PAL Network Mainnet Launch
PAL Network have announced the release of the Mainnet for December 31st 2018. This marks the occasion where PAL Network will move from the Ethereum blockchain. According to the roadmap, PAL Network will follow this release with a token swap, after exchange integration tests have taken place. Further along their timeline, new products have been planned for release to utilize the new tokens.
PAL Network Mainnet Token Swap on KuCoin Exchange
KuCoin will be supporting the PAL Network token swap following the release of the Mainnet. The swap involves the move from the Ethereum-based blockchain to PAL Network’s Mainnet. Therefore the PAL tokens will swap from the ERC-20 token to native PAL token.
Distribution will be handled by exchanges that support the token swap such as KuCoin. This means users currently holding PAL tokens need only to ensure tokens are held in these exchanges. Alternatively, users can manually swap their tokens by using the PAL token swap tool, which will be made available from January 14th 2019. An official PAL wallet will also be released to support the new token.
PAL Network Important Links
PAL Network Summary
Pal Network is targeting emerging markets, where digital insurance is not very widespread. The company would store most of the information on the blockchain and automate the claims processes via the deployment of smart contracts. In terms of the team, the CEO has participated in Forbes’ “30 under 30” ranking.
She’s coming from a Finance background, having worked for multiple large organisation, as well as starting her own company, prior to launching PAL Network. The rest of the team members are not as credible as the CEO, but when coupled together, they do form a strong team. The advisors are all “big names”, with dozens of years of experience, but only 1 of them has shown participation in the project.
The company has been registered in Singapore and is backed by 10 VCs, with 7 partnerships already established. Overall, the company is filling a gap in the crypto market, which currently lacks digital insurances.
PAL Network Whitepaper
PAL Network is try to fill the gap in the insurance market between consumers in developing countries and insurance providers. This will be achieved by by leveraging partnerships in these emerging markets to serve the millions currently without access to protection due to complex buying processes and high insurance premiums. Furthermore, the increased occurrence of major hacks on both cryptocurrency exchanges and wallets has left many with a desire for some form of insurance on their digital assets, thus the company has created robust protection plans for both commercial companies and individual investors against a loss of funds resulting from operational deficiencies like hacks.
The whitepaper offers a comprehensive overview of the PAL Network, the PAL Blockchain, the Token Holders Benefits and the Survey Protection Mechanism. Furthermore, a detailed graphic is provided on the company's website, explaining how the processes work. There is also a very comprehensive article in their Medium channel.
Legal & Disclaimers Description
The white paper features a thorough Legal & Disclaimer section.
Team and Advisors Description
The team information is provided with pictures, links to each member's respective LinkedIn profile and a summary of their background and skills. The advisors information is also provided with pictures and summaries, but a link to their LinkedIn profiles would have been beneficial as well.
Roadmap & Milestones
The roadmap covers the period from the token sale (Q1 2018) to Q4 2018. The milestones are clearly defined and are well illustrated on the graphic, making them easy to track. However there still aren't defined goals for 2019 and there is no detailed information for the given milestones.
Team And Advisors
The CEO has been listed in the Forbes' “30 under 30” ranking. Val Ji-hsuan Yap comes from a business background, graduating with a Msc from Imperial College London in 2012. She has a solid career progression in Finance, working for companies such as PwC and OCBC Bank. She founded PAL Network 2016, which has translated into the current firm- PAL Network. As such, we believe the CEO has all the credentials needed in order to manage the company successfully.
Most of the team members are not as experienced when looked individually, but together they seem to be complimenting each other quite well. Most of them have worked in multiple companies prior to joining Pal Network and subsequently PAL Network.
Team skills, experience and structure
The majority of the team are software engineers. Nevertheless, the team has a wide array of skills at its disposal, including DEV, Blockchain, Business and Marketing abilities.
Advisors background, experience and community feedback
The advisors are extremely experienced, as most of them have held executive positions at big ticket companies. However, we found only 1 of the advisors has shown participation towards the project in his LinkedIn profile. Nevertheless, considering that most of the advisors are of “high-calibre” and the CEO is participating in Forbes “30 under 30”, we believe the advisors are contributing towards the project.
The project has been started during 2017.
Company registration, address and number of employees
PAL NETWORK PTE. LTD. is registered in Singapore, with company number: 201800311z and address: PAL Network, 71 Robinson Rd, LVL 14, Singapore 068895. Currently, the company has 15 employees.
Venture Capitals, Hedge funds and other Investors
Pal Network Singapore is backed by 500 Startups, Startupbootcamp Fintech, Fenbushi Capital, Block Asset, Blockwater Capital, Global Brain, YouBi, Blockchain Investment Club, Rexford Ventures and Torque Capital Partners
Seven companies have partnered with the project: Digix, Qtum, Nem, traceto.io, Sentinel Protocol, Medibloc, Foundation X. Furthermore, the project is supported by Paypal, 500 startups, startupbootcamp and Plug and Play
Speed of selling out the ICO
Hard cap amount
Type of blockchain technology
At the first stage of the launch, PAL Network will be developed on the Ethereum Blockchain as a proof of concept. Following that, it will build and develop its very own PAL Network Blockchain based off a private fork of Ethereum codebase which will be tailored for the firm's insurance products across multiple markets.
Tokens sold on Public Sale
People are feeling firmly optimistic about the project and its development.
TECHNOLOGY & DEVELOPMENT
Product development progress
The team is currently developing the mainnet, which is supposed to be launched in Q4 of 2018, according to the roadmap. As such, the TestNet is currently available for public testing.
Blockchain technology usage and innovation
The blockchain system would be used to store the client's information, which would prevent the loss of information. Furthermore, the smart contracts would be utilized to handle payments automatically. Ultimately, the project would reduce the friction in the market.
Dependencies to third party platform or service
Currently, the platform depends on the Ethereum network, but will soon migrate to its own chain, forked from Ethereum.
Blockchain advantage, effects on the market
The blockchain offers reduced transaction costs, refined processes that promotes trust amongst all parties and increased transparency across the entire insurance journey. It would result in Automated Policy Claims and Reduction in Insurance Fraud.
Risk Warning: The cryptocurrency market is available worldwide 24 x 7 for trading with no market close or open times. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology. KuCoin screens all tokens before they come to market, however, even with the best due diligence, there are still risks when investing. KuCoin is not liable for user's investment gains or losses.
We sincerely appreciate your support and understanding, we hope this information proves useful to all KuCoin users.
The KuCoin Team.