It’s taken me quite a bit to get this article out as its been postponed several times. After a brief hiatus I’m finally back and happy to say that today in this article I’ll be covering the project PolicyPal. Insurance is a big deal for many people in the United States and around the world it’s a luxury that many cannot afford or hope to have offered. PolicyPal deals in insurance and has the credentials to back it up. In this article I’ll be covering what is PolicyPal,how it works, and the future for the project.
PolicyPal is a project that’s goal is to use the powers of the blockchain to help ensure individuals. PolicyPal itself lists its goal as “dual mission to address important issues that are within the cryptoassets insurance sectors.” With that PolicyPal offers two main services CryptoProtect and P2P Mutual Aid.
CryptoProtect is a service that most people reading this article would be interested in using for themselves. In short CryptoProtect is exactly what you might think it is. It’s a cyber security service offered by PolicyPal to help protect cryptocurrency assets. PolicyPal will be partnering with insurers to make that happen and the service itself will be underwritten by what PolicyPal claims will be “AA” rated global insurerse. Nothing to sneeze at in my opinion. That insurance will be offered at an individual level and is described as PolicyPal as “similar to existing personal lines products with online underwriting, & automated policy inception.”
While we’re on the topic of getting insurance let’s cover how the insurance and claims will function. From a consumer standpoint a user can go and select an insurance policy offered by the PolicyPal Network. The user can then go and select that policy to be purchased. The purchasing and the entitlement to the plan will take place on the blockchain using a smart contract. In this step of buying trusted partners of PolicyPal will be used to verify the identification of the purchase.
Hopefully that’s all that ever happens and your insurance policy sits there on the blockchain for the rest of eternity. However in the event that something does happen. The condition will get automatically triggered, because we’re working with a smart contract here. A trusted partner will go ahead and verify the policies and the condition triggered were correct and the holder of the policy will receive their payment.
Lastly we have P2P CryptoProtect. Now I know I just described CryptoProtect but P2P cryptoprotect is a different program. P2P CryptoProtect is a currently available plan from PolicyPal that helps to protect a user against a token’s drop in value caused by an exchange hack. How it works is a user will contribute PAL tokens to a mutual aid pool (where the P2P comes from) to get tokens protected on an exchange for 90 days.
User’s will receive a payout from the pool if the protected exchange is “hacked and the protected tokens’ value drops over 50% within 7 days from the hack” (as determined by USD value on CMC). In the event of a hacking and the drop in value a user of the pool would receive 3x their contributed PAL tokens as a payout from the pool. Currently there are 5 exchanges protected including Binance, Huobi, gate.io, DEx.top, and cryptology and tokens that are protected may be found on the Pal website and clicking on the exchange under the P2P CryptoProtect section. Lastly, there is a max on the pool of 16.2 million PAL tokens which is around 1/5th full right now and Metamask is required for this service.
PolicyPal has 5 milestones they’re looking to hit in this current Q3 quarter of 2018 they’re as follows:
These are some fairly lofty goals with the team launching two services for their end product as well as the tesnet launch of the blockchain. The mainnet launch is scheduled to follow in Q4 along with the development of web wallets and dashboards for PolicyPal. Overall by the end of the year a fully fledged working product should be out to help insure you while you’re out partying on New Year’s.
PAL is currently trading at a price of $0.004 or 63 Sats or 0.00001805 ETH. The total supply of the token is 1 billion and the circulating supply is 407 million. The market cap of the project is at 1.6 million and daily volume is at $383K.
There are eight exchanges that offer pairings for PAL with two taking nearly all of the volume. CoinBene is in the stop spot with its PAL/ETH pairing and 43% daily volume. DEx.top is in second with 13.03% daily volume on its ETH pairing and IDEX is in a distant third with 0.24% on its ETH pairing. The top (and only) BTC pairing comes from CPDAX who capture 0.23% of the daily trade volume.
CoinBene — https://www.coinbene.com/
DEx.top — https://dex.top/
IDEX — https://idex.market/
CPDAX — https://www.cpdax.com/main
To learn more about PolicyPal please see the following links:
Website — https://www.pal.network/
Twitter — https://twitter.com/PALNetwork_
It would be an understatment to say that this article is late on arrival, but I’m very happy that I was finally able to cover it for all of you that had asked. Overall, the more I read about PolicyPal the more I’m impressed and the P2P CryptoProtect is a very interesting feature that would make leaving crypto on an exchange a lot easier (at least protected tokens).
I’m going to be making some changes to my release schedule as I’m currently working on the creation of a crypto course which is taking up most of my writing time now. Because of that I’ll be releasing one article per week now instead of three.
Thank you for reading today’s article! As always follow me on here or on Twitter @thant1194 or on InvestFeed @thant11 in order to stay up to date on all my articles as I release them. I am not associated with the Pal team and am not a holder of their token. Thank you again for reading. I have to return some video tapes.
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