What is inSure DeFi?

inSure DeFi (SURE) is a community-driven cryptocurrency insurance ecosystem that strives to protect crypto portfolios from scams, exchange closures, and drastic devaluations. It operates on a model where users may insure their crypto assets by acquiring SURE tokens with fiat or other cryptocurrencies. The ecosystem uses a Dynamic Pricing Model, powered by Chainlink, to determine insurance premiums. The capital required to back the risks is based on the market pricing of SURE tokens and the community's demand for insurance. The inSure DeFi ecosystem also includes a decentralized support system, the inSure DAO, which processes all insurance claims and ensures that only valid claims are fulfilled.

How does inSure DeFi work?

inSure DeFi operates on a three-pronged model. Firstly, it uses a Dynamic Pricing Model to determine the right market price for insurance premiums based on supply and demand. Secondly, it employs a Capital Model to secure the capital required to back the risks at any given time. Lastly, it utilizes the inSure DAO voting mechanism to ensure every claim is handled in a transparent and permissionless manner. When an insurance premium is paid, a portion of it is added to a surplus pool, which grows over time and is used to cover insurance claims. SURE token holders may stake on different decentralized exchanges (DEXs) and receive compensation from each trade, in addition to the insurance that inSure plans provide.

What are the potential use cases for inSure DeFi?

The primary use case for inSure DeFi is to provide insurance solutions for the crypto space, aiming to stabilize and secure Crypto & DeFi portfolios. It offers protection against scams, exchange closures, and drastic devaluations of crypto portfolios. The ecosystem also allows SURE token holders to stake their tokens on various DEXs, receiving compensation from each trade. Furthermore, inSure DeFi intends to work on a hybrid on-chain/off-chain application that combines Chainlink and Google Cloud AI, which will allow it to process on-chain data related to insurable events and relay its outputs on-chain to trigger an automated fulfillment of insurance claims.

What is the history of inSure DeFi?

inSure DeFi was developed with the goal of distributing crypto ownership risks among a liquidity pool, thereby providing a safety net for crypto investors. It was designed to be a decentralized insurance ecosystem, used by many community members to protect their crypto portfolios. The ecosystem uses a Dynamic Pricing Model, powered by Chainlink, to determine insurance premiums, and a Capital Model to secure the capital required to back the risks. The inSure DAO, a decentralized support system, was also established to process all insurance claims and ensure that only valid claims are fulfilled. The project intends to evolve, with potential integration for automated claim processing of stolen funds and scam events using Google Cloud Platform.