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Teambrella (TMB) ICO Review

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Teambrella is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameTeambrella
Token SymbolTMB
WhitepaperView Whitepaper
Website LinkHome
Price1 TMB = 0.001 ETH
PlatformEthereum
Soft Cap2,000 ETH
Hard Cap10,000 ETH

More about Teambrella (TMB) ICO:

Teambrella is a peer-to-peer alternative to insurance. Teambrella platform is already live. Opensource iOS and Android apps. The members of pilot teams already cover their pets, bikes, and cars in Argentina, Peru, Germany, the Netherlands, Russia, and the USA. Teambrella’s VC investor, Shanda Group is the largest shareholder of Lending Club. Addressable market – $3 trillion.

Teambrella is a social app that aims to replace insurance. 

  • Live Platform. Teambrella has already built its platform. The members of our six pilot teams already cover their pets, bikes, and cars with our iOS, Android and Web apps.
  • Worldwide. Our business model doesn’t require an insurance license in most jurisdictions. We have pilot teams in the USA, Argentina, Peru, Russia, Germany, and the Netherlands
  • $3 Trillion Market. Regulations prevent the insurance industry from being disrupted. So we’ve created a platform that doesn’t provide insurance but removes the need for it.
  • VC-Backed. Prior to the token sale, Teambrella has raised $1.3M in seed funding from Shanda Group, the largest shareholder of Lending Club and Community Health Systems.

When a team honors a claim, each teammate pays their share directly from their personal Ethereum wallet which is co-controlled by the team and the person. So there is no central entity that could keep the clients’ funds. We simply can’t profit from denying claims.

Introduction

Everyinsurancecompanypoolsfundsfrompolicyholders.Themoremoneyleftinthepool,thehigheristhecompany’sprofit.Inotherwords,itisprofitableforthecompanytodenyevenvalidclaims. As a result, insurance companies and policyholders have conflicting interests.Thisisreflectedinvariousbad-faithpracticesofthecompanies,suchasunreasonabledelays,denialofpayment,etc.Thoughsomejurisdictionstrytomitigatethisbyadoptingthetortofinsurancebadfaith,thegeneralpublichasaverynegativeperceptionoftheindustry.This,inturn,leadstoahighamountoffraudscommittedbyotherwiselaw-abidingpersons.Surveysshowthatnearlyhalfthepublicwoulddonothingiftheybecameawareofaninstanceofinsurancefraud[4]and 24 percent even find such fraud acceptable [3].Anti-fraudmeasuresarecostlyandhostile.Theendresultisunfairtreatment,bureaucracy,lackoftransparencyandpricesthataremuchhigherthancustomers’expectations.ForautoinsuranceintheUSA,atypicallossratioisabout60percent[1]andadjustmentexpensesmakeupanother10percent of premiums [2]. Only half of the premiums are paid back as reimbursements.Bothunfairpricesandbad-faithpracticescanbesignificantlymitigatedbyimplementingapeer-to-peer(P2P)coverageorganization.Peerscontrolviavotingeachandeverydecisionandarefreetoinstantlydelegatetheirvotestootherpeers,creatingchainsoftrust.Aslongasthereisnocentralmoney-handlingparty,everyreimbursementpaymenttoapeeris,infact,apaymentofpremiumsfromotherpeers.Thoughthetotalamountofpremiumsisnotfixed,peershavefullcontrol over their spending, which can be two times lower on average.Whileforeveryclaimthereisstillapayeeandpayer(s),itisineverypayingpeer’sinteresttodowhattheybelievetobefair.Bydoingso,thepayersetsthestandardsoftreatmentthatwouldbeappliedtothemincaseofanincident.Thispracticallyremovesconflictofinterestandsignificantlyreduces burdens otherwise put on policyholders.

TheframeworkfortheP2Porganizationincludesadecision-makinglayerandapaymentlayer.Thepaymentlayerisbasedonblockchaintechnology.Thedecision-makinglayerconsistsofaserver(s) used as a medium for communication and voting.

Distributed WalletsTeammatesmakereimbursementpaymentsfromcryptocurrencywalletstheycontrol.Privatekeysto those wallets are stored on respective client systems only and are never transmitted outside.Uponfirstlaunch,atrustedclientapplication(e.g.anopen-sourceone)createsakeypair(privatekeyandcorrespondingpublickey).Thepairisthemainkeypairforthenewteammate’sdistributedwallet.Thisensuresthatnocoinscanbespentfromthiswalletwithouttheirconsent.Thewalletisadditionallycontrolledby​Noutof​Mothercosignersselectedbytheserver.Theteammateisallowedtowithdrawtheircoins​withtheconsentofotherteammates,i.e.,insuringthatalloutstandingpremiumscanbepaidout.Whentheteammateisselectedasacosignerofanotherteammate’swallet,thecosigningiscarriedoutwiththesamekey.Thekeyisalsousedforsigning requests to the server. Finally, it can be used in case of server-less team disbanding.ForUTXOblockchains,suchasBitcoinorBitcoinCash,thewalletsareP2SHones,witharedeemscriptusing1+​Noutof​Msignatures.​Nand​Mareselectedsothatthecorrespondingredeemtransactionsarerelativelyshort,yetasufficientlyhighlevelofsecurityisprovidedforstoringcoinsinsuchwallets.Forteamswithatleast9activemembers,​N​=3and​M​=8.Anattackerwouldneed to gain control of 4 out of 9 systems at the same time. (See also: Attack Vector Analysis).For Ethereum blockchain, the wallets are deployed as Ethereum contracts.Theserver(s)automaticallyadjustslistsofcosignersbycreatingnewaddressesandinitiatingtransfersofcoinstothem.Thiswayithandlescasesofpeersjoiningorleavingteams.Wallet ownersandcosignerscontrolthisprocessinawaysimilartopaymentofreimbursements:eachchangeoftheaddressbytheserver(s)mustbeapprovedbyboththewalletowneranditscosigners. (See also: Payment of Reimbursements).

