InsurAce Protocol (INSUR) is a decentralized insurance protocol, aiming to provide reliable, robust and carefree DeFi insurance services to the DeFi users, with very low premium and sustainable investment returns. We respect all the DeFi insurance pioneers and do not consider ourselves as a competitor to the existing players, but a necessary complementary role to the immense and expansive DeFi world. What is InsurAce Protocol (INSUR) | What is InsurAce Protocol token | What is INSUR token
** InsurAce is a decentralized insurance protocol, aiming to provide reliable, robust and carefree DeFi insurance services to the DeFi users, with very low premium and sustainable investment returns. We respect all the DeFi insurance pioneers and do not consider ourselves as a competitor to the existing players, but a necessary complementary role to the immense and expansive DeFi world.**
Portfolio-based product design and unique pricing model to optimize cover cost, together with sustainable investment returns, achieving ultra-low premium close to “0”.
ENRICHED PRODUCT LINE
Wallet-based accessibility (No KYC), portfolio-based product design, cross-chain protocols coverage, providing flexible and easily accessible insurance protection to end users.
The insured, insurer and investors are able to participate in the liquidity mining program to earn the InsurAce Token (INSUR) by staking into the insurance and investment pool. It will drastically increase the capital pool, cover capacity, investable capital and further reduce the insurance premium.
In addition to SCR Mining rewards, investors will be able to gain sustainable returns from investment products offered by InsurAce.
Risk management is a key to ensure sustainable business model on InsurAce and guarantees the return on investment and protection. InsurAce introduces a three-step risk assessment approach for investment and protection protocols and bucket them into different risk categories.
🔎 The InsurAce Advisory Board will perform preliminary risk assessment on the new protocols at first with their expertise from relevant dimensions such as:
Meanwhile, InsurAce will also work with the professional security auditing firms to seek for their support should there be extra complexity or challenges in due course.
After this, the Advisory Board will provide an assessment report and recommended risk score (1 to 5) as the reference for the community.
After the Advisory Board assessment, the protocol to be listed will also need to go through a community driven risk assessment which will be conducted by volunteered community members to further evaluate and get a risk score. The members who participate in this process will get INSUR tokens as incentives.
With the above two steps, a final risk score will be given to the protocol.
Once the protocols is listed, we will employ the preparatory risk models to continuously evaluate risk level by collecting data and information of the given protocol, such as the staking changes, the claims to the protocol, correlation analysis to new security incidents, and etc. Such updates will be reflected into the existing risk model and provide up-to-date risk assessments.
Based on above risk assessment, protocols are bucked into different risk categories to construct investment or insurance staking pool with different return.
In the traditional insurance industry, the insurance company will use the funding from clients to invest in other financial products to generate returns for the clients. Similarly, InsurAce will also carefully use the free capital secured from the SCR to invest in other DeFi products to gain investment return.
InsurAce will build an investment function similar as Yearn Finance, to design and implement the effective strategies. Customers can either directly invest via the InsurAce Investment Portal, or earn passive income with the free capital staked via the Insurance Portal. The built-in insurance capabilities will be able to seamlessly provide protections over the DeFi protocols invested, and the investment return will in turn complement the insurance customers, which creates a secure and sustainable investment cycle holistically.
Some potential investment plans that InsurAce investment will consider are as below:
Any and all investment yields by right shall be returned to the customers, however a minor portion of it might be used to cover the transaction / operation cost, and other potential expenses incurred therein.
The InsurAce platform will provide covers on smart contract cyber threats at the start which is the most demanding in the current DeFi space.
Unlike other single protocol based platform where the capital pool and the cover purchase is per protocol, InsurAce will adopt the portfolio-based design to pool all injected mutual funds into one pool and provide multiple protocol protection together. Basically, we plan to offer the covers in two approaches:
(1) User Defined Portfolios
When customers enter the Insurance Portal, they may choose one or multiple protocols as a portfolio to get a quotation and place the order, which is flexible and direct.
(2) Off-the-shelf Portfolios
To facilitate the customers, InsurAce will also provide some off-the-shelf product portfolios categorized by different criteria, such as:
While InsurAce has successfully closed the strategic round fundraise and launched the product on Rinkeby Test-net, we’re planning to** launch the initial token distribution event via the** Liquidity Bootstrapping Pool (LBP) on Balancer. We believe that LBP will help create an equal and fair launch as well as achieve price discovery to the INSUR token. The event will run from UTC 14:00:00 March 15th, 2021 to UTC 13:59:59 March 17th, 2021, lasting for 48 hours.
About InsurAce Token (INSUR)
The InsurAce platform will issue a standard ERC20 token, INSUR, as the governance token to incentivize participants in the ecosystem.
The current use cases for INSUR token are as follows:
Representation of voting rights in community governance such claim assessment, proposal voting and strategic decisions, etc.;
Mining incentives for liquidity support to insurance risk underwriting, capital provisions to the insurance pool and investment products;
Eligible for taking a share of fees generated by InsurAce protocol through project involvement, community contribution and governance participation;
Community and ecosystem incentives.
With the continuous development of InsurAce Protocol, more values will be added to INSUR token via community governance.
Token Distribution Plan
The supply and allocation plan for INSUR is designed as such:
Total supply: 100M INSUR
The distribution plan for the tokens is as shown in the tables below.
The total amount of tokens vested will be 6,675,000 after LBP ends and initial listing on DEX.
