ICO Review: PolicyPal Network (PYPL) Insurance for the Unbanked and Cryptoassets February 15, 2018
PROJECT OVERVIEW What is PolicyPal? PolicyPal Network is a non-regulated platform built with the vision of granting the unbanked access to insurance protection by lowering the barriers associated with traditional insurance coverage. With the use of blockchain technology, PolicyPal Network hopes to increase universal access to insurance, while providing faster, more varied service that is secure and transparent. 2
PROJECT OVERVIEW Products CryptoProtect: Cyber security service in partnership with Insurers to protect cryptocurrency assets. CryptoProtect service will be underwritten by AA rated global insurers and it will protect assets of blockchain startups in the initial launch. P2P Mutual Aid: PolicyPal Network plans on providing a low barrier to entry, and proportional insurance coverage for communities that don t otherwise have access to coverage. Products include agriculture, property, life insurance, as well as personal accident plan. 3
PROJECT OVERVIEW How it works 4
PROJECT OVERVIEW Insurance partners 5
PROJECT OVERVIEW Development roadmap Q1 2018 Q2 2018 Q3 2018 Q4 2018 Announcement of partnerships in emerging countries Proof of concept for CryptoProtect insurance with global insurer Alpha release on Ethereum Testnet Alpha and beta release on Ethereum Testnet with partner in new country Alpha of testing of CryptoProtect insurance Launch cryptocurrency insurance with global insurer Alpha and beta release of PolicyPal Network Blockchain with Proof of Stake Launch PolicyPal Network Blockchain with exchange of ERC20 tokens Launch P2P Mutual Aid Insurance (personal & life insurance) Further expansion into other Asian countries Proof of concept for new insurance products with global insurer Launch P2P Mutual Aid Insurance (agriculture & property Insurance) 6
TOKEN SALE OVERVIEW PYPL token sale summary ICO SUMMARY TOKEN DISTRIBUTION Project name: PolicyPal Network Token symbol: PYPL Website: https://www.policypal.network Hard cap: 23,809 ETH for 50% of total token supply (6,000 ETH for Crowdsale) Conversion rate: 1 ETH = 21,000 PYPL Max market cap at ICO (fully diluted basis): US$44M assuming current ether price of $925 Bonus structure: 0-20% for presale contributors with no lock-up period Presale or white list: Presale and whitelist closed ERC-20 token: Yes Countries excluded: U.S.A, and China Timeline: Main sale in March, details TBA Token distribution: 2 weeks after end of crowdsale 15% 15% 20% 10% 10% 15% 15% 50% Token sale Incentive for PolicyPal Network Blockchain Team Partnerships USE OF PROCEEDS 50% R&D Marketing and market expansion Legal & compliance Operations Business partnerships 7
PROJECT OVERVIEW Use of PYPL tokens PYPL tokens will be used as gas price for the blockchain. In the first 2 years of PolicyPal Network blockchain, the gas fees collected in PYPL tokens will go towards the incentive for PolicyPal Network Blockchain pool. From the third year onwards, the tokens collected will be burnt, which will limit the supply of tokens. PolicyPal Network will utilize Proof-of-Stake as the consensus mechanism. PYPL token holders will need to complete crowdsourcing tasks to ensure their active contribution on the PolicyPal Network. As PYPL tokens will be used as gas for the PolicyPal blockchain, the more usage the platform (hence the blockchain) has, the more valuable the tokens should become. 8
PROJECT OVERVIEW How to earn PYPL tokens Receive 2% bonus rewards when purchasing insurance policies on the PolicyPal platform. Participate in surveys regarding the development of new features for PolicyPal Network. Participate in new insurance products survey forms and receive bonus tokens when such product is launched. Participate in marketing referral program to form the community for the insurance pool. 9
THE TEAM Team 10
THE TEAM Advisors 11
OUR THOUGHTS The opportunities Having founded PolicyPal, the team has great connections in the Asian insurance industry and has proven their capability and innovation in the space. With a highly relevant track record under their belt, it is much easier to grow PolicyPal Network into a success. Security is a huge concern for both individual and institutions in the cryptocurrency space. CryptoProtect is an insurance product targeting this problem and should have quick adoption because its target users are those already familiar with cryptocurrency. 12
OUR THOUGHTS The opportunities The penetration rate for insurance is still very low for Southeast Asia compared to other regions. With PolicyPal Network s offerings, the unbanked will have a much easier time signing up for insurance products. The team has been very active in promoting the awareness of their project. They have recently completed a speaking tour in Asia. 13
OUR THOUGHTS Our concerns As with any project developing their own blockchain, the development timeline is uncertain with delays being common. The release of the PolicyPal blockchain on the Ethereum mainnet is scheduled for in Q3 2018 but it could be delayed. Although PolicyPal is a running company, PolicyPal Network itself does not yet have an alpha or prototype. 14
OUR THOUGHTS What do we recommend? For flipping: Positive. The idea, team, progress, token metrics, and market awareness are all above average. With only 6,000 ETH being sold in the crowdsale, we believe there will be unmet demand for the tokens. For long-term holding: Positive. The team has a successful track record in the Asian insurance industry and is looking to replicate their success with PolicyPal Network. They already have the connections and network to expand beyond Singapore. The Asian insurance industry is rapidly growing and the upside potential is substantial. 15