AMA questions and answers 29th April 2021

Hello, and welcome to our AMA session, one of our first over voice on discord, and the first one with our new Director of Marketing and Business Development. We’ve got some great questions, but please feel free to send us any more as we go along. Oliver Xie, founder of InsurAce

Let’s get started…

AMA transcript 29th April 2021

INSUR Needs more partnerships with other project and cross- chain with BSC

We are constantly working on partnerships, and have a BSC protocol coming out soon so that we can offer our services to BSC tokens and protocols. We are also looking into other chains to develop a fully multi-chain protocol.

What are the advantages of INSUR in benchmarking NXM products

NXM as the market leader makes it the one to compare against. So far we have proven that our products are up to 60% cheaper than Nexus Mutual with up to 50% less on Gas fees when insuring your portfolio with InsurAce

代币的经济模型,数量需要更进一步的说明,另外需要中文版本的白皮书 — The economic model of the token, the number needs to be further explained, and the Chinese version of the white paper is also required

A Chinese version of the Whitepaper will be released very soon.

The economics of the tokens can be found in our various documentation across our Whitepaper, GitHub and medium articles. If there is something specific you would like to know, then you can always ask our community managers.

Will it be possible to have pending rewards for the staking pools be reinvested in the INSUR staking pool (or in the investment arm of the protocol when it starts up) without requiring manual harvesting, to reduce gas costs?

This is a great idea, but unfortunately for now it is not set up this way. However, since you have brought it up, we will definitely look into creating this as an option.

Have you considered allowing the market to determine the appropriate premium rates for individual protocols rather than doing this based on a governance process?

This is a fantastic question and it is definitely where the industry is heading in the longer term and likewise we are working on ways in which we can make this happen so that we can achieve completely fair market rates for premiums.

Since this question, we have definitely looked into how this can be achieved and may attempt to include it in InsurAce v2.0.

Are you planning to develop your cross-chain insurance services to insure the whole DeFi ecosystem ?

Yes, as mentioned earlier, BSC is on the way, we are also exploring Polkadot, Solana and other chains to see how we can integrate our protocol to provide wider insurance to the DeFi community.

If more people cover or insure their asset in InsurAce platform, what is the benefit of the token holder?

As more people insure their assets in the InsurAce platform it drives our premium sales, which means we can open up for more staking, all of which gives us a larger investment pool to generate higher returns. Coupled with the insurance premiums it drives the profitability of the protocol which in turn will be reflected in the price of the InsurAce token holder.

Also, the token holder can stake their tokens with InsurAce to generate higher yields from their tokens, and as more staking happens, more tokens are mined which reduces the rewards liquidity pool helping the tokens to become more deflationary.

Where do you guys locate in?

Our team is international. The tech team are based out of Singapore, but we have some of our team based in the USA, Europe, Nigeria, India, and even Peru.

But could you provide an update of the roadmap/upcoming events and where we currently are in it?

Sure, check out our latest roadmap here.

Will there be another audit? Peck Shield?

We have just completed an audit with Slow Mist who are highly reputable. They gave us a “Low Risk” classification. We are talking to Peck Shield about a follow up audit, however, the team is currently focused on making changes based on community feedback. When we are settled we will authorise a new audit.

What is the team’s strategy for acquiring market share from NXM and other existing insurance defi projects?

We have just hired an excellent director of business development and marketing, Dan. He has developed a marketing plan that will see us grow fast and eat up some of the NXM market share. We have a superior product, with new partners coming out almost daily, and we have been proven to be up to 60% cheaper than NXM as well as 50% cheaper on gas fees. We’ll be focussing on highlighting the benefits of InsurAce, as well as positioning ourselves as industry experts and leaders. Our social media outreach will be far greater than ever before, with regular updates and full transparency. We’ll be working closely with other industry leaders and influencers to drive our message to the DeFi community.

Is there any plan for increasing INSUR staking cap in mainnet?

Yes, once the cap is hit and we start consistently bringing in insurance premium income, the cap will be lifted and staking can grow.

Is there anywhere we can find the token vesting schedule/are there any token releases slated for anytime soon?

We have allocated all of our pre-sale tokens, and vesting schedules have begun. You can find details in our Github. We will be doing some promotional airdrops and other rewards and referral programs, but there are no specific planned releases at this time. The staking rewards are currently the highest yielding offer we have out.

What is SCR mining reserves of 45 %? Can you give an example easy to understand

These are the $INSUR token reserves that we keep to reward stakers so that we can ensure that we have a Sufficient Capital Reserve to cover any claims and promised rewards. This number will decrease as the tokens are mined by stakers as part of their yields.

Stakers have an incentive to stake other assets as collateral to get $INSUR token as rewards right?

Yes, currently the rewards can be over 50% but typically, staking rewards will amount to 30–50% APY. We currently have 6 assets that can be staked: DAI, USDT, USDC, ETH, WETH, and INSUR

Once these stakers get these $INSUR tokens, given that the value capture of the token isn’t fleshed out (due to compliance concerns), what is the incentive for holding $INSUR during this period?

They can further stake their tokens to gain even higher rewards, or they can use them to pay for insurance services. That or if they believe the project will be successful and the token price will increase then the value of their tokens will increase.

You can stake $INSUR tokens as well?

Yes, although currently, the INSUR staking pool is full.

Any videos on how claims are processed?

Not yet, but as part of the marketing plans, we will be releasing a series of videos that explain how each part of our protocol works. These will be released as soon as possible.

ENDS

We wanted to thank everyone for joining us in this AMA, we have been listening to feedback and are constantly evolving our product and services. As always, if you have any questions, please feel free to ask any of the team and we will get back to you as soon as possible.

Check out our mainnet, staking services and insurance services at www.insurace.io

For any press, marketing or business development enquiries please email dan.thomson@insurace.io or reach him on telegram @vagrantcrypto

InsurAce, Insure Your DeFi Journey

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