We are pleased to announce our next AMA on February 2nd, 2021 at 11:00 AM UTC Time: Satoshi Club x InsurAce Protocol
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join InsurAce Protocol Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 100 seconds. You can post Max 3 questions. InsurAce Protocol Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about InsurAce Protocol
For more details:
InsurAce Protocol – @insurace_protocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
The DEFI ecosystem has increased in recent months, what does $ INSUR offer to the ecosystem and what kind of governance does it intend to apply so that its investors have a return in the medium term?
Tell us more about Oliver Xie. What famous projects did he manage?
On your whitepaper, you said that InsurAce will be Permissionless, and it won’t be necessary the KYC process, how are you going to prevent bad actors using your platform for other purposes then? What security system do you have to assure your users that InsurAce is 100% free of bad people?
I read on your whitepaper that the claim assessment will heavily rely on community claim assessors and the Advisory Board. So, are you a CeFi system insureing our DeFi journey with this Assessors and Advisory Board? How is this Board made of, who can be part of it? Could you please explain more about this advisory board and assessors?
On your whitepaper you said that InsurAce will invite 3rd party independent audit company to audit the smart contracts, to detect, identify and eliminate the potential contract vulnerabilities through rigorous code review, testing and white-hat hacking prior to the protocol launch. When are you going to audit your platform and which company are you going to work with to do so? When will we be able to see the results of this audit?
challenges and threats to the industry. There are quite a few infamous and shocking attacks to the crypto space, such as the Mt. Gox hack back to 2011-2014 causing US$460M loss, the NiceHash hack in 2017 causing US$64M loss, the Bittrex hack in 2018 causing US$18M loss and etc., which have been shaking the foundation of the crypto world.
With the advent of DeFi, the cyber security issues come along. There are 15 publicly reported security hacks to the DeFi community since the 2nd half of 2019, including attacks to some well-known protocols, causing US$113.26M loss in total.
So my question would be about the safety ratios for the InsurAce project.
Because for me as an investor, the project is considered safe in the first place!
The InsurAce platform will issue standard ERC20 token, INSUR, as the governance and utility token to incentivize the participants in the ecosystem in a retroactively manner. what are the distribution plan for the tokens?
We foresee that the development of InsurAce platform is a systematic project that requires persistent efforts and continuous improvements, which will be rolled out according to specific plans
So I will ask you for a roadmap for a project.Can we rely on your project by investing in it?
Can you tell us more about the no KYC part?
Do you envision a future where InsurAce might/will have issues with the governments in Europe and the U.S. due to the no-KYC part?
What factors will InsurAce consider when checking claims for legitimacy? I ask because a client might lose all his funds out of greed and then run to insurance as an ever present backup. How is such a claim going to be treated?
Why do you think Defi users need insurance covers in blockchain? And how do you convince people to insured thier assets with your company?
How does portfolio based insurance work ? what are the min/max size portfolio can buy covers?
I like the idea that InsuArce does not seek competition with DeFi pioneers, but where in the market does InsuArce find itself if it does not seek to engage with existing competitors and what is your role in the huge DeFi world?
Generally, the premiums of the DeFi insurance platforms are very high and that limits the participation of the clientele in the platform. What are the prices or premium cost limits that InsuArce has established and how are the investment returns?
Many DeFi platforms have stopped opting for KYC in their services but I have seen that InsuArce uses KYC. Why is it an accessibility advantage to have KYC in its products and how limited is the accessibility of your products?
Your website says that Insurace will provide flexible and easily accessible insurance protection to end users. Do you mean individual wallet will be insured? How will you detect if funds was hack/stolen due to users carelessness or users who want to game your system?
As we know, every successful project has a few stories behind the scenes, what’s the story behind InsurAce success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming InsurAce updates that you want to show/share with us?
Can you briefly explain how the Top milestones that the InsurAce team aims to execute before the end of this year or going to execute in future, will help you succeed and What you may look like in 2021 and beyond?
Next phase of blockchain adoption will be coming from the Defi space. What is your view on this? What are PlayCent plans for Blockchain’s mass adoption?
Community is one of the key behind every successful projects, are you planning to expand your community to other non-English audiences?
How can you prevent scammers from gaining fake reputation by successfully executing and delivering on agreements using multiple fake accounts and to improve their vouch scores to scam others? Do you foresee this as an issue on your platform?
One of the most important points regarding insurance platforms is claims. What are the steps to follow within InsurAce in situations like these? How do you achieve a fast, effective and secure solution, where both parties are satisfied with the resolution? Can you tell us more about this particular issue?
