Igor Ver (I will NEVER PM/CALL Y…: Welcome to the Wing AMA session with InsurAce!
D: Hello (Sticker)
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:02:05]:
DON’T PANIC! You’re not banned, we temporarily mute the Wing Telegram Group for the AMA session with InsurAce!
This is Igor Veresha from the Wing DAO Community and my host for this AMA session. Thank you for joining today’s AMA session.
To help us learn more about InsurAce, we are fortunate that we will be joined by the Director of BD & Marketing, Dan Thomson
Let us give a warm welcome to Dan Thomson
Hello, Dan Thomson please say hi to the Wing DAO community.
Can you introduce yourself to our Wing DAO community?
D: Hi guys!
I’m Dan Thomson, the Director of Business Development and Marketing for InsurAce. I am originally from London, have lived in Spain previously and now in the Americas. I have a background in growing companies across Europe and have been in crypto since 2015 when I bought my first Bitcoin. Since then I have gone on to launch one of Europe’s first crypto Index Funds based out of Gibraltar, and then moved into DeFi which is when I came across InsurAce and the DeFi insurance sector.
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:05:47]:
Thanks for sharing your humble beginnings, Dan!
So let’s jump right into the Q&A
What is InsurAce? What does InsurAce do?
D, [11 Feb 2022 at 16:07:50]:
InsurAce is a DeFi insurance protocol protecting your assets from hacker attacks and bugs in smart contracts that may result in losses to your assets, we also cover some custody insurance for funds kept on exchangse, as well as Stablecoin De-Peg events, and IDO events.
From as little as 2% you can guarantee your assets’ security and have peace-of-mind.
We will be adding more types of insurance in the future including Rug-Pull, Market Volatility, NFT insurance amongst others.
Last year alone saw over $2bn in hacks, and we are here to protect DeFi users and encourage smart investing.
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:08:22]:
How does InsurACE work on Wing?
D, [11 Feb 2022 at 16:12:28]:
Decentralized insurance works by sharing these riske between many users, insuring their assets on many protocols, as well as stakers (underwriting miners) who are incentivized by high yield rewards for providing liquidity.
The rewards are generated from both the premium income and also investments made by the reserve capital in the liquidity pools.
These underwriters provide the coverage to pay out in the event of a hack.
So basically for Wing users… they can use our app (app.insurace.io) to select how much coverage they would like and for the length of coverage.
They can then pay on-chain with no KYC using either Ethereum network, BSC, Polygon or Avalanche. Each network has multiple payment options (both tokens and stablecoins)
then the user is covered against Smart Contract Vulnerabilities in Wing
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:14:22]: Good. How much will users expect to get even with insurance costs?
D, [11 Feb 2022 at 16:17:54]:
Insurance costs on our app at the moment are as little as 0.26% per month.
That’s around 3% annual premium.
So when farming on Wing, users are earning 30%, 50%, or even 200% APY, they can protect their investment for a very small amount relative to this.
We are getting daily purchases from funds entering the space, as well as increased interest in smart investors looking to mitigate their risks whilst making those sweet DeFi gains
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:18:29]:
OK. How do you see Hacks & DeFi security and how can we minimize the risks ?
D, [11 Feb 2022 at 16:22:05]:
Obvoiusly in the last year there have been several very high profile attacks.
Each month we produce a report on our blog (blog . insurace . io) highlighting recent hacks.
Investors, teams, and individuals can minimise their risks in this space by checking each investment opportunity thoroughly. Including researching their:
– the team
– the community
– the investors
– code (if possible)
– good quality audits
– bug bounty programs
– does it offer insurance
– company and legal registration / compliance
– and overall transparency.
this helps to invest safely. However the risks in DeFi are still prevalent even with great projects built by great teams. So that’s why we’re here to protect users against that risk.
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:22:29]:
Interesting! What is InsurAce’s upcoming project development?
D, [11 Feb 2022 at 16:24:55]:
We’re very excited about our upcoming v2 launch in the next few weeks. It will improve our tokenomics, overall project efficiency, updated branding and launch new insurance products including Rug Pull insurance and NFT insurance.
