What Is InsurAce.io (INSUR)?
InsurAce.io is a decentralized protocol that aims to offer reliable insurance services. The protocol provides decentralized finance (DeFi) assets with flexible and reliable coverage. The claimed benefits for users include low insurance premiums, high return on investment, cross-chain coverage and wallet availability.
InsurAce.io is both a DeFi and an insurance protocol. Thus, it has two platforms: insurance and investment. They function in a synergetic manner to provide stable profit to the insured, the insurer and the investor and offer what the platform calls zero-premium insurance. According to the developers, portfolio-based product design and a unique pricing model coupled with sustainable investment returns, allows users to achieve ultra-low premiums that are close to zero
Users have the option to remain anonymous, avoiding a KYC process.
The idea behind InsurAce is to provide an infrastructure-level DeFi insurance protocol. It was launched in October 2020. The project has received $1 million in backing from funds such as DeFiance Capital, ParaFi Capital, Huobi DeFi Labs, Hashed, Signum Capital and LuneX Ventures. In February 2021, InsurAce raised another $3 million in a strategic round.
Who Are the Founders of InsurAce?
Oliver Xie is the founder and CEO of InsurAce. Xie is a programmer and cryptocurrency enthusiast. He is the former CTO, head of digital assets and founding member of the Asia Pacific Exchange (APEX).
InsurAce is headquartered in Singapore. Other key team members are the tech lead Sum Wei and product lead Leo FIA.
What Makes InsurAce (INSUR) Unique?
InsurAce's core mission is to protect users with convenient product access and investment efficiency. According to the team, the main advantages of InsurAce are “0” premium, liquidity mining and sustainable returns.
The protocol evaluates risks to make it easier to manage losses. InsurAce plans to develop a line of products that will cover a wide range of DeFi protocols. Insurers have access to a wide range of asset pools in addition to reducing coverage costs.
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How Many InsurAce (INSUR) Coins Are There in Circulation?
INSUR is InsurAce’s governance token. The initial token distribution event took place via the Liquidity Bootstrapping Pool (LBP) on Balancer. It started on March 15, 2021, and lasted 48 hours. INSUR is based on the Ethereum blockchain and has a total supply of 100 million tokens.
Token distribution is as follows: 45% was allocated to mining reserves, 20% to the seed and private sales, 18% to the DAO reserves, 15% to the team and advisors and 2% have been transferred to the Balancer LBP.
INSUR has a circulating supply of 8,070,036 tokens as of April 2021.
How Is the InsurAce Network Secured?
INSUR is an ERC-20 token that is secured by the Ethereum blockchain.
In addition, a decentralized autonomous organization (DAO) is responsible for the management and regulation of InsurAce. To become a DAO member, a user needs to own INSUR tokens.
There is also the advisory board, which includes InsurAce employees and independent experts. The board oversees the affairs of the DAO community and makes the necessary recommendations.
Where Can You Buy InsurAce (INSUR)?
INSUR can be traded on the following exchanges:
Read our detailed guide on how to buy Bitcoin and other cryptocurrencies.
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