InsurAce is a decentralized insurance protocol, which aims to provide reliable, robust and worry-free DeFi insurance services to DeFi users. My question is, what decentralized structure have you worked out for this insurance protocol to make it 100% reliable? Is it in your plans to insure real world assets?
InsurAce’s base of operations is in Singapore, one of the world’s major financial capitals. What benefits has this important Asian country brought to your project? How has it helped you to expand and penetrate important Asian markets such as China or Japan?
A few months ago InsurAce announced that you had raised $1 million in your seed round, which was led by large and important projects and investors. Could you break down for us exactly what priorities these funds will be used for? What specific aspects of your project do you hope to improve thanks to this contribution?
Thank you.
You comment that the insured, the insurer and the investors can participate in the extraction of SCR liquidity to earn INSUR. My question is what are the incentives for users and investors to hold the INSUR token? What are the benefits that your currency provides that other tokens associated with insurance projects cannot offer?
In 2020, the Crypto industry was shaken by one after another hacking events. Investors and projects have suffered a lot. InsurAce must have formed a good team to find solutions to these events. Do you have experienced members or consultants in your team who can solve hacking incidents and ensure the security of the system? In addition, if the InsurAce system had ensured the insurance security of these projects, what would be a solution?
Insurance platforms such as InsurAnce need to have a strong capital model that can analyze potential risks very well to ensure that policyholders are adequately protected. Deficiencies in the capital model may lead to the failure to meet the risks and the system to collapse. Therefore, what factors did you pay attention to while creating the InsurAce capital model and what kind of model did you create? Does this structure you have created have strengths and differences compared to other capital models?
In October 2020, InsuArce made a closing of the fundraising of the seed round according to your roadmap. What were the objectives or goals behind the seed round and what results did you obtain when closing this fundraising?
INSUR mining can benefit many insurers and investors due to liquidity, but what benefits can the insured person obtain and how does participation in the insurance fund and investors work?
I don’t know what are the benefits of having a low reserve utilization in a security protocol platform. How beneficial is it to have this feature in the InsuArce ecosystem and how does this positively affect your products?
I saw that insurer and investors are able to participate in the SCR (Solvency Capital Requirement) liquidity mining to earn the InsurAce Token (INSUR) by staking into the insurance and investment pool, can you please explain to me what is SCR ? And how I can participate in it ?
Thanks
DeFi Insurance doesn’t consider themselves as a “competitor” to the existing players, but a necessary complementary role to DeFi world, if that’s so, what are this project’s biggest goals to achieve? Why should people choose this one and not many other insurances projects?
It says at your whitepaper that InsurAnce will adopt new actuary-based pricing models to fairly assess the expected loss of insurance products, can you briefly explain to us more about your pricing model and why is it suitable for this project?
So as you said investors will be able to gain sustainable returns from investment products offered by InsurAce, can you please tell me howmuch the yield will be ? Also I searched a lot for the investment products but I couldn’t find them , so can you briefly tell us about them ?
Thanks
The first quarter of 2021 are running and you still haven’t announced the continuous developments and
improvements on product,
operations and marketing! even we still don’t have a lot of information about the lunch product v2.0 , so can you please show us some results from the progresses the project achieved from these two points ?
Thanks
Can I know more details about Solvency II? I read that InsurAce follows the Solvency II capital requirements in Europe. What are the benefits of following these rules for InsureAce and investors?
InsurAce plans to expand product accessibility to a wider audience by removing the KYC process. I still don’t understand, how will removing the KYC process benefit the expansion of product accessibility? Can you please explain where it is related? thank you
Must I finish the kyc regulations before I could invest in it ur projectt
Do reward investors on reference if u have references programs
1. What made you choose the auditors that you did?
2. Do you have any links that point to other work completed by the auditors or just some extra information
INSUARCE is characterized by offering capital efficiency according to what InsuArce.io says. What trading options does INSUARCE offer in case an investment is unsustainable? How do the capital return processes work in INSUARCE?
I read one of INSUARCE’s underlying risks: Operational Risk Assessment What is this operational risk assessment system about in terms of credit and market?
I do not know much about security errors in the protocols but I suppose they can happen and for these cases there should be a complaints system, what should an INSUARCE client do if they find an error in the system and need to make a complaint or correction?
A platform that offers insurance protocols must have good insurance for itself. What quality of security does InsuArce have in its system and what advantages do your products obtain due to this?
In addition to the DeFi protocols, it is necessary to have a good relationship between chains so that InsuArce products are more accessible. How effective is the coverage between chains for a better negotiation of your products and how high is the premium depending on the case?
