AMA Transcript — Friday 18th March 2022

Below is the transcript from the latest AMA from InsurAce.io. Hosted by CMO, Dan Thomson via our Telegram channel.

Dan insurAce, [18 Mar 2022 at 15:03:59]:

Hello everyone, GM, GA, and GN… happy Friday.

I hope you’ve had a productive week.

The markets have been fairly stagnant the past month, fluctuating between $35k — 45k per BTC. This is to be expected to continue for some time as the world wrestles with pandemic fallout and international disruption thanks to Russia.

For those who don’t know me or who are new to InsurAce.io, I am Dan Thomson, the CMO at InsurAce.

My role at the business is to build partnerships, manage our marketing strategy and head up business development.

We’ve got a lot to go through today, so let’s jump in!

— — — — — —

To start with, we apologise that last month’s AMA was cancelled. It fell right in the middle of Ethereum Denver conference which was incredible.

15,000 degens descended on Denver in the USA to talk about blockchain, web3, and everything they are building.

I even managed to meet Vitalik himself, whilst he was dressed up in a bufficorn costume

Let me dig out the photo

Aside from conferences and events. We’ve been extremely busy building over the last two months.

We had a team off-site meeting talking strategies, building new products and finalising plans for our upcoming roadmap. Some of which I’m here to share with you guys today.

Here’s what we’ve got coming up:

V2 Whitepaper is almost finished, and will be released before the end of this month, along with some of the first implementations of the V2…

Our new aggregation model, sharing capacity across the different chains we are deployed on will allow for increased capacity

A nice little branding update with new UI and UX for both the website, app and other marketing materials

Amongst some other great improvements to our service that I’m sure you’ll all be excited to see.

— — — — –

The big news of this month (last two months) have been:

We received development grants from Harmony, Near, and Aurora to develop onto these public chains.

We will begin with the EVM versions of these and work closely with these ecosystems going forward to build our project and protect users of these networks.

We have been selected to join the Binance MVB program which is huge for us, as it has been a great program for some huge players in the DeFi space.

There will be many developments and announcements about this over the next couple of months, as well as reporting directly from the Binance conference in Dubai.

— — — —

You may have noticed that we have started planning to attend various conferences around the world.

Because we are a distributed team, it is easy for someone from our team to attend different events.

We were at Eth Denver last month, and this week I personally have been at Ethereum Rio, learning about some great projects being built into emerging markets in Latin America. Even CZ from binance showed up!

Upcoming we have:

Avalanche Summit in Barcelona

Binance in Dubai

BTC Miami

NFT LA

Paris Blockchain Week

Devcon in Amsterdam

If you are at any of these events too, be sure to let us know and come to meet us in person.

— — — — –

Finally, I want to address the elephant in the room. We do understand that the token has been under some stress for quite some time.

The market has been rough over the last year, to a lot of projects, not just us.

We continue to grow, our team is staying resilient, and building every day.

Our sales this month are already more than last month and look to be the largest month for sales we have ever had.

The project continues to improve, and we have some incredible developments that we are working on to help improve things and build value. Including:

– Our V2 launch…

– Updated app and tokenomics

– Aggregated covers to increase sales capacity

– Buyback and redistribution (including some burn)

– PR push

– Re-insurance options for even more capacity

– new products like NFT insurance and Rug Pull insurance

– New stablecoin de-peg options

— — —

With all that and more that I have probably forgotten to mention, I’m now going to open up the group for any questions from the community

I have a few questions I have been asked lately that I will share if there are not too many questions

GROUP NOW OPEN FOR COMMUNITY QUESTIONS

Miks, [18 Mar 2022 at 15:21:04]:

Hi D! So excited for all the news! Any new use cases for the token?

Dan insurAce, [18 Mar 2022 at 15:23:32]:

Hi Miks, yes this is something we are aiming to address with the new V2 whitepaper coming out in the next few days.

In the long term we do want to use it for insurance purchases and investment arm.

In the short-mid term, we will begin to add extra value through the buyback and redistribution / burn. Plus a new way to borrow against the token, and improved benefits for token holders and stakers

So there will begin to be more improvements in terms of value generation for token holders

Canh giá đẹp — Mua xong đu đỉnh, [18 Mar 2022 at 15:22:38]:

Hi D! I’m currently a participant in many projects on FLOW, as FLOW is the leading blockchain in terms of NFT, I don’t know if the team has plans to cooperate with FLOW to expand its coverage?

Dan insurAce, [18 Mar 2022 at 15:24:43]:

We are looking into Flow, but until we have our NFT product out there’s not much we can do towards that particular ecosystem at this time.

Miks, [18 Mar 2022 at 15:25:23]:

Sounds good! Thx D and go InsurAce! 🚀

Canh giá đẹp — Mua xong đu đỉnh, [18 Mar 2022 at 15:27:00]:

Thanks for the answer, Because I think FLOW is too strong in NFT now, their revenue is also huge, so I see the need to cooperate with them in the future. 😘

Mr Admin, [18 Mar 2022 at 15:29:13]:

What are your plan to spread awareness about your project in different countries where English is not good?Do you have local communities like Indonesia,Thailand..So they can better understand your project???

