InsurAce

What is INSUR and how Does It Work?

InsurAce is a decentralized insurance platform that utilizes the INSUR token. This token enriches your participation in the InsurAce protocol governance, enabling you to have an input in the platform's important decision-making processes. With InsurAce, an Insurance Portal is available, presenting various protocols for coverage. Alternatively, you have the option to select portfolios sorted according to protocol type and risk level. The shared-based insurance model of InsurAce endeavors to disseminate crucial information to both you and other participants for collective understanding. It proceeds with a method for claim review and a comprehensive loss evaluation process. Solvency Capital Requirement (SCR) and Minimum Capital Requirement (MCR) are utilized for regulatory intentions, denoted as "soft" and "hard" floors correspondingly. With the intention of streamlining insurance procedures and enabling expedient settlements of claims, InsurAce employs smart contracts. Further, Smoothing the course for risk protection to the DeFi community, InsurAce offers a collection of insurance products, investment functions, and coverage for cross-chain DeFi projects, maintaining a focus on legal compliance.

The Vision and Mission Behind INSUR

InsurAce is a platform that is centered on providing insurance services for the DeFi community, given the substantial scarcity of insurance offerings in this arena. It acts as a broad-ranging insurance and risk management solution, offering clear and up-to-date details about its functionality. This encompasses transaction information, primary metrics, pricing structures, various schemes, community inputs, specifics related to funding mining, and token issuance details. InsurAce appreciates community contribution in large-scale changes and decisions, stipulating a 75% consensus threshold for assessing outcomes. It administrates a portfolio-oriented insurance model, accentuating its identity as a decentralized insurance platform founded on the principles of blockchain technologies and DeFi methodologies. Its objective is to build an ecosystem that protects the assets and investments of the DeFi community. Furthermore, InsurAce aims to improve its risk evaluation and pricing methods through the usage of data analysis tools and the integration of machine learning algorithms.

How to Buy and Store INSUR?

To purchase INSUR, Flooz.xyz offers a streamlined process that makes buying this token quick and easy. You can trade INSUR directly on Flooz.xyz, which serves as a one-stop solution for all your token purchasing needs. With a smooth checkout process and support for all payment methods, Flooz.xyz ensures a hassle-free experience. Additionally, Flooz offers a secure web wallet, where you can store, send, and receive INSUR tokens seamlessly. Creating a wallet is as simple as using your email, Google, or Apple ID, taking just a few seconds. This optimized trading experience has already attracted over 85,000 active traders to Flooz.xyz. By aggregating over 50+ providers, Flooz.xyz ensures you have access to the fastest and most reliable payment routes for your trades. Plus, with the power of cryptography, you can rest assured that you have full control over your funds at all times. Start buying INSUR today on Flooz.xyz and enjoy a secure and efficient trading experience.

INSUR Metrics:

• Current price: $0.0143

• Market cap: $994.22 k

• All-time high: being indexed (being indexed)

• All-time low: being indexed (being indexed)

• Daily trading volume: $76

Key Technological Features of INSUR

The INSUR token has a staking mechanism which allows for the acquisition of more INSUR tokens based upon a certain equation. Different types of tokens can be staked, including the native INSUR token. The rate of acquisition and insurance capital pool offer flexibility for effectiveness. INSUR employs a quantitative decision-making model for evaluation of claims and applies a modifiable compensation ratio. Design of prices revolves around a dynamic risk assessment executed at the portfolio level alongside an actuarial pricing model.

The organizational framework of INSUR is composed of three layers - a user layer, operation layer, and products layer. Positions in SCR Mining can be utilized by traders, which permits gaining additional INSUR tokens when staked in specific pools. The collective approach harmonizes the capital pool for investment with insurance, which minimizes cover costs.

The platform offers protection that considers risks including issues with oracle functionality, cyber threats, and malfunctions in smart contracts. INSUR operates on the Ethereum blockchain and uses the Aggregate Loss Distribution model of actuarial science to anticipate the potential loss at the portfolio level. It encompasses aspects like product offerings, capital provision, SCR mining, invested assets, pricing strategies, risk control, claim evaluation, and governance.

How Secure is INSUR? Understanding Its Security Protocols

The risk assessment process of INSUR draws on expert evaluation, community input, and updating through continuous observation of data. The platform gauges risk levels associated with several protocols and monitors aspects such as network health, chain activities, oracle dependencies, and specific admin keys. A set of procedures is included within the platform for handling incidents related to cyber threats.

