“The poor are richer than they think” – so believes Sentinel Chain, a blockchain-based marketplace for cross-border financial services for the unbanked and under-privileged.
As per the World Bank’s global findex database, around 2 billion adults around the world do not have access to a basic bank account and for such services as insurance and loans, the number is likely to be much higher.
Unlocking the value of livestock
Taking a unique approach to the problem of financial inclusion, Sentinel aims to build a livestock insurance solution on blockchain technology. The company is creating a system to quantify, identify, and verify livestock ownership to help farmers monetize their live assets such as cows, sheep, and ducks, which currently is a “dead” capital.
Once completed, the platform will be the world’s first to accept livestock as collateral for loans and more.
The value of livestock, their bread and butter, is locked for them for two reasons. Firstly, there is no way to verify a farmer’s ownership; secondly, there is no verified system to translate living animals into concrete value.
Progress and fundraising campaign
Sentinel started solving the problem of credit access in Asia with its 420 million unbanked persons.
In 2017, the team has successfully completed a pilot project in Nepal.
Recently, Sentinel announced a partnership with the VeChain Foundation, a well-established in South Asia public blockchain platform. VeChain will collaborate with Sentinel Chain on the development of cross-chain interoperable technology and integrating with Sentinel Chain to publish public livestock provenance data to VeChain’s platform.
During the pre-sale last year, the team has surpassed their pre-sale goals of successfully raising US $6.4 million.
Sentinel Chain’s token sale is coming in the first week of March 2018 and will be accepting Ethereum.
Once live, the platform will utilize Sentinel Chain Token, a SENC.
Note: The SENC token sale, however, is not open to any non-professional, non-sophisticated individual investors from the United States of America, the People’s Republic of China, or any other country that has or will restrict token sales as per relevant regulations in those countries.
The community and movement
Sentinel aims to be truly revolutionizing on the fintech market and build a mass movement among the poor populations. The project already has a passionate and growing community in South Asia.
Their rewards-based token allocation method may be the first of its kind in the ICO space.
Participants will be rewarded with SENC tokens for their promotional efforts, for example, a tweet or text message to family or friends that promotes the Sentinel’s message of financial inclusion.
Sentinel will be also donating SENC tokens chosen community members; for every USD $1 worth of tokens given away, an equal USD $1 will be donated to the partner NGOs (“Proof-of-Love”).
“Sentinel Chain is more than just a product — it is a growing community of people who truly believe in the value of the fintech promise. The promise to create transformative opportunities for the millions who are unbanked.” — the Sentinel team.
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