Deploy your Own DeFi Insurance Platform like Etherisc
As the tech world drives us towards modern infrastructure and lifestyle, the risk of lives also increases with its evolution that we undergo. To assist our financial risk, Insurance systems offer a life-saving service by following their own protocols. As we gathered our hands for a system to serve our lives, the intermediates and the protocols made the system inefficient and helpless.
Where blockchain technology brings delightful changes to the environment across all the industries. Its innovation towards the insurance system makes the system serve the requisite services efficiently. The smart contract feature in the blockchain ecosystem, supports the users to avail their claims without delay or failure. A smart contract, which is a programmed protocol that enables the system to take the counteraction automatically, if an existing process fails. This Blockchain innovation supports the user for an easy, transparent economical protection against their risks.
A Decentralized insurance platform Ethersisc makes the insurance system efficient and reliable by its user-friendly services for our financial support. Let’s dive into the features of Etherisc’s Insurance platform for ease of the Insurance process with blockchain technology that benefits users.
What is Etherisc?
Etherisc is a decentralized Insurance platform for creating Insurance products that are developed with the vision of providing security and financial freedom for the users with an efficient and reliable Insurance system. The platform offers a license-as -service that facilitates anyone to create reliable, user-friendly insurance products.
Decentralized Insurance Protocol:
The Decentralized Insurance Foundation (DI Foundation) is a non-profit foundation organized under the laws of Switzerland, Canton of Zug. It issues a DIP protocol to create insurance products.DIP is the Decentralized Insurance Protocol that provides a permission-less, generic mechanism to calculate risk. Its price, maintained, and transferred by a group of independent service providers to avoid the dependencies of centralized intermediaries. The protocol helps to provide insurance products by following the predefined agreements which are publicly defined in the regulations of normal insurance systems.
Etherisc DIP Tokens:
Etherisc DIP tokens are defined as the native currency of the protocol. This native currency is being issued as a reward for making transactions and investments to improve customer engagement and manage transaction risks. Staking the tokens in large numbers generates better returns as the flow of transactions increases.
Benefits of DIP Tokens:
- Tokens are the rewards of transactions. Staking the token offers returns that enable the user to make further transactions with the tokens.
- The huge staking of tokens offers better returns.
- Tokens act as collateral for performance and availability of services.
- Resourcing skills, like software risk models, risk capital, insurance licenses, claim processing, or regulatory compliance/reporting services allow the users to earn tokens.
Types of Insurance Services in Etherisc DIP:
Crypto wallet Insurance:
Crypto wallets are digital wallets enabled to manage crypto funds that are in demand for usage in the crypto environment. The wide usage of crypto wallets is highly volatile among the hacker community to penetrate. The crypto wallet insurance is the Insurance recovery system, provided for the user for the financial resurgence of such attacks on your crypto wallet.
Collateral Protection for Crypto-backed loan:
The collateral protection benefits the borrowers if any decrease in the value of collateral takes place. The policy pays upto 100% of the loan amount if the collateral value decreases by 90% or more.
Crop insurance is created to benefit farmers in a decentralized insurance platform. This enables farmers to insure their crops in a decentralized medium to avoid dependencies on centralized controls. The decentralized insurance platform allows the farmers to insure their crops by selecting the crop types and the location of your fields in which the crops are planted. A smart contract allows initiating automated claims for the drought or flood events reported by government agencies.
Flight delay Insurance service:
Flight delay insurance service is provided for the delay or cancellation of flights. This insurance is globally permitted and used all over the world and the policy can be availed for cryptocurrencies like ETH, USD, EUR. Automated payouts provide instant returns of your claims.
This cost-efficient insurance policy helps in case of mortality or critical illness of your community member. Emergency amounts aid support in critical circumstances.
The Hurricane protection policy provides instant claims by evaluating the reports reported by the weather stations around the radius of 30 kilometers of the insurer’s location. This decentralized insurance policy helps to gather support among the people rather than depending on centralized support which enables them to take instant measures. This hurricane protection scheme supports low-income people and startup owners to rejuvenate their essentials to sustain from such natural calamities.
How does the Etherisc Insurance platform work?
The Insurer should pay a premium of $1000, on which $900 of the premium is pooled in the risk pool, and $100 is allocated to the developers and distributors who are involved in designing, oracle, licensed provider, and distributor registry. If any risk occurs, they can claim the protocol on providing the claim details and can get up to $800.
Early investors can secure your allocation of DIP tokens and receive a bonus. Investors can avail of a 10% token bonus for locking up the tokens for 12 months. The smallest donation value for Early Contributors is 10 ETH or USD 10,000.
The assets in the pool get reinsured in the market and pay risk pool assets to the reinsurance. Efficacious stockholders invest their ETH, USD as staking on the reinsurance market. The staked asset provides $100 as a return for the value of $1500 stakes on the reinsurance market.
Invest in the development of A DeFi Insurance Platform Similar to Etherisc
Infinite Block Tech’s journey with blockchain technology evolves as the technology evolves to offer scrupulous services in Decentralized finance. Our expertise and inspiration towards the crypto world allow us to gain command over the crypto solutions platform.
Our developers at Infinite Block Tech are proficient with in-depth knowledge and experience in developing decentralized finance services and Solutions. We provide decentralized insurance platform development services from scratch that meets your business requirements. Infinite Block Tech serves a 24/7 support system to our clients in developing and deploying the decentralized insurance platform successfully. Reach our experts to develop your decentralized Insurance platform like Etherisc to create your Insurance products.