In response to legal necessities, INSUR maintains adaptability towards regulatory shifts in the regions it functions. Its capital model is consistent with the Solvency II standards, an aspect indicative of policyholder protection. This model views the Solvency Capital Requirement (SCR) as the primary capital requirement and sets aside additional resources for unexpected losses. INSUR emphasizes community involvement as well as DAO governance, while also integrating back-up provisions for possible governance issues.

To meet insurance requirements, INSUR utilizes distinct capital requirement categories such as the SCR and the Minimum Capital Requirement (MCR). The SCR's objective is to maintain a possibility of 99.5% towards fulfilling obligations within a 12-month period and the MCR sets the bar at an 85% probability over the same period. With vigilance regarding security incidents in the token sphere, INSUR takes note of historical occurrences. INSUR centers on providing comprehensible and precise information. Built on blockchain, INSUR respects legal and regulatory parameters, while ensuring the adherence of insurance contracts and transactions.

What's Next for INSUR? Upcoming Developments and Roadmap Insights

INSUR's claim assessment process includes the community and an advisory board of claim assessors, introducing an alternative approach to conventional claims management. The platform shares upcoming innovations in a roadmap. INSUR is working towards easing access to its products by withdrawing KYC procedures and supporting the attachment of digital wallets to the platform. It also has the intention to increase its insurance services to non-Ethereum DeFi protocols as part of its development agenda. INSUR is aiming to offer zero-premium insurance through its operational mechanism. Community participation is encouraged, with members given the opportunity to propose and vote on issues relating to the platform. In scenarios where consensus isn't reached, the advisory board carries the final decision-making authority. Community suggestions go through a review process by the advisory board, before being put to a vote by INSUR token holders. The protocol is also considering offering coverage for initiatives crafted on non-Ethereum blockchain ecosystems. INSUR has thoughts on introducing insurance investment tasks and SCR mining programs. Prospective integration with various blockchains, including Ethereum, BNB Smart Chain, and Polkadot, forms a part of the platform's planned scope to offer wide-ranging insurance solutions. INSUR is also exploring the potential of establishing connections with various DeFi initiatives and platforms to broaden its scope. The roadmap reflects these intentions and aims to introduce new products, enhance user interaction, and identify potential market opportunities.

Role of INSUR in the Current Cryptocurrency Landscape

InsurAce collaborates with various DeFi projects to create a synergistic environment. It advocates for intelligent risk management methods within the insurance field, envisioning a mutually beneficial platform for the user community. Though there are insurances in play for multiple top-tier DeFi projects, the need persists for improved insurance structures that fortify risk management within the DeFi sector. Existing DeFi insurance systems grapple with hindrances such as steep premiums, limited coverage scope, and a scarcity of coverage for freshly initiated protocols. InsurAce is anticipated to address these concerns by ushering in decentralized insurance solutions which intertwine the worlds of traditional insurance and DeFi. The spectrum of insurance products in DeFi is broad, including mutual insurance, financial derivatives and prediction markets. The central goal of InsurAce is to fortify the risk defence infrastructure of the DeFi community through the use of decentralized tools and public blockchains with a central focus on developing sector-wide risk defenses.

The Team Behind INSUR: Who Are the Founders and Key Players?

INSUR is an integral component of the broader framework of the InsurAce platform, that is notable for delivering insurance based products for portfolios. This distinguishes it from insurance coverage that is solely focused on individual protocols, such as Nexus Mutual. The procedure by which the platform functions incorporates a DAO mechanism and is inclusive of community voting and an Advisory Board, ensuring efficient operation and adaptability with an Advisory Committee managing potential exceptions and contingency planning. The platform also offers coverage for cross-chain DeFi projects, a feature that encourages the sustainability of the blockchain ecosystem. It is pertinent to note the role played by traders in the circulation and proliferation of these tokens.

Real-world Applications: How is INSUR Being Used Today?

InsurAce serves the DeFi ecosystem by offering insurance services, a wide range of insurance products tailored to diverse scenarios, and investment administration initiatives. Their insurance solutions extend beyond Ethereum-based projects to include ventures built on other blockchains like TRON and EOS.

InsurAce offers pricing models for its insurance products and presents users with a variety of investment approaches. The InsurAce Token (INSUR) contributes to the capability of the platform, granting staking privileges to its users. The platform's governance emphasizes community involvement, with proposals implemented by the InsurAce project team and community contributors.

Notably different from Nexus Mutual, users need not go through a membership registration process involving KYC at InsurAce, thus facilitating unrestricted access. An ongoing pursuit at InsurAce is refining its claim evaluation process while introducing new features and supporting cross-insurance and insurance syndication in collaboration with other DeFi protocols. The platform also extends its insurance coverage to cross-chain projects as part of its efforts towards upholding the DeFi ecosystem.