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Hi Mutual Society (HMS) has announced its latest offering in the lineup, Flight Delay Mutual.
Three HMS Lineup includes three products in total. Flight Delay Mutual joins the two other products, Global Health Mutual Support and Token Support. All three products target different users and industries, but all look to improve their sector through blockchain technology.
Flight Delay Mutual focuses on flight compensations for delayed flights. Users pay 100 HMC and enter the flight information for their trip. If the trip is delayed and meets the criteria, compensation for the user can be up to 2000 HMC. Delays that fall under 4 categories are eligible for compensation: flight diversion, flight return, flight cancellation and landing times that cause a delay of more than 2 hours.
The first automatic compensation – through smart contracts – was made April 17th of this year, and more than 70,000 HMC had been paid out by May 7th, 2018. The other two offerings by HMS also use smart contracts in a similar fashion. This ensures fairness, transparency, and those operations are conducted in a timely manner.
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Use of Smart contracts throughout all products
Global Health Mutual Support uses smart contracts in a way like Flight Delay Mutual. Members deposit 100 HMC in smart contacts and if after a 180-day observation period, suffers from an illness on the 30 Major Illnesses List, can receive up to 300,000 HMC in compensation.
In fact, both products operate like how traditional insurance works but replaces the middleman with smart contracts. This means savings for customers, resulting in lower fees and more coverage. Smart contracts also ensure payouts are paid immediately, as many insurance companies are reluctant to cash out.
Token Support utilizes smart contracts as well but in a different fashion. Smart contracts are used by crypto traders when they want hedging support for when the market goes up and down. Token Support offers 2 main products: “Afraid of Rising Mutual Support” and “Afraid of Falling Mutual Support”. As of May 7th, 7 plans have been implemented using these products.
The fee for opting into either plan is 0.01 ETH – 0.02 ETH and compensation payouts can be up to 2 ETH. Users can opt for compensation if the market rises or falls by 25%. The names are self-explanatory, with “Afraid of Rising Mutual Support” for bull markets and “Afraid of Falling Market Support” to be used in bear markets.
HMS has not only implemented technological innovations with their products but in the interface, itself. The dashboard uses a mnemonic login, to provide a dual-account confidentiality service.
Payment protocols have been optimized, two-node backups of wallets have been completed, and data statistics functions have been completed.
EOS contracts are in development, to further improve the operation speed of the platform. These contracts will also help with scalability, as HMS grows to handle more customers and offers more products in the future.
To learn more, visit HMS’ website and read their whitepaper . Chat with them on Telegram , and follow them on Twitter and Facebook .
