BRIDGE
#BMI #DeFi #decentralized #insurance #insuretech #stablecoins and #DAO
Introduction
Decentralized insurance provider Bridge Mutual has started the first-ever insurance coverage offering in one of the fastest-growing digital asset markets: stablecoins. Bridge Mutual is based on a decentralized, discretionary insurance application that allows users to insure each other and get reimbursed in the event of a market crash or an attack.
Stablecoins are not always stable. They are also susceptible to crashing and becoming potentially useless. On October 15, 2018, Tether, the market dominating stablecoin was attacked, breaking Tether’s peg to USD, dropping its value by 7%. During an attack, the market movement is massive and sudden. Assuming these attacks are legal and highly profitable, just like Soros’ attack, they will come back again and again (e.g., NuBits crash; DAI liquidity crisis). Bridge Mutual has invented a novel and transparent way of insuring stablecoins.
What is Bridge Mutual?
Bridge Mutual is a blockchain-based, decentralized, discretionary insurance platform. The platform allows users to provide or purchase coverage that protects against smart contract failure, stablecoin crashes, exchange attacks and other products.
Bridge operates autonomously through a set of smart contracts deployed on the Polkadot network, meaning no human intervention or actions are necessary for the platform to function. Bridge’s code is entirely transparent and posted publicly on GitHub, so anyone can audit and verify our work.
The platform’s ecosystem is powered by its tokens, “BMI”, which are used to purchase insurance, provide coverage, earn yields, share in profit, vote, and govern the platform.
Bridge is a decentralized, discretionary insurance platform protecting smart contracts, stable coins, centralized exchanges, and more.
Problem
Smart contracts, stable coins and other crypto products are susceptible to hackers & failures, making it difficult for institutions to enter the market.
Solution
Bridge provides the most transparent and efficient p2p coverage platform, allowing anyone to reliably insure smart contracts, stable coins, and more.
Why was Bridge Mutual Built?
As cryptocurrency becomes mainstream, individuals and institutions need assurances that their investment of value into this new technology are protected.
Smart contracts are susceptible to hackers (e.g., the DAO hack), exchanges are vulnerable to attacks (KuCoin), and stablecoins can crash (e.g., the NuBits crash, DAI liquidity crisis). In order to increase adoption of cryptocurrencies on an institutional scale, confidence in these systems needs to be increased. Bridge solves this problem in a way that is economically viable long-term, transparent, profitable, decentralized, and scalable.
In addition, Bridge has the potential to be disruptive to the traditional insurance industry. Today’s mainstream insurance model hasn’t taken advantage of the advancement of technology and is ripe for disruption. Instead of continuing with the litigious, opaque, adversarial and bloated model of traditional insurance, Bridge intends to revolutionize insurance by making the process fair, transparent, neutral and efficient using blockchain technology.
DeFi Insurance Market Capitalization
Crypto users need protection against the potential failure of the on-chain entities they rely on (stable coins, protocols, smart contracts, DAOs, exchanges and more). There is not enough insurance coverage to protect institutional investment into the space.
The closest parallel to the DeFi insurance market is the practice of Credit Default Swaps. The entire $3.7 trillion credit default swap market could be tokenized, decentralized and automated; and it likely will be within the coming decade.
The current DeFi Insurance market is only around $290 million, which is up from $0 last year.
- $3.7trillion Theoretical DeFi Insurance Market
- $290 million Current DeFi Insurance Market [x 12,758 growth potential
- $5trillion Current Traditional Insurance Market Size
Bridge Covers…
Smart Contracts
Secure against faulty code, bugs, hacks, and protect against permanent loss.
Centralized Exchanges
Coverage to protect against exchange hacks and attacks.
Stable Coins
Insure against Stable Coin failure for USDT, DAI, TUSD and others.
Future Products
New products including support for transaction fees, staking, and farming.
The Bridge Advantage
No KYC Required
Cost Efficient Average
Automated Claims
Fast Settlement
Small 10% Founder Pool
Token Utility
- DAO Voting Eligibility
- Access to coverage
- Yields from investments
- Premium profit sharing
- Vote on claims and earn
Token Metrics
- Token Ticker: $BMI
- Token Supply: 160,000,000
- Initial M/Cap: $500,000
- Sale Price: $0.125
- Vesting: 25% per Month
Token Economics
- 8%: Sales
- 41%: Liquidity
- 16%: Operations
- 6%: Vault
- 17%: Team
- 4%: Community
- 9%: Protection
Roadmap
Q4 2020
Private Sale Development
Q1 2021
Private Sale Development
Q2 2021
$100M Coverage Forecast Bridge DAO Governance
Q3 2021
Product Expansion Capital Pool Growth Coverage Growth
Q4 2021
Main net V2 Traditional Insurance
Team
Mike Miglio
CEO
Josh Vizer
COO
Ian Arden
CTO
Lili Feng
CLO
Hartej Sawhney
CSO
Roman Z
CDO
No KYC
Our platform does not require any form of identification from its users. All funds within our ecosystem are held in smart contracts; Bridge is entirely non-custodial, meaning no Bridge team member ever has access to the funds being staked on the system.
To get more accurate information, please visit the link below:
- Website: https://www.bridgemutual.io/
- Telegram: https://t.me/bridge_mutual
- Twitter: https://twitter.com/Bridge_Mutual
- Medium : https://medium.com/@bridgemutual
Komentar
Posting Komentar