Nsure Network Completes W3F Grant Milestone 1
Today we are thrilled to announce that Nsure has completed Milestone 1 of its Web3 Foundation grant, moving us closer to our goal to build a cross-blockchain open insurance marketplace for open finance. Thanks to all committee members for their continuous support and guidance.
Nsure is an open insurance platform for open finance. The project borrows the idea of Lloyd’s London, a marketplace to trade insurance risks, where premiums are determined by a Dynamic Pricing Model. Capital mining will be implemented to secure capital required to back the risks at any point of time. A 2-phase crowd voting mechanism is used to ensure every claim is handled professionally.
As we all know in our daily life, insurance is a crucial part of the financial world, where the Web3 space is also becoming increasingly important. To connect the two, we created Nsure. The main components of Nsure’s “Web3 insurance” are 1) capital pool and surplus pool — based on Capital Model; 2) purchase insurance and underwriting — based on Dynamic Pricing Model. Cross-chain compatibility unleashed the possibility of taking in more kinds of Web3-based assets as collateral against risks. The multi-chain environment also increases the variety of assets available to purchase.
The implemented Minimum Viable Product Core contracts:
- Support capital mining and underwrite deposits/withdrawals.
- capital_converter converts the dot token to nDot which is the token used to stake in Nsure’s capital pool. Ndot represents your share when deposited into the capital pool. Rewards in Nsure will be distributed based on a time weighted manner.
- erc20 is a smart contract similar to the erc20 token contract.
- capital_stake is the staking mining contract. Stake nDot to get rewards in Nsure tokens.
- underwrite is the contract for Nsure token staking. Rewards can be adjusted.
To test the smart contract please click here to get test tokens to deploy smart contracts.
In the coming Milestone 2, team will work towards publishing our beta release in 3 months for the full functions of Nsure Network Dapp which includes the smart contracts/frontend/backend and related coding. Finally open to the public for the alpha on testnet.
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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