Dan insurAce, [18 Mar 2022 at 15:29:54]:

Hello, yes we have many different communities around the world.

Canh giá đẹp — Mua xong đu đỉnh, [18 Mar 2022 at 15:30:18]:

Does the team have any plans for rewards or programs when NFT is announced for NFT holders?

I’m thinking about NFT dedicated to the Insur community

Dan insurAce, [18 Mar 2022 at 15:31:28]:

We are looking into NFTs for both token holders, and insurance customers. We are developing our own style of NFT to show proof of cover.

These NFTs may be used down the line as part of cancellable, modifiable or tradeable covers

Laretha, [18 Mar 2022 at 15:31:42]:

The common problem that often accours DeFi projects is that smart contract vulnerability can lead to loss of funds, what steps has your projects taken for solve to fix this major problem and prevent such occurrences in the future?

Dan insurAce, [18 Mar 2022 at 15:33:36]:

We have an insurance solution coming up very soon for stakers in our platform. Next couple of months and we should have a product launched for this

Sylvia, [18 Mar 2022 at 15:31:42]:

What are your plans for global expansion?At this time are you focusing on market or focus on building and developing or getting customers and users, or partnerships?

Dan insurAce, [18 Mar 2022 at 15:34:34]:

We keep pushing, our global community is now over 100,000 strong across all platforms. These events that we attend help us to build databases and partners so we can get more involved with other communities too

Canh giá đẹp — Mua xong đu đỉnh, [18 Mar 2022 at 15:34:43]:

I like this answer, I looking forward to community and customer launch 😘

Mr Admin, [18 Mar 2022 at 15:34:52]:

Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ??

Dan insurAce, [18 Mar 2022 at 15:35:05]:

Plus with some PR and digital marketing we are constantly growing. You can see the growth of our various channels over the last year

Dan insurAce, [18 Mar 2022 at 15:36:05]:

We encourage anyone who is passionate about the project to get involved both in our telegram and discord as well as twitter.

Pitch us ideas, events, engagements, quizes, community competitions, and we can allocate some rewards for these activiities. I am always here, and open to new ideas.

So anyone can DM me ideas at anytime. Doesnt hurt to ask

Dan insurAce, [18 Mar 2022 at 15:36:42]:

We also have some local language community groups and important links here:

📢 Official Announcements Channel

🇰🇷Korean

🇨🇳Chinese

🇻🇳Vietnamese

🇮🇩Indonesia

🇹🇷Turkish

🇯🇵Japanese

🇫🇷French

🇮🇷Iranian

🇷🇺🇧🇾🇺🇦Regional Group

🇵🇪🇪🇸🇵🇦🇲🇽🇧🇷🇹🇩🇨🇱🇨🇺🇦🇷 LATAM Group

📊 Price Talk Group

🌐Link Tree

Dan insurAce, [18 Mar 2022 at 15:38:16]:

Question: The team has increased a min threshold for bundled cover from 200k$ to 500k$ 😕

Answer: After doing our bundled covers for 6 months, we have realised that there was only a tiny % difference at lower insurance levels from a custom bundle to just using our app. so we increased the limit

Dan insurAce, [18 Mar 2022 at 15:43:16]:

Question:

The development releases have been slow over the last few months, what is happening?. Before there were so many more updates

Answer:

This is understandable. Yes our first 7/8 months were a fast rollercoaster, and the perception may be that things have slowed down.

I can assure you this is not the case.

None of our core team have left, we have almost doubled the size of the team since then. And we are all working harder than usual.

Following our first few months, we learned a lot and started to work on our V2.

Now we have significant improvements to make that will solve many of the existing issues, these are complex and revolutionary for this industry, so we have been heads down building since then.

As these developments come out over the next two months or so, everyone will be able to see why we have been working so hard.

Our V1 took 8 months to build, V2 is less than 4, with some really big changes. So we are building. And there are so many things I would love to tell you about what’s coming up, but it’s not the right time yet. All will be revealed soon

Mr Admin, [18 Mar 2022 at 15:44:26]:

any reward for todays ama😁😁😂😂

Dan insurAce, [18 Mar 2022 at 15:45:20]:

Sorry, these community AMAs dont do rewards, they are for genuine concerns of the community and so we dont do rewards as it promotes generic questions that are not much use to the community

Miks, [18 Mar 2022 at 15:45:57]:

💪💪💪

Dan insurAce, [18 Mar 2022 at 15:45:20]:

Talking about increases in Sales, you can see that we have already had our biggest month ever!

We still have 13 days left of this month to go!

This is so good for the protocol and community. This growth is very important. It shows that the business is growing

Miks, [18 Mar 2022 at 15:50:02]:

Hope to see you soon in Italy too! 🙏

Dan insurAce, [18 Mar 2022 at 15:50:37]:

We dont know of any crypto events in Italy at this time. But if that changes we will definitely have to arrange something!

Miks, [18 Mar 2022 at 15:51:11]:

There’s the Rome blockchain week next month i think

Overall, thx for all the exciting news and for stay around all the time, full trust on the team! 💪

Dan insurAce, [18 Mar 2022 at 15:53:05]:

oh nice, we’ll see if we can find it and stop by

looks like it’s in May. Blockchain Week in Rome. So yes we might be able to come along

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