What Is Armor (ARMOR)?
TheArmor (ARMOR) is a protocol developed to provide protection to the users for the funds held on different DeFi protocols. The protocol aims to offer a solution for any type of hacking, thereby enabling a quick, self-regulating, and pay-as-you-go coverage for users’ funds. The Armor system claims to detect any types of changes in the balance on supported protocols and prompts users to adjust their plans accordingly. Besides, if the platform that holds the users’ funds is hacked and the claim is approved, they are entitled to get complete compensation for the losses.
DeFi applications are the most appealing targets for hackers. The open-source software can provide hackers with enormous, immediate payments that can easily be made untraceable. Considering this, users need the maximum protection feasible to protect their funds. Thus, Armor aims to ensure that whatever funds a user has on a hacked platform will be properly returned in the simplest way possible, ensuring that their funds are never at risk.
Even the Armor seeks to provide protection covers and insurance policies to the users due to such instances. The project works by establishing the NFTs in the users' accounts representing the taken cover amount. Consequently, it aims to track the accurate information of users’ account funds. If the account gets hacked during cover protection, then it can be instantly compensated after the claim approval.
As per the whitepaper of Armor, it has the governance token 'ARMOR.' The token operates on the Ethereum network. The token provides users with some voting rights on the platform.
History of Armor (ARMOR)
The Armor (ARMOR) token was launched on January 23, 2021. Robert M.C. Forster is the cofounder of Armor-fi. The maximum total supply of the ARMOR is 750 million tokens.Moreover, the platform has Christopher Hearey (community manager), Rus Huges (CTO), Romke Jonker (development manager), and various other team members.
