Bitrust is a p2p cryptocurrency insurance platform that utilizes smart contracts. It is affordable and decentralized and is based on the Ethereum blockchain. The whole goal is to keep cryptocurrency safe by offering solutions to mitigate the risk. Traders that have an average monthly trade volume of between $100 and $100,000 can get coverage.
How does it work?
Those using the platform are referred to as buyers and sellers. Buyers are those that are looking to insure a specific position with a cryptocurrency so that the currency does not drop below that point. The other side, the seller, can be one person or a group of people that pool together and agree to a buyer's terms or make a counteroffer. Both sides can agree to terms and be locked into the smart contract. The insurance cost is locked in and so is the body. If the price of the cryptocurrency that is insured drops below a certain threshold before a specified time period, then the smart contract does its thing and pays out the entire pool of money. The same thing can happen to the seller if the specified time period passes. The seller would get the pool of money.
The Token
Bitrust Tokens (BTF) are the platforms form of cryptocurrency. This token provides a discount on the fee that is associated with the insurance contract. Transactions conducted with currency outside of Bitrust Tokens will be about 80% higher. This discounted price in fees will help to promote the use of the token. The fee is normally 0.1% of the contract so long as it is completed with Bitrust Tokens. You can get these tokens early during the Bitrust ICO sale and get a 30% bonus with a potential to get more for referrals that make a large enough purchase. The ICO will last for 60 days or until the soft cap is reached. The soft cap for token creation is about 6000 ETH. If this is reached, sales continue for 240 more hours. The hard cap is set at 12,000 ETH and no more sales will be conducted after this. The ICO ends on May 31st 2018 or once the hard cap has been reached.
Token Allocation
There will be 250,000,000 total Bitrust Tokens (BTF) created. 60% of the total amount of tokens will be sold during the normal token sale. 15% of the tokens will go to the Bitrust team. 15% will be allotted to those participating in the bounty campaign, advisors, and campaign costs. The last 10% of the coins will go to the reserves that will be used to further development in the company.
What about the use of the funds?
All of the sales are expected to be used to further the company. Product development is expected to take up approximately 60% of the funds. 20% of the funds will go to sales and marketing. There will be 10% that goes to operations and about 10% that will go to legal expenses.
Curious and want to learn more? Check out their whitepaper.
