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About inSure DeFi
- inSure DeFi is a community-based crypto asset insurance ecosystem.
- Users can insure their crypto-portfolio by buying SURE tokens with fiat and other cryptocurrencies.
- The ecosystem distributes crypto ownership risks amongst a liquidity pool, with insurance premiums determined by a Dynamic Pricing Model that leverages Chainlink.
Competitive Advantage
- Transparent financial information through blockchain technology.
- A dedicated module on the website homepage to disclose relevant information, including risk factors, minimum capital requirements, historical data on token prices, and a summary of claims assessment.
Economic Model
- Dynamic
About inSure DeFi: Empowering a Secure and Decentralized Financial Ecosystem
inSure DeFi is a decentralized, community-driven crypto asset insurance ecosystem, where
Users can safeguard their crypto-portfolios by acquiring SURE tokens using fiat currencies and other cryptocurrencies. inSure is designed to distribute crypto ownership risks across a liquidity pool, with insurance premiums determined by a Dynamic Pricing Model that leverages Chainlink’s technology. The capital required to back the risks at any given time is based on the market valuation of SURE tokens, as well as community demand for crypto-portfolio insurance. A decentralized support system, the inSure DAO, is also utilized to meticulously process all insurance claims, wherein voters ensure that any fraudulent claims are flagged and only legitimate claims are fulfilled.
inSure DeFi: A Pioneering Decentralized Insurance Ecosystem Empowered by the Trust of Thousands
To safeguard their valuable crypto assets, community members require robust protection against scams, exchange closures, and drastic devaluations. inSure DeFi offers tailored insurance solutions, specifically designed to stabilize and secure crypto and DeFi portfolios, thereby fostering a safer and more resilient digital landscape.
The Unique Value Proposition of inSure: A Competitive Edge
A pivotal element in creating a robust insurance platform is the integrity of financial information, including the allocation of funds and the sufficiency of premium floats to settle potential claims. Leveraging the blockchain’s distributed ledger technology, each node maintains a synchronized copy of the data. Whenever the data undergoes changes, every insured individual can access the updated information in real-time, ensuring the operation of each fund is transparent and open. Consequently, a dedicated module will be featured prominently on the website’s homepage, providing quarterly disclosures of key financial metrics, including risk factors, minimum capital requirements, historical token price data, a summary of claims assessments, and the number of locked and traded tokens, thereby ensuring an accurate and up-to-date financial status.
The Economic Ecosystem: A Comprehensive Overview of Our Operational Framework
InSure’s crypto insurance is predicated on:
I. Dynamic Pricing Model, which facilitates the discovery of the optimal market price through the delicate balance of supply and demand;
II. Capital Model, designed to ensure the availability of requisite capital to mitigate risks at all times;
III. The inSure DAO incorporates a decentralized voting mechanism, ensuring that every claim is processed in a permissionless and transparent manner, thereby fostering trust and accountability.
The Capital Model: A Paradigm for Efficient Resource Allocation
In the highly leveraged insurance industry, the paramount concern of the insurance capital model is to determine the requisite capital necessary to ensure the solvency of the risk pool with an exceptionally high degree of confidence, typically 99.9%, as stipulated in the latest Solvency II framework by EIOPA.
The Capital Model serves as a calculation tool to determine the minimum capital requirement for a fund, thereby informing:
I. The Capital Entrapped in the Capital Pool
II. The staking power utilized during the Staking phase.
Excess Liquidity Reserve
The surplus pool will accumulate whenever an insurance premium is paid, with 40% of the premium being allocated to the pool. An additional 10% will be set aside until the contract expires. If no claim is made, this reserved amount will also be added to the surplus pool. Over time, the surplus pool will grow and will be utilized to cover insurance claims as a priority. If the surplus pool is depleted, the capital pool will be used to settle the remaining claims. As the surplus pool expands, SURE holders will receive a percentage of the staked SURE, thereby providing a greater incentive to increase the inSure Staked Pool.
