VouchForMe AMA September 2018 Recap
Another edition of Ask Me Anything session on Reddit is successfully finished. Again we received a great list of questions and some of them sparked new thoughts and ideas. For all who couldn’t join the discussion, we are happy to share the recap also here on Medium.
Q: Are there solid partnerships in the mix that will be implemented ASAP once the platform is released?
A: Solid business partnerships are in the pipeline.
Q: If I understand correctly then your market research among potential users (automotive industry) was with positive outcome meaning they are interested in it. Without naming partners/clients, how do bigger existing companies view the vouching platform idea? Do they think this is a promising idea or rather a long shot worth a try while not investing in it too much?
A: Potential business partners are very keen to onboard with VouchForMe since they believe in the concept of vouching as an additional information in the underwriting process and as the long-term profitability improvement factor. They also believe blockchain is the right technology that will eventually play a pivotal role in further digital transformation. Additionally, VouchForMe enables larger existing companies to bridge the gap to the younger audience who are more price sensitive and proponents of the shared economy.
Q: Is project development — platform going well? Will be on time? Thank you
A: Product development of the platform is well on-track!
Q: Will the pilot start at the same time that the platform is launched?
A: We are aiming to start onboarding first business partners at the same time of the product launch.
Q: While focusing on the insurance market why should companies use your platform and how will they benefit from this? I am asking this because if I understand correctly then the whole idea is for users to pay less, but if users pay less then insurance companies don’t profit as much. Or did I misunderstand something?
A: Great question! With the concept of social proof and underlaying vouching process, insurance companies benefit in many aspects all adding to the positive bottom line. Vouching as an additional point in the underwriting process helps to separate low-risk clients from high-risk ones. Low-risk clients ultimately mean lower cost for the insurance company. The peer-to-peer concept is connecting like-minded people and the group’s peer pressure reinforces responsibility and helps to keep losses to a minimum.
Q: Rumour says ETH is on the verge of death especially because of its poor scalability. And if ETH platform isn’t working well in the near future, are you prepared to move on to some other platform like Cardano or to original blockchain system?
A: Right now the blockchain technology is still in its early phase. If there will be a need to shift to another blockchain, we will definitely observe all possibilities.
Q: The word “disruptive” was used plenty of times, and I’m just wondering wouldn’t it be more in line with the shift to “digital age” if vouching was made in one of the cryptocurrencies and not MasterCard or Visa, which are connected to a bank account and fiat money? I realize that high volatility is still a major problem. So this is not really a question, just want to get some of the teams thinking regarding the matter.
A: That is exactly the vision of VouchForMe. IPL Token (and underlying cryptocurrencies) are envisioned to be the main currency on the platform.
Q: I understand that the pilot means (1) working platform, (2) cooperation with an established insurance company and (3) big enough test group. The platform is in final stages and will be released in late Q3 — early Q4. How big and various is the pilot test group and which is the insurance company you are doing the pilot with? Thank you.
A: All three aspect of a pilot will be covered. Since we are still in the process of finalizing agreements with all sides involved, we cannot yet share all the details.
Q: I get this 5-second explanation is supposed to be very short, but I miss the part where the endorsers get rewarded. Could you please explain how this rewarding system works? Who pays the reward, how high is the reward, how do endorsees receive the reward? Is it solely in IPL token? Thanks.
A: The VouchForMe’s reward system idea is based on the use of IPL tokens. On the other hand, the reward system mechanics is highly dependent on the business partner’s business model and any additional specifics. This means that each individual case can be different: business partner sets the reward system parameters and the currency they wish to operate in. VouchForMe believes incentives in tokens are a far better alternative for business partners offering alternative loyalty programs, as well as for VFM users since they can use their social proof in IPL tokens for different purposes.
Q: I think crypto mass-adoption will need a few years more. Nevertheless, the success and sustainability of VFM will rely on it, trying to have a pool which increases every day (so hopefully one day you don’t need a third-party insurance partner since the pool will be enough for managing the whole risk if I am correct). So, how would you explain and sell VFM to people who are non-crypto-users?
A: Having the pool big enough for managing the whole risk is the very basics of the insurance concept. Definitely, we will go this way. VFM for the non-crypto user can be easily seen as a platform where you manage endorsements, which you need to get a better value proposition from different stakeholders.
Q: Aside from wanting to use the VFM platform, what are the requirements VFM needs from the potential partners to allow them to be one of the early adopters? (marketing budget set aside etc.)
A: There are no major requirements for potential business partners. The platform is designed to be able to accommodate various uses of social proof with minimal or even zero integration with the business partners’ back-end.
Q: Hi guys, following last product update — where the IPL token is not mentioned- could you explain how token use is encouraged? Are there any parts of the vouching process in which the token is used for value exchange, instead of fiat money.
A: IPL token is the essential part of the VFM platform. Our idea is to promote the use of the token as the currency for all transaction on the platform — from example making payments for the insurance policy to the reward system, and finally, individual’s social proof is to be valued in IPL tokens.
Q: Is the pilot limited to car insurance in the UK as planned from the beginning, or is it all mentioned business collaboration, spanning from health and motor insurance to property rentals and pension insurance in seven different countries, including UK, Portugal, Switzerland, Romania, The Netherlands, Russia, and Slovenia?
A: We are trying to get the pilot projects in different industries in order to get traction for the social proof concept and add to the idea of IPL token being the social proof currency.
Q: Will VouchForMe be creating an easy way to store and move tokens from vouchers, vouches, and the platform?
A: That’s the plan!
Q: Will the team be present in any other country&conference not just in the US? This year? And, is platform development and release on time regarding whitepaper plans?
A: Development plans are well on track, also our event schedule is packed. Additionally, to the US we will be in Japan, Switzerland, Austria, Germany, and the UK. Stay tuned for details in the coming weeks!
Q: Good morning. Very glad to see the development of the product and team’s aspiration to move on from car insurance — it is a great concept and it opens new possibilities and markets. But for now, there is one problem — regulation. And if I am right it means the necessity to develop concept and product in crypto-economy. The first step is to make IPL token an easy purchase. There are plenty of mobile wallets on a market, but one hidden project (Dether) really deserves your attention for two reasons: 1. It is a wallet + cash-crypto exchange which already has a working product 2. I feel that social proof insurance could be realized and be very useful here. Q: Could you please take a look on this technology and tell if this one would be a valuable partner during regulation vacuum?
A: Thank you for your idea. We will examine Dether!
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