What Is UnoRe (UNO) And How Does It Work? | KuCoin Crypto Gem Observer

2021/06/04 12:57:34

The concept of insurance is simple - every month or so, you pay a fee into a pool along with others that can then be used to protect you from financial losses should something bad happen, like a health emergency or damage to your property. Basically, it is a form of risk management that will ensure a person or a company is protected against major losses.

But, how do these insurance providers protect themselves? That is what reinsurance is all about: insurance for insurance companies. So how does blockchain come into the equation?

UnoRe has the answer to that. It is democratizing the industry by allowing anyone to be rewarded for investing in this risk.

What is UnoRe?

UnoRe will be the world’s first multi-chain insurance risk trading exchange. It aims to remove barriers to entry to enable average users to trade in previously inaccessible and highly profitable risk-based assets.

Seeing the potential to bring more democratization to the industry, the project is looking to provide more transparency into the industry as a whole. It will do this by allowing the community to propose innovative insurance products, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.

How Does UnoRe Work?

UnoRe will be a first-of-its-kind platform, allowing the average user to reap the rewards of trading and investing in this risk. It is developing several different insurance products around this philosophy, including travel, health and crypto insurances.

The ecosystem offers different solutions for different stakeholders, whether they be traders, investors or innovators. For traders, UnoRe provides a risk trading platform, where users can trade reinsurance risk in a kind of exchange interface.

For investors, a B2C platform will allow them to invest in risk profiles. This is done in DAI, with rewards being offered in UNO, with the possibility to then stake the rewarded tokens for further rewards.

For innovators, a BYO product is provided where they can submit proposals to the ecosystem using a build your product engine. The design and pricing of the product will be decided by the community, who are able to approve the product and move it forward.

It is powered by Polkadot, meaning it has access to a broad ecosystem and technology.

Who Created UnoRe?

The team that created UnoRe brought a diverse range of experiences into the project, enabling them to combine the power of blockchain with the processes of the insurance industry. It was founded by two individuals: Jaskanwar Singh and Sujith Sizon.

Jaskanwar is the current CEO of UnoRe. He previously worked as the CTO of one of the largest Health Insurtech companies in the Middle East region, providing him with ample experience and insights that inspired the creation of the project.

Sujith is the CTO of UnoRe, and has a background as a Web Application Security Researcher at Xiaomi. He has experience in developing blockchain-based platforms, having built a decentralized vehicle marketplace application on Ethereum.

What is the UNO Token?

The UNO token acts as an incentive for users to use the UnoRe platform and act as a part of the ecosystem. It is used extensively across the ecosystem for a wide range of uses.

Token distribution is as follows:

Reinsurance Cell / Liquidity: 31.53%

Marketing Expenses: 12.75%

Private Participants: 10.84%

Community Incentive & Rewards: 9.20%

Operational Expenses: 9.20%

Team: 7.57%

Advisory, Legal & PR: 5.26%

Liquidity & Exchange Partnerships: 5.26%

Treasury: 5.26%

Advisors: 2.63%

Crowdsale: 0.53%

What is the UNO Token Used For?

UNO is central to the running of the platform as can be seen by its wide usage.

UNO is used to buy insurance, with discounts of up to 50% being offered for doing so. In addition, claims payouts are made in the UNO token.

Insurance risk pools will be created for numerous different products. UNO will be provided as collateral for users who invest in the pool (investments are made in DAI). Pool owners will get a UNO-based commission from every policy sold based on the risk pool they invest in, too.

Users who purchase reinsurance products on UnoRe can do so using the UNO token. If users wish to become claim assessors, they must stake their UNO a minimum period of 2 months.

Later on, governance will be given to the community, allowing members to stake their UNO Token in order to govern the pool groups and claims assessors.

Closing Thoughts

What UnoRe brings to the table is a clear prospect: open the insurance industry to a mass audience. Greater participation can only benefit those taking part, providing value for all stakeholders involved.

With a solid foundation of knowledge being brought in from the team, UnoRe looks set to shake up the Insurtech market and provide yet another promising use case for blockchain, bringing it closer to mass adoption. For that reason, UnoRe is well worth looking into.

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