InSure holders can participate in staking on various decentralized exchanges (DEXs), thereby earning a percentage of returns from each trade, in addition to the comprehensive insurance coverage provided by inSure.
During the inaugural phase, our primary emphasis will be on mitigating the risks associated with scams, devaluations, and stolen funds. Subsequently, we will introduce a diverse range of less-correlated businesses, which will be selected through a community-driven voting process, with the ultimate goal of generating higher returns for token holders.
Empowered by Collective Governance
Under typical circumstances, all operations on inSure can be seamlessly executed by smart contracts. However, to prioritize user interests, optimize decentralization, and ensure utmost transparency, certain events necessitate community voting. To facilitate these decisions and manage extraordinary situations, the platform will establish an inSure DAO organization. Notably, inSure DAO does not hold custody of the fund pool, nor can it unilaterally allocate funds to any individual. Furthermore, each committee member is subject to replacement at any time through a voting process.
In accordance with its two core principles, inSure DAO operates on the dual pillars of sustainability and growth. The former ensures the interests of community members by safeguarding the long-term viability of the overall funding pool, while the latter promotes sustainable premium increases and drives growth in inSure DAO membership. The organization’s membership comprises a diverse group of individuals with specialized expertise in insurance, co-governance, and blockchain development. Notably, committee members wield significant powers, including:
I. Achieving consensus on the implementation of bespoke code that necessitates manual deployment;
II. Implementing punitive measures against malicious entities within the inSure ecosystem, including fraudulent claims and false claims, by imposing penalties in the form of SURE token burns.
III. The authority to exercise emergency suspension powers in extraordinary circumstances.
inSure DAO members are empowered to negotiate and submit pertinent proposals to the
One of the primary benefits of the inSure ecosystem is its decentralized governance model. The voting proposals must be transparent, providing clear voting options alongside inSure DAO’s recommendations. Subsequently, each community member is afforded a designated timeframe to cast their vote, and the outcome with a majority consensus will be implemented. Notably, any inSure holder is eligible to become a member of inSure DAO.
Future Integration for Seamless Automated Claim Processing of Misappropriated Funds and Fraudulent Activities
Events Leveraging the Power of Google Cloud Platform (AutoML & Cloud Inference)
Beyond leveraging Chainlink’s Historical Price Data, inSure DeFI is pioneering a novel hybrid application that converges the capabilities of Chainlink and Google Cloud AI. This innovative approach enables inSure to process on-chain data pertinent to insurable events, such as stolen funds and scams, utilizing Google AutoML, and subsequently relay its outputs on-chain via Chainlink.
Chainlink’s unique capability to interface with any external API enables the retrieval of data and results from processing via GET calls, which are then directly delivered to smart contracts. Leveraging this distinctive feature, inSure DeFi will harness the power of Google Cloud Platform’s machine learning services, including AutoML and Cloud Inference API, to process publicly available information and data on the blockchain. The resulting decisions will be fed to smart contracts via Chainlink oracles, thereby triggering the automated fulfillment of insurance claims.
Following a thorough examination of various oracle solutions, we opted for Chainlink, drawn to its battle-tested security and adaptability in calling any off-chain API. As the most prevalent oracle solution in the blockchain industry, Chainlink already safeguards over $10 billion in on-chain value across decentralized finance (DeFi), including prominent projects such as Aave, Synthetix, and others. Its network is underpinned by a substantial collection of secure node operators, run by leading blockchain DevOps teams, which are aggregated into decentralized oracle networks to provide highly available, accurate, and tamper-evident data feeds. Furthermore, the historical price data utilized by inSure comprises volume-adjusted global prices, aggregated from across all relevant centralized exchanges (CEXs) and decentralized exchanges (DEXs) to ensure an elevated level of accuracy.
By harnessing the power of high-quality data and leveraging seamless connections to off-chain Big Data warehouses, inSure is poised to craft more sophisticated and nuanced insurance products, expertly tailored to mitigate diverse crypto portfolio risks.