Addition of New Members to

TeamAteammaydecidewhetheraninvitationisrequiredforjoiningtheteam.Itmayalsodetermineifrecently joined members are allowed to send out invitations.Apersonwantingtojointheteamneedstosubmitanapplication.Theapplicationshouldcontainalltheinformationrequiredbytheteamrules.Forexample,forautocollisioncoverage,itmayberequiredtosubmitadescriptionandphotosofthecar,informationaboutdrivers,previousaccidents, etc. The application must include insurable value if it is not defined in the team rules.Uponreceivinganapplication,theserver(s)initiatesvotingonthenewmember’sriskcoefficient.Similartovotingonreimbursement,amedianvalueisselected,I.e.theresultisdeterminedinsuchawaythatthetotalweightofvotescastforriskcoefficientslowerthantheselectedoneisthesameasforgreaterones.Duringthevotingperiod,teammatesmayrequireadditionalinformationfromtheapplicant.Thefinalvalueoftheriskcoefficientisdeterminedafterthevotingisover(sevendaysbydefault).Aftertheapplicantapprovestheriskcoefficienthebecomesanewteammember.

Team Rules

Allaspectsofinteractionswithinateamareregulatedby​teamrules​.Rulesaresetbyteammembersandenacted/maintainedbytheserver(s).Untilacceptingasecondteammembertotheteam,thecreatoroftheteammayaltertherulesinanyway.Inateamofseveralmembers,eachchange to the rules is a result of voting.Teamrulesconsistofpredefinedaswellascustomrulessuggestedbytheteammembers.Foreachpredefinedrulethereisaparameterthatcanbemodified.Foracustomruleamodificationcan be either new text or deletion of the rule.Votingiscarriedoutautomaticallyonanhourlybasis.Foraparameterthathasseveraloptions(e.g.,on/off,yes/no)thenewvaluecanbesetifitissupportedbythemajorityofteammates’votes.Thisalsoappliestoallcustomrules.Newvaluesofnumericparametersaredeterminedasmedian values (i.e., the total weight of votes for lower values and for larger values are the same).Changestocustomrulesandparameterswithseveraloptionsgointoeffectafterseveraldays(sevenbydefault)ifnoadditionalchangeshasbeenmadeduringthatperiod.Foreachnumericparameterarunningaveragewithawindowofseveraldays(sevenbydefault)isusedastheparameter’s effective value.

Team DisbandingMembersofateammaycollectivelytransferfundsfromtheirdistributedwalletswithnointeractionwiththeserver(s)atanytime.Iftheserver(s)becamecompromised,thenteammemberswouldlaunchtheclientsoftwareinaspecial“disband”mode.Tospeeduptheprocess,theycancoordinate it via a social network or forum.Initially,theclientsoftwarepublishesadisbandingrequesttotheblockchain.Oncetherequestispublished,theclientsoftwarestopsprocessinganyrequestsfromtheserverrelatedtotheteambeing disbanded.ForthecaseofEthereumnetwork,therequestispostedasasetofspecialdisbandmessagestotheEthereumwalletsthattheclientisacosigneroranownerof.Whenawalletreceivesatleast​Noutof​M(e.g.,3outof8)disbandmessagesfromitsco-signaturesaswellasamessagefromthewalletowner,itreleasesthefundstotheaddressspecifiedbythedisbandmessageofthewalletowner.InUTXOblockchains,therequestispostedasapayloadedtransactionfromtheteammate’spersonalwallet(theonewithaP2PKHaddressderivedfromtheteammate’spubkey[5]).Thepayloadcontainsapay-toaddressspecifiedbytheuser.Subsequentdataexchangeusespayloaded transactions in the same way.

Conclusion

Wehaveproposedasystemforpeer-to-peercoverage.Usersofthesystemcancreateorjointeams,whereeachmemberisapeer.Eachpeerisbothaproviderandaconsumerofthecoverageserviceandeachpremiumpaymentis,infact,apartreimbursementofaclaim.Peerscollectivelyadministerallfunctionsoftheirteambyvoting.Tomakethevotingprocessefficientweproposechainableproxyvoting,withvotersbeingcompensatedfortheirtime.ToenforcepremiumpaymentsweintroduceddistributedEthereumwalletsthatpreventspendingnotsanctionedbyotherpeers.Distributedwalletsarenotserver-controlledandcanbetransferredfromiftheserver(s) is compromised

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