New and innovative DeFi protocols emerge monthly and it is necessary to have a good conversion for this. How is the coverage of new DeFi protocols in InsuArce and what have they done to have a better diversity of products?
In your Business Model, InsurAce has two functions arms, Can you tell us what is the difference of this functions arm.
in your Roadmap of 2021, What are the steps and preparations did InsurAce to attract more investors? What do we expect to more about InsurAce Protocol?
The fact that InsurAce is an insurer does not negate the fact that they are also a DeFi Protocol with all the risks and possible errors that this implies. An example is Opyn which last year was victim of an exploit. So, I would like to know how secure InsurAce is, how many audits have you performed, can we sleep peacefully investing in DeFi knowing that we are backed by you?
If I insure myself with you and invest in a protocol that by bad luck gets hacked and all funds are lost, how much percentage of my loss does InsurAce cover me? Do you have a limit amount? How do you handle this?
There are insurance companies that have partnered with DeFi insurance protocols such as Etherisc and Chainlink to expand their reach and take advantage of Blockchain technology. Do you have any such partnerships in mind with any well-known insurers?
Each insurance based project us a different type of capital mode, so can you tell us what is the yours? And what are the advantages of it?
InsurAce Protocol offers good service such as liquidity mining and staking, so considering that the $INSUR token is directly related to these services, can you speak us about the role of your token? Also which are its economically distributed?
The roadmap to the 2021 says clearly : ” Cross-chain coverages” so how many networks are you planning to support? Also in which network will be deployed your token (INSUR)?
How InsurAce deals with Risk management in order to ensure sustainable business model? Do you provide any guarantees of return on investment and protection?
As an insurance protocol, what makes InsurAce different from other the traditional insurance company? would be InsurAce’s highlights?
Is there a reason why InsurAce plans to expand the product accessibility to a wider audience by removing the KYC process?
NFT is the new crypto trend, is there a plan to implement this trend to InsurAce ??
What are the use cases for the InsurAce protocol? How can the platform be of interest to users?
What can the InsurAce protocol offer other DeFi projects? Does the project have some global goals to improve the entire industry, or are you focused only on your own success?
You present InsurAce as a “complementary” decentralized insurance protocol, since you recognize the effectiveness of the pioneers in Dex insurance, but is it really necessary to have this new complement? Or is the “pioneer in insurance Dex” enough?
really which are the chains that will be available in the InsurAce insurance policies? Do you plan to add new chains after these contracts are audited?
Many specialists in the Blockchain world mention that DeFi is the great solution for the problems of manipulation of Cex finances, but does this solution really still require an insurance policy? If it is the solution in the financial world, shouldn’t it be totally safe and reliable?
Will these InsurAce policies ensure the capital of the user who is investing in a specific platform or in any project? or really what is the regulation to be able to assure my capital?
Is it really possible to have an insurance policy without the need to complete a KYC registration? How then can a formal claim be filed in the event of an abnormality with InsurAce?
You mention that in this Q1 of 2021 Developments and continuous improvements in product, but really what are the improvements in the product that you currently have? need many more tests?
Is InsurAce really necessary for the proper functioning and final development of Decentralized Finance? Aside from security, what other feature does DeFi provide to take it to another level of scalability?
really what will be the costs of each of the policies? In addition to how much INSUR tokens will be required to be able to operate freely on this platform?
In your medium there is statement InsurAce will delivering the most comprehensive and secure insurance & investment product to all DeFi users.so who are your main target, is individual like me possible to use InsurAce product? Can you give me suggestion what the best insurance product that you have?
On the Roadmap, InsurAce is still on Continuous developments and improvements on product,
operations and marketing. So can you give us small overview or some good insight into your plans for 2021? Specially the main topics that will occupy you more on the development and marketing side? Also what is InsurAce most eager to achieve?
You are aiming to provide reliable, robust and carefree DeFi insurance services to the DeFi users, with very low premium and sustainable investment returns. So about Investment & SECURITY, how insured & safe our funds? What kind of assurance do you offer your users as we all know investing of any kind will always be associated with some type of risk?
Can you give us some details what is SCR (Solvency Capital Requirement) liquidity mining in your ecosystem? Also, other from mining what more investment products offered by InsurAce that the investors will be able to gain sustainable returns?
I read in your medium that you have 4 benefit that your user will get if using InsurAce product, and that 4 are:
1.“0” Premium
2.Enriched Product Line
3.SCR Mining
4.Sustainable Return.
Can you please explain about what are the meaning of them and how does your user getting benefit from that?
Does InsurAce really play a necessary complementary role to the vast and expansive world of DeFi? What makes them so important? And how does InsurAce manage to be so safe and solid?
