InsurePal Crowdsale Terms: Vesting, Pricing and IPL distribution

Published in

VouchForMe blog

4 min readJan 15, 2018

Transparency and dedication are crucial for InsurePal future success. For that, IPL Tokens dedicated to Founders, InsurePal Executive and InsurePal TCS Support Team will be reverse vested for 2 years with a cliff vesting schedule.

As transparency is a cornerstone value of our InsurePal project, we cherish a clear communication with our community. We would like to explain you the vesting process and the reasoning behind this process.

IPL Token Distribution

To summarize, the total of 300,000,000 IPL tokens will be distributed in the following manner:

Crowdsale: 67% IPL (of that 70% was sold-out in whitelisting pre-sale)
The majority of IPL tokens will be put on public sale to gain funds for further platform development.
Founders and team: 22% IPL (10 % founders, 6 % InsurePal team, 6 % TCS Support Team)
A dedicated amount of IPL tokens will be held by project founders and the team who made InsurePal a reality.
Advisors & Ambassadors: 6% IPL
A portion of tokens will be given to our advisors and ambassadors for reaching broader audience and awakening greater interest in InsurePal.
Platform Incentives: 3% IPL
To achieve faster growth, part of the funds will be allocated to offer various incentives to our most active users and engaged supporters.

It is important for the team behind the InsurePal to maintain an interest in IPL tokens after the crowdsale. For that reason, the IPL tokens distributed to founders, InsurePal executive and InsurePal TCS team have a built-in vesting schedules to align incentives and prevent potential market dumps. This ownership motivates our team members to continuously operate in a way that is in the best interest of all IPL token holders.

What is vesting?

The vesting process at crypto start-ups shares great similarities with the classical vesting by which an employee accrues non-forfeitable rights over employer-provided stock incentives or employer contributions made to the employee’s qualified retirement plan account or pension plan. But, there are two important differences:

Vesting in crypto refers to digital tokens. Ownership of the IPL tokens don’t include rights to ownership of the company, company’s intellectual property, service’s IP, profits of the service or participate in decision making, unless options are put up on voting to token holders.
Vesting is applied to InsurePal Founders and Core Team and TCS Team Members.

The vesting function effectively locks IPL from transfers and transactions until the IPL is held for a set amount of time. In other words, if a holder attempts to transfer more IPL tokens than vested (or matured), the transaction will fail and not execute.

Why was vesting introduced?

Founders, InsurePal Executive Team and TCS Team Members agreed to receive part (or even whole) compensation for their work in a form of IPL Tokens in order to express their devotion and determination towards the project.

They have also agreed to a vesting period of 24 months, meaning that 50% of their tokens will be released after the first cliff of 12 months and another 50% after the second cliff (24 months). After the release, these IPL tokens will be transferable and fully operational.

How the vesting process works?

IPL Tokens, dedicated for vesting purposes, will be placed on private Ethereum addresses and vested with a locking function, integrated in a Smart Contract. The function restrains all other functions of the tokens on these addresses, therefore they temporary lose their transferability.

Why is this important for other contributors?

The vesting process is a guarantee that project’s stakeholders have a sincere intention to participate on the project on a long-run.

InsurePal Crowdsale Summary

As an overview and a quick reminder, InsurePal project is set according to the following schedule:

· Whitelisting Pre-Sale: Finished with 70% IPL tokens Sold-Out. Read more on blog.
· Crowd-Sale: Starts on 16 January at 13:00 UTC

We advise all who wish to participate to whitelist as soon as possible as KYC process takes time and spots are getting extremely limited.

Join our Growing Community

If you’d like to reach out to any of InsurePal team members, we`re actively engaged on Telegram. For more information about InsurePal crowdsale, visit our website www.insurepal.io and join us in conversation!