Hi Mutual Society (HMC)
Hi Mutual Society (HMC) is a blockchain project designed and managed by Qfund, the largest online crowdfunding platform in Asia. HMS plans to create a decentralized society of mutual insurance (Mutual Society) that will use the blockchain technology.
The project is officially registered with the name HMS Global Inc. in the Cayman Islands. The company presented itself in the public at the BitcoinTalk Forum on March 12th, 2018. The developer of the HMS project became the Qfund team. The investors of the project at the early stage also were Chinese companies Danhua Capital and INBlockchain.
HMS (Hi Mutual Society) is determined to create an ecosystem of mutual insurance and provide the relevant services. The mutual insurance is a concept analogous to the general insurance: the community members form a fund, from which they later receive certain payouts. By gradually extending the available scenarios, HMS will allow the third parties to create their own mutual insurance contacts on the platform.
The project aims to release a minimum viable product for its platform to April 2018. The private beta version of the decentralized app is planned to be launched until September 2018, while the public beta launch will happen in the first quarter of 2019. After the app launch it is planned to release smart contracts and extend the range of services.
Technical characteristics of the coin
In the blockchain of Hi Mutual Society the digital token HMS will be used, which works on the Ethereum (ERC20) platform. To join the community, it is necessary to deposit a certain amount of HMC to the account. All funds are blocked by the smart contract that distributes the insurance payouts later.
The payouts are made with the funds of the fund participants, so the tokens will be gradually deducted from the account. Thus, to keep the membership, it is necessary to replenish the account from time to time.
The emission of HMC is 1 000 000 000 HMC tokens. 300 million will be allocated for the private sale, 100 million will go to the support of the community’s daily work; 400 million will be the reward for those who contribute to the community. 200 million will be left for the team of developers.
The date of the upcoming ICO project of Hi Mutual Society is not known yet.