How does UnsurAce insurance assess the Risks of its investors / users? What are the new DeFi protocols that you provide to your users? Would capital really be as efficient as possible?
How InsurAce achieves in “0” PREMIUM, offer unique prices to optimize the cost of coverage? Do they really achieve an ultra low premium close to “0”? How is this possible ?
In the “Enriched Product Line” why is it not necessary to use the “KYC” inside the wallet? What are the security protocols you use? Are they really that efficient?
How can I participate in the extraction of SCR liquidity to earn the InsurAce Token (INSUR)? How will this increase the capital reserve, the coverage capacity and the investible capital in addition to reducing the insurance premium further?
The InsurAce platform will provide covers on smart contract cyber threats at the start which is the most demanding in the current DeFi space.
InsurAce will adopt the portfolio-based design to pool all injected mutual funds into one pool and provide multiple protocol protection together.
Please tell us more about each of the portfolios: User Defined Portfolios and Off-the-shelf Portfolios. How can I select them and can I purchase both portfolios at once? Will it give me something?
I like to use traditional financial product and still new in cryptocurrency world, so could you please tell me are there any difference traditional insurance with Defi/Crypto insurance like InsurAce project?
There are much DEFI insurance protocol for example COVER protocol, but I hear that COVER suffered hack issue on past december 2020.How about InsurAce? How did you prevent this kind of attack for InsurAce Protocol?
I was struck by the fact that you say it is possible to achieve an insurance premium close to “0”. What should I do to benefit from this? Buy tokens? Invest in addition to insurance? Or what?
What is the difference between a single protocol based insurance like Nexus Mutual and a portfolio based insurance like yourselves? What are the advantages of one or the other? Why have you decided to do it that way?
Upon browsing InsurAce Protocol website regarding product accessibility the KYC feature is the first factor that gain my attention. Who are the individuals that will be subjected by KYC? Is it the DeFi projects team members that seeks yor services?
Part of InsurAce protocol talks about governance through adoption of DAO as the primary governance mechanism for product development, claim assessment etc. Will DAO adoption meet up with the goals of your team? Considering plans of convening an Advisory Committee to handle exceptions of security. How will DAO mechanism affect this exceptions. What key aspect of Contingency will this committee focus on.
The InsurAce platform will provide covers on smart contract cyber threats from the start. Will you summarize what threats will InsurAce cover and what compensation will be provided if ever a threat successfully compromise the smart contract?
What kind of defi projects will InsurAce prioritize at the start and will the projects market capitalization or worth will affect their insurance policy?
There are so many projects that only exist for a moment “die on the road, traumatizing investors with new projects”. My Question, How can the $InsureAce protocol survive, continue to grow & in what ways do you convince investors that this project is very promising?
Are there any working live product right now or is it still in project phase?
InsurAce pricing model looks at hedging against uncertain future lose thereby where pricing depends heavily on insurance business What will happen in case of negative risk outcomes? Will the pricing model take another dimension? InsurAce tends to adopt actuary-based pricing models, What level of dependency can this model acertain in loss reduction to investors?
Ethereum is a network that has very good potential for performance aggregators but sometimes some returns are not sustainable for tokens. What technology does InsureAce protocol use to guarantee sustainability to the tokens in addition to the potential it obtains thanks to Ethereum?
I, as a regular user, am a little bit in trouble, it seems to me that insurance will not be profitable for me. Do you have an easy way to calculate the cost of insurance? For example, a calculator with the ability to select all the conditions and options that you provide?
Talking about DeFi application’s exposure to cyber security threats and risk. InsurAce intend to to adopt the best practices in the industry like the Smart contract audits, deploy up-to-date security solution etc. How and what model of security better than other DeFi apps will be implemented to guarantee investors trust in your protocol?
The insured, insurer and investors are able to participate in the SCR liquidity mining to earn the InsurAce Token (INSUR) by staking into the insurance and investment pool.
What is the minimum stake in this case they must make, can they change the amount of the stake, is it possible to cancel the stake early and how long does the unstake last?
I read on Twitter that you are in second place on the list: “Trending Projects / IDO Feb 2021”. I congratulate you on this !
What is this rating and what does it give to InsurAce?
I am a bad trader. Can i insurance my trade? For example i buy ETH for 1340 usdt, and want sell for 2000 usdt. Will be possible to get insurance if price will not go to 2000 and i will not get profit and if it go down to get another more insurance? How much will be it cost and what i will get? Or i am fantasy man and this is impossible?
What is the max insurance claim user can made?How do you assure the heavy claims will be fulfilled if suppose if there js no reinsurance by you.