Hi Mutual Society is a blockchain projected created by Asian crowdfunding platform Qfund. Find out what it plans to accomplish today in our review.
What Is Hi Mutual Society?
Hi Mutual Society, found online at HMS.io, is a global mutual society based on blockchain technology. The project was created by Qfund, Asia’s largest crowdfunding platform.
The goal of HMS is to create a decentralized mutual society using blockchain technology.
Hi Mutual Society aims to release a minimum viable product (MVP) for its platform by April 2018. A private beta of their decentralized app is scheduled to launch by September 2018, with a public beta launch occurring in Q1 2019.
Hi Mutual Society aims to function like other mutual societies: mutual societies are organizations where members receive common benefits. The goal is to raise funds from members and customers, then provide common services to all members of an organization. Hi Mutual Society aims to improve this system using blockchain technology.
Hi Mutual Society will function similar to an insurance fund: users will be able to receive a payment when they experience a loss. A smart contract will execute that payment automatically.
What Does Hi Mutual Society Hope To Accomplish?
The first goal of HMS is to launch a decentralized app. That app will include three core functions, including:
- Instant messaging, including social networking features in the community
- Diversification services, including a wide range of available plans that can be added to the platform
- Incentive engine that will be used to reward contributions to the platform
There will be three layers to the HMS system. Users interact with the system using an ERC20 token called HMC. The three layers include:
First Layer – Decentralized App:
A decentralized app (DAPP) will be used to interact with the client. The client can use the DAPP to join a mutual plan, manage their account, upload required materials, and participate in community operations. The platform will be built on a decentralized system run by smart contracts.
Second Layer – Smart Contract:
The HMS team will use smart contracts to maintain the community. The contracts will be updated to ensure the system can grow in a healthy way.
Third Layer – Services:
The third layer will consist of services, including marketing, operations, promotions, and collaborations.
What Problems Does Hi Mutual Society Seek to Solve?
Some of the problems listed in the HMS whitepaper include:
- Long payout periods and high rejection rates among traditional mutual societies
- User privacy concerns
- Users are forced to rely on single nodes for the security of the network
Hi Mutual Society Features
HMS aims to offer all of the following features:
- Break down regional barriers and allow anyone in the world to hedge risks
- Digital tokens that enable worldwide participation in the platform
- High level of security for the private information of customers
- No entry barriers – anyone who holds a sufficient number of HMC tokens will be eligible to participate
- Reduced intermediary costs
How Do HMC Tokens Work?
Hi Mutual Society will revolve around the use of digital tokens called HMC. Users will be asked to deposit a certain amount of HMC to join the community. The HMC will be locked by the smart contract.
When a member experiences a loss, the smart contract will automatically issue a payout.
For those who have already joined the community, their deposit would be gradually deducted as the system issues payouts.
To keep their memberships, users can recharge HMC to their accounts. The HMC recharged would be locked by the system. users are able to recharge on behalf of others.
HMC tokens will be ERC20 tokens on the Ethereum blockchain.
The Hi Mutual Society ICO HMC Token Sale
There’s a total supply of 1,000,000,000 HMC tokens. 30% of tokens (300 million) are allocated to the private sale. 10% (100 million) will be used to maintain the daily operation of the community. 40% (400 million) will be gradually issued by the incentive engine to reward those who contribute to the community. And 20% (200 million) will be given to the founding and development team to reward product design, R&D, and other work.
There’s already a token listed under the symbol HMS. It’s called Health Mutual Society. It’s a relatively unknown token. However, Hi Mutual Society may need to change its symbol before their token launches.
We do not yet have a date for the Hi Mutual Society ICO. Stay tuned for more information as we get closer to launch. The project was only announced in mid-March 2018, so there’s still a lot of unknown information.
About Hi Mutual Society
The project is officially registered under the name HMS Global Inc., which is registered in the Cayman Islands.
HMs was created by the same team behind Qfund, which is Asia’s largest crowdfunding platform. The company has received early investments from Danhua Capital and INBlockchain.
The company announced itself on the BitcoinTalk forums on March 12, 2018.
Hi Mutual Society ICO Conclusion
Hi Mutual Society aims to use blockchain technology to manage mutual societies. Mutual societies are a concept similar to insurance plans: members pay into the fund, then receive certain benefits. Hi Mutual Society will allow third party providers to provide various services on the HMS network.
Users can access Hi Mutual Society services in exchange for HMC tokens. Your HMC tokens can be used to purchase membership in the mutual society.
To learn more about Hi Mutual Society and how it works, visit online today at HMS.io.