Along with the rapid development of technology which is increasingly out of control as well as the increasing global competition, of course we really need to have insurance to protect ourselves and our families, be it for health, education, electronic protection, etc. We need insurance to minimize financial losses that we don’t want at all, one of which is financial insurance which covers the world of cryptocurrency. And this is something very new where an insurance-focused platform can protect crypto users from financial losses – this platform is Bridge – it’s a decentralized insurance platform that protects smart contracts, stable coins, centralized exchanges, and more.
DeFi (Decentralized Finance) is an application that uses smart contracts on the Ethereum blockchain network, to get loans in the form of crypto assets. For example, we can use crypto to get loans in the form of stablecoins.
Insurance is an agreement between two or more people in which the insured party pays contributions to get compensation for the risk of loss, damage, or loss, which may occur as a result of unforeseen events.
From the two meanings of DeFi and insurance, Bridge Mutual creates a new and first solution for insurance in the DeFi world. Because of the rapidly developing decentralized DeFi world (especially for stable coins), many products are prone to failure or hacks.
About Bridge Mutual
Bridge Mutual provides a decentralized, scalable and comprehensive smart contract system to ensure smart contracts, stablecoins, centralized exchanges and other crypto and DeFi products. It offers a transparent, auditable and on-chain investment strategy to return returns and profit sharing to its users and does not require KYC or personally identifiable information.
This service increases competition by offering to insure stablecoins and exchanges, not just smart contracts. Additionally, Bridge Mutual is built on top of the Polkadot network, which offers forkless on-chain upgrade capabilities and a superior transaction fee structure.
Users can join the Bridge Mutual ecosystem by purchasing BMI tokens and staking BMI on the Bridge coverage pool. Funds in the coverage pool are automatically invested on-chain in other platforms, such as Compound and Aave to generate returns for users. Quotations are generated chained with actuarial formulas; users can connect their Web 3 wallets (Metamask and others) to pay coverage after receiving the offer. A portion of the premium paid by users who purchase coverage is shared among users providing that coverage as an incentive for revenue sharing.
Stablecoin insurance claims are settled instantly. All other claims go through a 3 phase voting process that resolves claims in 6 weeks or less. An incentive system is in place to ensure that every claim is resolved fairly and accurately without fraud or collusion.
This platform does not require any form of identification from its users. All funds in our ecosystem are stored in smart contracts, Bridges are completely non-custodial. No member of the Bridge team has ever had access to the funds staked on the system.
Bridge Mutual has provided legal services for a number of highly visible blockchain projects, including Akropolis, Certik, Kinesis, NOIA, QTUM, FABRK and Gate.io. Bridge Mutual has assembled an outstanding team of insurance and finance experts, as well as other programmers and lawyers. Bridge Mutual aims to be the first platform to provide coverage for the enormous $ 20B stablecoin economy, which is growing at an exponential rate. The project enjoys an over-demand spin of angels and seeds, and is currently in negotiations with a top tier blockchain fund to fill its private spin.
Problems in the world of crypto and insurance
In the world of financial transparency is a problem that often occurs in the world of crypto or insurance, thus causing a lack of trust among crypto or insurance users. Because many users are disadvantaged by the lack of transparency so that it makes the blockchain world view negative. Crypto and insurance also have a lot of problems in fees, liquidity, slow processing when there are many transactions. For example, when the price of ETH goes up, there are many transactions and it makes transaction fees very large as well as insurance. These are some of the important issues that occur in the world of crypto and insurance.
Bridge is a decentralized insurance platform that allows its users to insure each other.
Bridge is a transparent insurance platform where claims assessment and investment of funds are on-chain and audit-able by the public.
Each claim submitted will be reviewed through a 3-phase voting process with rewards and punishments.
The insurance model introduced by Bridge will replace the traditional insurance model which is less transparent and outdated.
Bridge operations are more efficient than traditional insurance platforms because they do not require branches or working agents.
Bridge usually processes a claim within a period of usually under 6 weeks, regardless of the size of the claim.
Earn and Sharing
Staking BMI does 2 things: entitles you to profit sharing whenever coverage is purchased; earns you yields that come from on-chain investing of all pooled funds.
Bridge is built on Polkadot for scale and efficiency. This decision ensures our claims assessment process works smoothly.
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.
Bridge is a true decentralized, user-governed ecosystem. BMI tokens can be used to vote and improve Bridge so that it can remain secure, competitive and transparent.
Backers and Partners
As we know, currently many unwanted events occur in the crypto market, for example, such as the KuCoin hack which caused millions of dollars in losses. We don’t want something like this to happen again. And to prevent this we can use insurance services to protect us. Bridge is a decentralized insurance platform that allows crypto users to insure a smart contract, stable coins, centralized exchanges, and more. This is a platform built on the Polkadot network, which will provide users with the most transparent and efficient p2p coverage platform, and allows anyone to reliably insure their assets or maximize their profits by becoming a staker.
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