driver which enables you to save money on an insurance policy.
Endorser
Endorsing friends, family members, and colleagues for being diligent drivers opens up the possibility to receive a returned endorsement and save money on the insurance policy. Each endorsement is also rewarded in IPL tokens to be used as one wishes.
VouchForMe token (IPL) will be the fuel of the VouchForMe platform, used by clients and third-party partners worldwide. It is an application specific token, built on top of existing Ethereum blockchain, allowing us to give the users back the value of the VouchForMe insurance network.
The value of any decentralized economy becomes the value of its underlying economy.
In case of VouchForMe, this is the role of a social proof that motivates diligent users with bigger insurance discounts and endorsers with engaging incentives. Tokenizing property allows VouchForMe to uniquely identify insurance assets and transform the social proof information to other types of businesses via a digital record.
The three pillars of the new decentralized insurance
The crypto is expanding from digital trading to something that will soon become a vibrant parallel economy.
VouchForMe is making important strategic partnerships to build the three basic pillars of future business represented by blockchain ID, arbitrage and insurance. They will help grow confidence among all the stakeholders and massively speed up the business operations on the blockchain.
IPL token liquidity pool
VouchForMe platform will use different means to motivate participants.
Discount conversion to tokens will be incentivized, therefore VouchForMe will have to convert significant percentage of each new premium into IPL tokens and give them back to the policyholders and their endorsers. All third-parties selling their social proof insurance will also have options to use IPL tokens and trade them on exchanges.
How IPL tokens could be used
As an Insurance Premium Bonus
To obtain new insurance, the insured will have to upload a photo of their existing insurance policy so that VouchForMe can calculate a discount.
Doing so, every client will receive a specific number of IPL token (20% less for a cash discount), growing proportionally with the number of endorsements received.
As Credit Score and social Proof Score
Social proof endorsers will be able to make the guarantee with the credit card or via a smart contract.
Their social proof guarantee will consist of relevant information on the client (the insurance holder) and will serve to them as a credit report. If several endorsers will guarantee for the same person, their credit score will proportionally increase in value. In parallel to token transactions, these information will be stored in the general ledger being partially encrypted and partially public. The encrypted part will only be disclosed publicly if its holder approves.
As Claims Adjustment
In the future, the VouchForMe may appoint some members of their VouchForMe community to process and report on the claims, a service that will have a financial incentive.
Claims which will go beyond an agreed threshold (exact amount to be decided) will be decided by professional claims adjusters who will report their recommendations to VouchForMe before informing the client. In essence, there will be no need for an insurance company involvement as everything will be settled by the community on the bases of blockchain and smart contracts.
For Insurance of Blockchain Business Transactions
This type of insurance will be conducted in IPL tokens solely.
The incentives for the endorsers will be paid in IPL tokens as well, whereas their guarantee can be done with other means as well. All fees coming from the side of possible participating insurance companies and other third-parties will have to be paid with IPL tokens too.
As an upfront Incentive
For each new social proof guarantee, the endorser will receive an incentive in local fiat currency or in IPL tokens.
The endorser will be able to sell the IPL tokens immediately, speculate and wait for an even higher market value or save them to buy/renew their insurance policy in the future or to pay some services at shops where they will accept IPL.
As a Social Proof Identity
The clients holding IPL will be able to identify themselves within the VouchForMe Community.
In the long run, they will be able to sell their own social proof guarantee without revealing their identity to institutions or reinsurers in order to get the guarantee and a proportionate share of their insurance premium.
Check more at https://vouchforme.co/