Welcome to my review of Rega Risk Sharing.
This is new coin in the cryptocurrency space that I’ve been taking a closer look at.
Rega Risk Sharing Overview
Rega Risk Sharing is a brand-new web based insurance company. Designed not for large insurance brokers, but instead as a crowdfunded, peer-to-peer, community structure. The team at Rega Risk Sharing have coined this new approach Crowdsurance and laid claim to be the world’s first on blockchain. Blockchain in turn is a market leading online platform for digital asset management. To understand how Rega Risk Sharing works, you must first understand the principles behind blockchain technology.
Rega Risk Sharing – Blockchains
First invented by a team working under the alias Satoshi Nakamoto, they came to prominence with the invention of the digital currency BitCoin. In effect, blockchain allows the distribution of information without the possibility of duplication, which has given Bitcoin and subsequent cryptocurrencies their enormous value on the digital stock market. This principle can work not just for transactions of a financial nature, but for anything of value on the net (e.g. Information). It does this by creating an online ledger of these transactions, which cannot be copied or corrupted. This block is then added to the chain and cannot be altered. Think of it as a bit like a public document, shared across a network of computers, and updated constantly. The blockchain technology allows public access, is stored across hundreds of thousands, if not millions of computers and cannot be centrally hacked or altered.
Rega’s Initial Coin Offering
So, from cryptocurrency, blockchain technology has led to data and information file sharing, and this is where Rega Risk Sharing comes in. Rega are in the process of conducting their Initial Coin Offering (ICO) to convert your Ethereum (ETH) digital currency into Rega Sharing Tokens (RST). These RST’s come with a 20% Capital Requirements Regulation (CRR) fee, which is what Rega take for running the software and platform. Crowdsale began on 15th October 2017 and is now in its second of five stages. RST’s can be bought for as little as 0.105 ETH meaning that at current market value, one (1) Ethereum Coin (valued at $462.44) will buy you 9.52 Rega Sharing Tokens. After the presale 2000 tokens, there are 5000 available at level 1 (0.105 ETH)), 10,000 available at level 2 (0.11 ETH), 20,000 available at level 3 (0.115) and a hard cap limit available at level 4 (0.12 ETH).
Once the crowdsale is complete, the business of offering secure, public funded insurance at competitively low rates can begin.Effectively speaking Rega are in the process of creating a new cryptocurrency (the RST). However, instead of just being a digital currency floated against other fiat and digital currencies on the market, it will generate income for the holder from the sale of insurance to consumers in the coming years. At any point after the crowdsale is complete (set for 25th December 2017), Rega Risk Sharing Token holders may trade in their RST stock for ETH coins again. This means that if the value of Ethereum continues to rise, not only will buyers make profit from the insurance sales Rega make, they will also make a profit on their initial investment when converted back into Ethereum Coins further down the line. Although all stock trading comes with associated risk (and cryptocurrency is by no means an exception), Rega have presented an interesting proposal as set out in their whitepaper.
Rega Risk Sharing White Paper
Rega Risk Sharing have devised a well-planned road map to market for this crowdsurance technology. The whitepaper is in the public domain and can be viewed here: https://rega.life/regawhitepaper.pdf
The proposal is to begin by offering pet protection, moving on to gadget protection, car protection, house protection and finally health protection in the coming years. They have models for four separate milestones estimated over a 36-month period. Depending on the level of investment reached, their aim is to bring affordable healthcare insurance to as many as 25,000,000 members within this 36-month period (based on 100,000 Ethereum coins being raised). Starting in January 2017, the company will begin offering pet insurance to US households.
This will then be staggered as Rega pet insurance reaches the EU marketplace with gadget insurance hitting the US market simultaneously and so on until health insurance is made available in both US and EU regions. At this point (and depending upon investment levels to achieve targets) Rega Risk Sharing Token Holders will see returns of between 0.42 – 0.91 ETH on their investment. That’s an exceptionally good return on investment, especially for such a bold and altruistic project as this.
Rega Risk Sharing Conclusion
After taking a closer look at Rega Risk Sharing I believe that this is a legitimate cryptocurrency ICO and coin. It’s a solid project that has potential and I will be looking at investing when the coin hits exchanges.