WTF is InsurAce?
The crypto industry is extremely risky, regardless of what you do. You always risk losing money when you enter trades. When you purchase new tokens in any token offering, it might end up that the project is a scam, or unable to survive the highly competitive crypto industry.
It doesn’t matter whether you just hold your locked up coins, lend them, or stake them - you’re exposed to the risk of their cost dropping in a bear market. As a result, this reduces the amount you hold in a cryptocurrency. These issues have resulted in the crypto sector looking for some kind of insurance. More so, insurance companies have recently started to develop an interest in them.
Nevertheless, the crypto industry has become much invested in the DeFi sector. This has made its members need decentralized everything, including insurance. This created an opportunity for decentralized insurance firms, and several stood up to this challenge, this includes one firm known as InsurAce.
This article should help you get a deeper insight into InsurAce protocol, including everything you need to know about the team, its funding, the token and governance model, and much more.
What Is InsurAce?
This is a well-recognized decentralized insurance protocol that provides its clients with secure, robust, and reliable insurance services. Its prime focus is DeFi users, and, according to its website, it offers unbeatable portfolio premiums. Nonetheless, it claims to deliver sustainable investment returns.
In essence, the project provides insurance for smart contracts when it comes to hacks, and enables users to protect their investments against hacks. Considering the amount of risk you can find in the crypto industry, it’s likely to be welcomed by many users of the DeFi sector. What’s more, the project announced that it’s launching a full-spectrum and multi-chain insurance service on its dApp found on Ethereum. This will offer insurance coverages to different protocols on a wide variety of public chains.
So, how does this protocol work exactly? As both an insurance and DeFi protocol, InsurAce operates two different arms that usually work synergistically so that all parties involved can benefit. Each role is usually filled by its users and is rewarded with the INSUR token.
Additionally, the protocol comprises a permissionless feature that allows a more streamlined experience. This allows users to have full anonymity minus the KYC process that tends to make other DeFi Insurance platforms complicated.
What Makes InsurAce Exciting?
The InsurAce protocol will primarily deal with offering a supporting architecture that allows the smooth integration and operation of the arms. For starters, the protocol will work to guarantee proper evaluation of risk in order to manage losses.
There are two risk assessment procedures. One with specialists analyzing prospective tools, as well as pools with critical auditing and code analysis. This is followed by a community assessment that’s performed by volunteer members for more analysis and to establish a risk score. Additionally, it will be responsible for claim requests such that insurers can check out their purchases.
However, the most important thing is the availability of liquidity for each user. To make sure of this, InsurAce focuses on creating an enriched product line that can cover a wide range of DeFi protocols. By offering insurance services to a diverse number of DeFi projects, the network maintains its flexibility and is still open to opportunities.
So, what really makes InsurAce exciting? Well, the insurers can enjoy access to multiple asset pools, as well as zero premium protection and significantly reduced cover costs. Below are several exciting features of this protocol:
Not only does it have a portfolio-based product design, but it also has a unique pricing model that maximizes cover cost. It also has sustainable investment returns, making ultra-low premium nearly “0”.
The investors, insurers, and insured can participate in the Solvency Capital Requirement (SCR) mining and earn the InsurAce Token by staking into the investment pool and insurance. It will significantly increase the investable capital, cover capacity, capital pool, and drastically lower the insurance premium.
Enriched Product Line
Cross-chain protocols coverage, portfolio-based product design, wallet-based accessibility (no KYC), allowing flexible and readily available insurance protection to end-users.
Apart from SCR Mining rewards, investors can get sustainable returns from various investment products provided by InsurAce.
The InsurAce Token & Governance Model
Whenever users deposit funds to stake into diverse mutual pools, they’re usually rewarded with INSUR tokens which act as incentives. The process is called Mining, and it provides rewards depending on the magnitude of user contribution to that platform.
Just like with many other DeFi projects, a DAO (Decentralized Autonomous Organization) would deal with regulating and managing the activities of the InsurAce protocol. Users must have INSUR tokens to be eligible to be part of the DAO.
An advisory board consisting of InsurAce employees and other professionals will supervise the affairs of the DAO community, offer guidelines for its operation, and come up with a contingency plan in case the decentralized voting mechanism fails.
What about this INSUR token? This is the standard token when it comes to the InsurAce platform. It serves a range of utility functions and is based on Ethereum’s ERC20 standards.
Since it’s a governance token, it usually allows voting rights to its holders. That means that users with the INSUR token may suggest changes, vote on proposals and issues, and even participate in claim evaluations on the protocol. If a token holder has active participation in governance, s/he will be entitled to a percentage of the fees earned on InsurAce.
What’s more, the token incentivizes participation in all the various roles found on the protocol. It acts as the reward for mining via liquidity support, capital provision, and staking in products and investment pools.
Generally speaking, there will be a supply of 100 M INSUR tokens. The proposal would see an estimated 6,675,000 tokens vested - with approximately 45% of the overall token distribution stored in SCR mining reserves.
Who Is on the InsurAce Team?
Oliver Xie acts as the project lead for InsurAce. Oliver began to work on the InsurAce project in September 2020. Before that, he was employed as the Chief Technology Officer in one of the three largest licensed derivative Exchanges and Clearing Houses in Singapore.
Oliver joined the crypto space in 2017 and was leading in the research of crypto derivatives, as well as blockchain technology. Over the past few years, he has specialized in blockchain-based Open Finance. He recognized an opportunity for a different approach to offering insurance for DeFi users and smart contracts, and that is when InsurAce was formed.
Since launching, InsurAce has added a deep bench of developers, communications and business development professionals to their growing team.
What Venture Capital Firms Fund InsurAce?
InsurAce is backed by a dozen of top funds, such as Signum Capital, IOSG, Hashed, Huobi DeFiLabs, Hashkey group, Parafi Capital, DeFiance Capital, among others. Since its initial testnet was released (for about three months) a few high-profile partnerships have been introduced. This information is to be released in separate releases.
How to Participate in the InsurAce network?
Now that you know a lot to do with this network, you might be wondering how to participate in it? Read on.
INSUR has been highlighted on a few crypto exchanges. And, in comparison to other major cryptocurrencies, it can’t be directly bought with fiats money. Nonetheless, you can still purchase this coin by beginning with purchasing Bitcoin (BTC), Tether (USDT), or Ethereum (ETH) from any big exchanges. Then, you’ll need to transfer to the exchange that chooses to trade this coin. If you have been looking to buy INSUR, this particular section will walk you through a few simple steps.
In this example, Binance Exchange is used because it is one of the biggest crypto exchanges that allow fiat deposits.
In general, Binance is a well-recognized cryptocurrency exchange that was formed in China but later relocated its headquarters to Malta, a crypto-friendly island in the EU. This exchange is well-known for its crypto to crypto exchange services. And although Binance came onto the scene quite recently, it has now become one of the leading crypto exchanges in the world.
After you are done with the KYC process, you’ll be requested to include a payment method. You could either choose to use a bank transfer, or issue a debit/ credit card, and purchase one of the major cryptocurrencies, often either Ethereum (ETH), Bitcoin (BTC), or Tether (USDT).
InsurAce, the Bottom Line
The fortune going into this DeFi project and its related mining mechanisms seem to be a lot to leave to the whims of project developers and hackers. The incredible progress done by pioneer insurance projects such as Augur and Nexus Mutual should not also be taken for granted.
Nonetheless, these insurance protocols remain to be scarce in numbers and quite seldom to cover the constantly increasing demand for the DeFi sector. This makes it rather challenging not to root for a network like InsurAce that generally puts everything in place. It takes the best out of available protocols and adds a fresh detail.
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