Quote from: FoxSilver on January 09, 2018, 09:15:26 PM

What IPL Tokens Used For?

The IPL tokens issued by Insurepal can be used to:

Insure blockchain business transactions– Fees and incentives for endorsers will be paid in IPL tokens.

Credit and social proof score– Social proof endorsers can make a guarantee with either a credit card or smart contract. When several endorsers guarantee the same person, their credit score will proportionally increase in value.

Award Insurance Premium Bonuses – By uploading a copy of their existing insurance policy, clients can receive rewards in tokens. This premium will grow more valuable with the number of endorsements a client receives.

Pay Incentives– Endorsers will also receive incentives for guaranteeing other users in IPL tokens (or fiat currency). Endorsers will then be able to sell their tokens or speculate and wait for a higher market value. They can of course also use these tokens to buy or renew insurance policies in the future or even to pay for services at shops that accept IPL.

Prove social identity– IPL token-holders will be able to identify themselves with the Insurepal community. Eventually, users will be able to sell their own social proof guarantee completely anonymously to receive both the guarantee and a proportionate share of their insurance premium.

Adjust claims – Insurepal’s tokens will also be used to process claims, and where necessary, make adjustments. The community will decide, in other words, on the basis of smart contracts held on the chain, what the settlement will be. Insurance companies no longer have to be involved.

Nicely done mate, this is a really great summary on the advantages of using insurepal and what makes insurepal unique compared to other insurance cryptocurrency. I never really thought that users are able to sell their own social proof guarantee anonymously, but how though? What's the process behind this? And why is this beneficial to anyone? Don't get me wrong but I didn't understand that statement clearly, can anybody on here explain in detail regarding selling your own social proof guarantee to receive both the guarantee and proportionate share of insurance premium?. I'm not really familiar on how the insurance industry works so I'm quite noob regarding that, it will be great if someone can explain the prove social identity feature in detail, that will really help me grasp the idea entirely and will also help me in understanding the process of selling your own social proof guarantee anonymously.