What is FidentiaX (FDX) Crypto Beginner’s Guide
As the blockchain continues to evolve, developers have been looking to it as more than just a support for cryptocurrency and transactions. Many platforms are now being created to utilize the features and advantages that decentralization can offer. FidentiaX is a platform that intends to use the blockchain to create a wide-spread and accessible insurance marketplace.
Insurance Marketplace – FidentiaX (FDX)
FidentiaX will offer a decentralized insurance marketplace where users can buy, sell, or archive insurance options. The platform will be member’s only that offers an annual membership which will be payable through the native token. By placing the marketplace on the blockchain, FidentiaX can assure advanced security and privacy that cannot be offered on centralized marketplaces or insurance websites.
The key feature of the marketplace is to enable users to sell their own insurance policies. Insurance companies allow policy holders to sell their insurance back for a small sum. Most insurance companies will only pay out a fraction of what was paid into the policy or will even offer a negligible token amount. Instead of selling policies back to the insurance companies for a pittance, FidentiaX will allow users to instead sell their insurance to a third party for a much higher profit.
While reselling insurance policies is not unheard of, it is not a practice that has caught on as insurance companies have no stake in offering it as an alternative. Third parties also complicate the process. FidentiaX removes the need for third parties and insurance companies altogether, allowing policy holders to profit from their policies more easily.
So that the marketplace can ensure that policy owners will receive the best possible price for their life insurance or endowment policy, FidentiaX pairs users with people who are interested in their priciest policies.
The selling and buying of policies can be beneficial to both parties. Sometimes, a policy holder may need to sell a policy they can no longer pay on due to financial issues or other factors and selling it back to the insurance company will not make them nearly the profit they can make selling it to someone else.
Those who buy an insurance policy will have the advantage of purchasing a policy that has already been supported for part of its term, meaning that the new policy holder will not have to support the policy for as long a period.
FDX Token – FidentiaX
The FidentiaX marketplace will utilize three tokens: FDX, ISX, and multiple fiat associated tokens. FDX tokens were sold in the ICO and will assist members who wish to participate in private auctions. ISX tokens are only usable on the platform and enable transactions in the marketplace. The fiat tokens will represent fiat currencies and will be used to exchange ISX.
The buying and selling of insurance policies is an untapped market with a lot of potential. By launching a decentralized marketplace, FidentiaX will make this process accessible and secure for those who are interested in participating in it.