Dec 29, 2020

3 min read

Introducing PolkaInsure

The Next Generation of DeFi Insurance Protocol powered by Polkadot Ecosystem

What is PolkaInsure

As the name implies, PolkaInsure is a decentralized P2P insurance marketplace on Polkadot Ecosystem powered by Polkadot Ecosystem. The protocol aims:

to be one of the first pioneering protocols offering coverage for DeFi projects running on Polkadot Ecosystem.

to be a P2P market place that allows any user to request insurance and anyone to provide coverage.

Why PolkaInsure?

2020 has been the year of DeFi in the crypto industry, with many projects transforming traditional financial products to decentralized ones. Most of the DeFi protocols are developed using smart contracts based on public blockchains such as Ethereum and Polkadot parachains.

The transparency of blockchain requires all DeFi projects to become open source in order to gain the trust in communities. Due to running on public blockchains where any one can make transactions to any DeFi applications, DeFi smart contracts have been targeted by lots of white-hat hackers, who have been stealing millions of USD stored in the smart contracts by exploiting technical and economical vulnerables in the smart contracts.

Developing a DeFi app without any vulnerable is very hard, even impossible as every thing is transparent in public blockchains. Insurance for DeFi has been one of the hottest trends in crypto to cover for loss of funds in those DeFi projects.

Several insurance protocols have been implemented and run on Ethereum. Examples are Cover Protocol, Nexus Mutual, Nsure.Network. However, most of those protocols run on Ethereum while an insurance protocol on Polkadot Ecosystem is still missing.

Polkadot is a very fast evolving ecosystem where many DeFi projects have been implemented and deployed to speed-up the transformation from centralized finance to decentralized finance. An insurance protocol like PolkaInsurance becomes a must to cover losses of users in cases of attacks.

Why Polkadot?

  • Polkadot is a very fast evolving ecosystem.
  • Transaction fees on Ethereum have become a serious problem where a swap transaction on Uniswap can cost 50$. This is unacceptable for DeFi to become mainstream to replace CeFi.
  • An insurance protocol is missing in the Polkadot Ecosystem.
  • Huge potentials that Polkadot bring to the PolkaInsure protocol as all parachains in Polkadot Ecosystem can be inter-connected with each other.

PolkaInsure Roadmap

Phase 1 — Q3 2020: Market Research and Positioning

  • Research on Insurance Protocols and the need in DeFi
  • Research on Polkadot DeFi ecosystem
  • Team Forming and Project Branstorming

Phase 2— Q4 2020: Market Research and Positioning

  • PolkaInsure Protocol Design
  • Tokenomics Design
  • Smart contract and web development
  • Token Sale

Phase 3— Q1 2021: Market Research and Positioning

  • PolkaInsure contract development
  • Token sale completion
  • Deflationary Farming
  • Onboarding DeFi projects onto PolkaInsure
  • Partnership, Marketing, and Branding
  • Listing on Polkadot Projects Ecosystem, Polkacaster

Phase 4— Q2 2021: Market Research and Positioning

  • Token Migration from Ethereum to Polkadot
  • Shield mining
  • PolkaInsure protocol Live to protect DeFi projects on Polkadot Ecosystem
  • Onboarding DeFi projects onto PolkaInsure

As a long term plan, once the protocol is live, we will be onboarding projects not only in Polkadot Ecosystem, but also offering coverage for DeFi projects on other public blockchains.

Website: polkainsure.finance

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Check PolkaInsure Github