The above token distribution plan may be subject to changes via community governance in the future.
About Balancer LB
Balancer LBP has been recognized and adopted by many great projects as the preferred way of initial token launch. LBP is a tool designed for projects to launch their tokens with liquidity generation and price discovery. It also helps to prevent front-running and speculation of normal auctions.
Unlike normal liquidity pools on Uniswap and/or Sushiswap where the weightage of the token pairs is fixed (normally 50:50), the balancer LBP trading will start with an initial price of the token and a predefined weightage (e.g., 90:10) which will change over time. At the end of the program, the weight-age will reach the predefined levels (e.g., 50:50) whereas the price will reach an equilibrium.
To understand more about the LBP, please refer to this article from balancer.
$INSUR LBP Program
The InsurAce LBP program will start from UTC 14:00:00 March 15th, 2021 to UTC 13:59:59 March 17th, 2021, lasting for 48 hours. The starting price for $INSUR is set at USD $4.50, and the initial weightage of INSUR to USDC is set at 90:10 and the ending ratio will be at 50:50. The key parameters are shown in the table below.
INSUR LBP Key Parameters
If there is no buy and/or sell during the program, the price will eventually reach its low end at the end of the LBP program as illustrated in the below graph.
Spot price without any buy/sell orders
Meanwhile, the INSUR token’s fully diluted value (FDV) will change as below:
FDV change over time without buy/sell orders
The complete simulation of the program can be viewed in this Excel.
After the LBP ends, the InsurAce team will launch liquidity pools on Uniswap, Balancer, and/or other DEXes. More information will be provided soon.
2. Navigate to InsurAce LBP page (lbp.insurace.io). You will be able to see the key information displayed for the LBP sale, including “LBP Time Remaining”, “Current Price”, “INSUR token Remaining”, “Fully Diluted Valuation”, as well as a real-time price chart in the middle.
3. Click the “Buy $INSUR on Balancer LBP” button in the middle, and you’ll be directed to the token swap page on balancer, where you can swap INSUR token with USDC or other tokens you have in your pocket. Note that for non-USDC tokens, balancer will do a smart routing to eventually swap with INSUR token.
4. After the swap transaction is confirmed, you should receive INSUR tokens in your wallet. If you’re unable to find the INSUR tokens, please add INSUR token symbol into your wallet.
The token address of INSUR is:
5. Meanwhile, all our community channels (Telegram, **[Discord](https://discord.gg/vCZMjuH69F), [Twitter](https://twitter.com/insur_ace), WeChat, [Forum**](http://forum.insurace.io/)) will be open to provide you with full support. Please don’t hesitate to contact the team via any of these channels.
One important reason for using a balancer LBP for token distribution is to effectively prevent front-running and speculation. The sale token normally starts at a high price and eventually converges to some lower price (could also be higher than the starting price) per the buy/sell transactions made during the process. There’re a few important reminders we would like to make for your kind attention.
Don’t race to buy
Balancer LBP is not Flash Sale! You don’t need to rush to buy INSUR tokens at the start of the sale unless you want to secure the tokens as early as possible. The starting price is normally set at a relatively higher level, but it will fall in the absence of buying demand. The better strategy would be to wait till the price falls to your desired valuation, and you can execute your orders.
Watch Your Gas and Slippage settings
The Balancer LBP is an Ethereum smart contract, so it costs gas to interact with it. While there’s no limit to the number of transactions you can make, remember that it will cost gas every time.
Also, make sure you adjust your gas settings to ensure that the transaction completes in a timeframe you’re happy with. All transactions sent to the pool with sufficient gas should complete, but if you set a low gas then it could take some time. In addition, please watch out for your slippage settings.
Don’t create INSUR liquidity pools on other DEXes
While the LBP is in progress, and you have acquired your INSUR tokens, please don’t create liquidity pools on other DEXes (Uniswap, Sushiswap, etc) on your own. InsurAce team will launch the liquidity pools on such DEXes after the LBP ends.
We would like to take this opportunity to thank Perpetual Protocol for sharing their valuable experience in using LBP and awesome simulation models.r the risks of a business sector by one product;
· By protocol risk level: there will be an open risk assessment methodology to give a risk score for each protocol on-boarded, and a portfolio product that covers the same risk level protocols can be bought in one go.
At the start of platform launching, InsurAce will carefully select a list of protocols to be listed and offered. To on-board a new protocol subsequently, it will be mostly based on proposals from the community and subjected to community voting, in which the risk assessment methods will be employed to form a risk score for the protocol and be accounted into the pricing process.
Along the way, other types of risks such as asset volatility, flight delay, disaster and etc. will also be considered to enrich the product basket and enable a more comprehensive coverage.
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INSUR has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy INSUR
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)...
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since INSUR is an altcoin we need to transfer our coins to an exchange that INSUR can be traded. Below is a list of exchanges that offers to trade INSUR in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase INSUR from the exchange: Hoo, LBank, and Balancer
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once INSUR gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Top exchanges for token-coin trading. Follow instructions and make unlimited money ☞ https://www.binance.com ☞ https://www.bittrex.com ☞ https://www.poloniex.com ☞ https://www.bitfinex.com ☞ https://www.huobi.com ☞ https://www.mxc.ai ☞ https://www.probit.com ☞ https://www.gate.io ☞ https://www.coinbase.com
Find more information INSUR
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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