Announcing the Etherisc DIP Token Generating Event — Registration is now open

Etherisc and the Decentralized Insurance Foundation are happy to announce the start of the registration process.

UPDATE: Dates are now defined. The DIP Token Generating Event will start on 25 June 2018. Details in the announcement post.

Etherisc is committed to building decentralized insurance and to enable a wide range of insurance applications. With the DIP Token Generating Event (TGE) we want to raise funds for the Decentralized Insurance Foundation in Zug, Switzerland, to support the long-term development and promotion of decentralized insurance and the open-source DIP protocol.

Mandatory KYC and AML

In the process you will be asked to identify yourself. With insurance we are entering a highly regulated business area, and we want to make very sure that we fully comply with Know-Your-Customer (KYC) and Anti-Money-Laundering (AML) requirements.

We will use a service provider, IDnow GmbH in Germany, to identify individual contributors, and Swiss based KYC Spider AG to check for compliance with AML regulations. In the process with IDnow you will show identification documents to a human agent and verify your identity in a video call. The call should take you a few minutes, and the AML check with KYC Spider will happen automatically after that.

You will receive an email notification as soon as the identification process and all checks are successfully passed. Note that IDnow works only for individuals, natural persons. If you prefer to contribute to the DIP TGE as a legal entity, please contact our support team per email to [email protected].

Whitelisting and TGE phases

Please note that only Ethereum addresses from contributors who successfully pass KYC and AML checks will be whitelisted, and only ETH transactions from whitelisted addresses will be accepted in the TGE.

The TGE will consist of two phases: In the first phase, registered participants can contribute up to an individual cap. In the second phase, registered participants can contribute unlimited amounts until the hard cap is reached or the TGE ends.

Early Contributors

We received a lot of support and interest over the last weeks and months, and many have asked us for a pre-sale, bonuses, discounts and private allocations. We are aiming for a transparent and fair process and want to ensure a wide distribution of DIP tokens. At the same time we want to incentivize early commitments and early supporters of our long-term vision for decentralized insurance.

To balance these aspects, we introduce the concept of “Early Contributors”: These are friends, advisors and partners, as well as larger or institutional contributors who reached out to support us. We offer them to sign an Early Contribution Agreement (ECA) with the Decentralized Insurance Foundation. With these ECAs Early Contributors commit to contribute a certain amount in the TGE, and get their Ethereum address whitelisted with the committed amount defined as individual cap for the first phase.

Furthermore, Early Contributors who sign an ECA now, can opt in to lock up their DIP Tokens for one year after the TGE, and this long-term support will be rewarded with a 10% token bonus. To further incentivize early commitments now, we offer the first signers, who also commit to locking up tokens, a bonus of 25%, up to a total committed sum of USD 10M. We will start reaching out to Early Contributors on Friday 23 February 2018.

If you want to become an Early Contributor, too, please reach out to us per email to [email protected].

Regulatory safety

The Swiss financial regulatory authority FINMA has recently published ICO guidelines, providing a great basis for legal and regulatory safety. We want to make very sure that the DIP token and the DIP TGE fully comply with these guidelines. So we are requesting a ruling from FINMA to approve the DIP token and the DIP TGE. We will wait for their response before fixing a start date for the TGE. We are excited to have the opportunity to become one of the first projects to conduct a fully regulated and approved token event in Switzerland.

If you have any questions please consult the new FAQ section on our website, join the Etherisc community on Telegram or reach out to the support team per email to [email protected]. Please also subscribe to our newsletter.

Thank you for your support! We look forward to a successful Token Generating Event and to enabling a whole lot of decentralized insurance businesses.

Christoph, Renat, Stephan, and the Etherisc team