Etherisc offers blockchain-based insurance in Puerto Rico

Etherisc, a new decentralized insurance platform, to launch their hurricane insurance policy in Puerto Rico
25 April 2018   645

Traditional insurance companies have proven to be completely unreliable in case of Hurricane Maria's visit to Puerto Rico. And local Ethereum engineers have decided to take up the slack.

Written in just 90 days, Etherisc is a new decentralized platform for building insurance programs. And yesterday they announced their first blockchain-enabled insurance product to help combat catastrophic weather in Puerto Rico. The hurricane insurance on the new platform will allow people to avoid traditional insurance companies altogether, because they proved to be wholly inadequate in the past six month since Hurricane Maria hit many small businesses and households. Even up till now, some of the victims haven't gotten their insurance claims processed, and a lot of people received refusals to pay out policies.

Etherisc's decentralized protocols eliminate the need for the large insurance providers to be involved in the process, utilizing the library of automated smart contracts to record transactions in a transparent and secure way. There is no middlemen to ramp up their commission, thus reducing the price of each individual insurance policy for households and small businesses.

Additionally, the payouts are triggered automatically by the parametric algorithms, so that the program uses a set of predetermined weather conditions to issue a payout immediately. This also helps to lower the costs and make insurance more affordable for the low-income families.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   392

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.