We’ll be able to increase our overall capacity allowing us to sell more coverage and turbo charge our growth in the space.
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:26:29]:
Thanks for your answer, Dan! You have brought a unique viewpoint and different thinking to us!
That completes the first part of our AMA! Thank you and we highly appreciate your detailed responses Dan 😁 I hope everyone has benefitted from the information from the answers we got today. Let’s wrap the 1st section and move on to the 2nd section.
Our guest will answer 5 questions from all posted questions, and these people will be rewarded with 50 INSUR each!
Dan Thomson, are you ready for their questions?
D, [11 Feb 2022 at 16:29:55]: Lets do this
NOTE FROM EDITOR: Only the 5 questions that win 50 $INSUR are transcripted — there were 100\’s questions answered. We appreciate the efforts from both sets of communities.
- Booker Fletcher [11 Feb 2022 at 16:23:35] :
Is your platform a global or is there any restriction to certain regions?
D, [11 Feb 2022 at 16:34:25]:
We are a global DeFi project.
It means we are all around the world.
2. Jessica Mullen, [11 Feb 2022 at 16:29:35]:
I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, does you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
D, [11 Feb 2022 at 16:37:12]:
Our team is growing and we are encouraging developers to join us, they can apply by emailing us their CV.
We sometimes organise hackathons as part of events at conferences we attend, as well as participate in other hackathons ourselves
As a DeFi project we are here to BUIDL and keep growing to improve the space for everyone!
3. CryptoMan Rigby, [11 Feb 2022 at 16:29:31]:
🌵As an insurance protocol, what makes InsurAce different from other the traditional insurance company? would be your InsurAce’s highlights include?
D, [11 Feb 2022 at 16:39:22]:
Traditional insurance companies rely on underwriting from other insurance companies and investors in the company.
They are then sold by brokers to individuals or companies.
DeFi insurance allows a wide range of users to get involved by providing capital directly for underwriting capacity, and to reap the rewards directly, almost like owning a share of the protocol.
This keeps costs low and efficiency high which benefits the insurance customer buying cover who can come to us directly with no KYC and buy insurance for their assets
4. Rizki Pratama, [11 Feb 2022 at 16:28:38]:
I saw that insurers and investors can participate in SCR (Solvency Capital Requirement) liquidity mining to earn InsurAce Token (INSUR) with a share in the insurance and investment pool, can you explain to us what is SCR?
D, [11 Feb 2022 at 16:42:47]:
Thanks, good question.
We follow the SCR model of insurance. This basically suggests how much capital we have to keep available in the event of a series of claims.
It also helps us to calculate any multipliers on available capacity and therefore how much capital we have to invest to generate higher returns for our protocol and community.
this helps to drive our revenues which can reduce the cost of premiums in the future and benefit our token holders.
5. Umang | Cryptogenie🧞♂️ Stanley, [11 Feb 2022 at 16:29:34]:
If an InsurAce user becomes a valid claimant, what are the requirements needed to claim the insurance and how long will it take? Thank you.
D, [11 Feb 2022 at 16:45:29]:
Thanks for asking.
When it comes to the claims process in the event of a loss of funds, the user goes through our app to submit a claim.
They will need to show that they had funds in that particular protocol before the hack and that the funds were withdrawn to a different wallet.
They can get validation from the protocol itself to say there was an exploit.
All of this evidence gets submitted to our team. We then produce a report on it.
Our governance community then votes on whether the claim is accepted or rejected.
If accepted it is paid out immediately. If rejected, then there is an appeals process.
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:45:39]:
OK, thanks for your answer, Dan, we learnt a lot!
D, [11 Feb 2022 at 16:46:03]:
My pleasure!
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:46:22]:
Congrates @erfletcher27 @MarinaLudwig2000 @Saderigby @RizkiPrata @NicholStanley1997 . These lucky winners please DM your BSC wallet (NO CEX) address to @IgoresV to claim your rewards!
D, [11 Feb 2022 at 16:46:24]:
some great questions in that very large wave of messages
Igor Ver (I will NEVER PM/CALL YOU FIRST), [11 Feb 2022 at 16:46:56]:
Thank you for being with us today and gracing this event, Dan!
