Nsure Network upgrade to Alpha on Kovan test-net environment is now available for testing here
Dear fellow Nsureans, after the awaited time, we’re glad to present you with our latest update down the road on our development roadmap: Nsure Network Alpha is now officially live! You will now be able to experience the gradual release of our platform, commencing with our test-environment on Kovan, with the aim of back-testing any feature within the network, followed by a bug bounty and full audit prior to our Beta launch on Mainnet.
As you may have already seen on the Nsure Network Alpha product release dashboard, features will be released gradually over the upcoming 4 weeks, in congruence with the logic behind user participation across these.
First feature, already live is Capital Mining, in which you are now able to deploy Kovan ETH into the Capital pool, experiencing benefits from Capital Mining rewards. In this way, participants will be able to start accumulating Nsure tokens on Kovan, needed for the next feature release, shortly after.
First available is the nETH pool, further followed by nUSD and nBTC pools currently under development. In order to participate as a capital provider, 3 steps are to be followed and categorised into 3 sections: “Start Mining”, “Dashboard” and “Withdraw”. Under “Start Mining” participants obtain access to the first required steps, by deploying ETH and minting nETH in accordance to current conversion rates. Conversion is determined by previous payouts; under which ETH-nETH may fluctuate. After approving the contract, deposits of nETH in the capital pool would become available. Users are requested to take this step in order to participate in mining rewards, at a rate of 1.8 NSURE per block.
On the Dashboard section, pools can be monitored, visualising MCR % metrics, total capital deployment within pools, individual share of a pool, available rewards together with the claim function to redeem the aforementioned mining rewards in NSURE test tokens.
Exit functionality is to be found under the “Withdraw” section, under which 3 steps shall be taken: Unstaking nETH, withdrawing nETH and converting nETH back to Ether. Down below you will find the track-record of your wallet, including transaction IDs, time of execution, amount, corresponding pool as well as detail on the type of action:
Once users have been able to mine amounts of Nsure test tokens, enough to participate in the staking process, the Underwriter module will be released. Users will then be able to experience the vertical of underwriting risks among different products, providing capacity to these. Similar to how you experienced our Underwriter Program Simulation with real-time rewards in accordance to staked Nsure, users will be able to experience an Underwriter environment in which risks are actively traded and updated in real time. In contrast, metrics such as TSI and cover demand will not be derived from TVL ratio calculations; instead users will be engaging in a live environment in which demand will be in accordance to real time coverage acquisitions on Kovan. Epochs will not apply, instead users will reference to the model from our initial white paper, respecting initial locks and detached from rebalancing periods.
Purchasing Coverage represents the third feature to be released down the roadmap for Alpha. As mentioned above, this will be replacing the simulated derivations from TVL as seen on the Underwriter program launched previously. This will be the first time the Platform will have a live functioning Dynamic Pricing applied to policies. Users that may purchase coverage on the Nsure Network Alpha will be influenced by the capacity provided by underwriters, experiencing real-time supply and demand for risks associated to protocols listed.
In this section, participants will not only be able to purchase insurance products and benefit from rewards minted in Nsure Test Tokens, but also have access to the dashboard displaying key metrics such as Total Active Covers (Sold and Amount), Total Value Locked in Nsure Pools, Risk categorisation of products offered, and a personalised portfolio window in which individual insurance products purchased can be seen and managed accordingly.
Under the Claim processing segment, users will have the chance to first experience the structured model for any process related to claim submission, approval, resolution and challenging in case of disagreement.
Reference addresses for Nsure Network Alpha:
Nsure Test Token: 0x6cf83f10234ac1db01baed7e45c52a59c9c66a3b
nETH Minter: 0x536853c65785d71d6b1bed9968f66b94a9233038
nETH Token: 0x536853c65785d71d6b1bed9968f66b94a9233038
nETH Capital Pool: 0x1c1311c5C4E78ce9b1682CB3B2cb29b89DC08F63
Fully customised new UI/UX:
As you may have already experienced, we’ve dedicated efforts into a fully customised and new design structure for the Nsure Network platform, from scratch, in comparison to our prior product release on Rinkeby (MVP).
How to obtain Kovan ETH:
In order to get ETH on your Kovan Network Metamask, select “buy” on your Metamask interface, which will redirect you to a faucet.
We hope you enjoy this latest release and would encourage any participation during Alpha, welcoming suggestions, improvement proposals or any kind of incongruences/bugs one may come across with, if any.
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