Sep 2, 2021
Nsure Innovation Zone Launched
Since the launch of Nsure Network on mainnet, we’ve received a bunch of requests from Nsureans and other Ethereum users for their demand of insurance coverage on some new and innovative projects which are not listed on the existing Nsure marketplace. These projects have a couple of common characteristics that: 1) users are active; 2) the projects have been deployed for not a long time (usually less than 6 months) 3) smart contracts not been audited, or they are but users still have concern on the security of the contract so that they yearn for insurance to protect their assets of investment.
To cater for such needs, we are going to launch a novel marketplace, Innovation Zone. Compared to the existing one, this new marketplace is different in the below perspectives, through the design of which we aim to achieve a balance between responding swiftly to the market demand and ensuring security of Nsure capital pool and being responsible for all Nsureans.
- Proposal of listing is accepted from anyone, as long as it passes the community vote. Unlike the main marketplace where listed projects are first evaluated by the team whether qualified for listing (by conducting N-SCOSS analysis), Innovation Zone allow anyone to propose on Nsure forum about projects in his/her favor. This proposal will proceed to a snapshot vote for the community to approve or reject.
- With the flexibility in listing, Innovation Zone projects will not be rated, and a high risk level will be associated to determine the premium. If you’d like to receive a rating as to enjoy premium benefits, please propose on the main marketplace, but the process shall take longer time than what in the Innovation Zone.
- Capacity is granted to the projects based on underwriting staking. The more staking it receives, the higher capacity it has, subject to a cap of 8% of total capital. This setting is to protect the capital pool from exposure to excessive risk brought by unexamined projects in the Innovation Zone. Underwriters’ view on the riskiness of projects is expressed by staking, i.e. they have more confidence in the projects on which staking is strong and vice versa. Therefore we regard it fair to adjust the capacity level proportional to staking amount. This change also applies to the main marketplace, for which capacity is determined by security level only.
Listing procedure on Innovation Zone
a. Complete the due diligence form on forum
The information needed is to help Nsure users to understand the basics of the project, hence equip them making decisions on whether to accept this projects into the Innovation Zone.
Basic requirements should be met to proceed to the next stage.
b. Within 10 working days the proposed projects with abovementioned information sufficient in proposal will be delivered on Nsure snapshot page to vote
The snapshot vote will continue for 5 days. All Nsure token holders and stakers will be eligible to participate. 1 Nsure = 1 Underwriting Nsure = 1 voting power
c. Once the snapshot is concluded as a pass, team will list the project within 10 working days
About Nsure Network
Nsure is an open insurance platform for Open Finance (DeFi). The project is inspired by Lloyd’s of London, a market place to trade insurance risks, where premiums are determined by a dynamic pricing model. Capital mining is implemented to secure the capital required to back the risks at any point of time. To learn more about Nsure Network go to Nsure.Network or follow us on Twitter or Telegram.
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For private inquiries or collaborations, please DM any of our admins or contact contact@nsure.network
