1.Description of FInsur's “Insuring as Mining” mechanism
As stated in the white paper, the FInsur insurance community will adopt a mechanism of “Insuring as Mining”.
Detail as below：
Anyone who purchase insurance products issued by FInsur will receive the return of the premium on the next day. The calculation method is: convert the total amount of the premium into FI as reward, and the price of FI is the average price in same day.The launch time of insurance by users will be public announced in website.
2.Description of FInsur's “gross profit distribution” mechanism
As stated in the white paper, the FInsur insurance community will adopt a “gross profit distribution” mechanism to regularly allocate 80% of the gross profit of the insurance community to FI holders.
Detail as below：
Due to the business characteristics of the insurance community, we initially adopt a monthly return cycle, which is to publish FInsur's financial statements on a monthly basis, and allocate 80% of FInsur's gross profit to all FIs according to the circulation ratio at the first time after the report is published. The specific details are subject to the future announcement in website.
3. Description of the relationship between FInsur and FCoin
FInsur is a new insurance community based entirely on the concept of the token economy. And FCoin is a strategic partner with FInsur. The mechanism of FInsur's “insuring as mining” and “gross profit distribution” will be achieved which rely on the FCoin platform. Also, new insurance products of FInsur will serve the FCoin community ecosystem as first priority.
4.Description of the FIs‘ locked position mechanism of the premium return from the “account Stolen Insurance" [Basic Edition]
Since the account stolen insurance [Basic Edition] is a welfare insurance covering all FCoin users, the FCoin platform pays premiums for each user. Therefore, based on the principle of “insuring as mining”, the FCoin platform will receive the corresponding FI return. FCoin promises that the FI return obtained through the account stolen insurance [Basic Edition] will be locked for three years and will not be circulated in the secondary market. The start date of the locked position is the first FIs’ return date.