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InsurAce Founder at DeFi Insurance Protocol Explains the Difference between Traditional and Decentralized Insurance

Crowdfund Insider | | Jun 7, 2021

blaancing act - InsurAce Founder at DeFi Insurance Protocol Explains the Difference between Traditional and Decentralized InsuranceWe recently connected with Oliver Xie, the Founder at InsurAce, a DeFi insurance protocol, that is introducing multi-chain insurance services on its Ethereum dApp (app.insurace.io), in order to offer insurance coverage to protocols and blockchain platforms like Ethereum, Binance Smart Chain (BSC), Huobi Eco Chain (HECO), Solana, Polygon, and Fantom.

Crowdfund Insider: Smart contract vulnerabilities have led to millions of dollars in losses for many project developers and token holders.  It may be a good idea to offer insurance coverage, however, why would it be better if it were decentralized (considering InsurAce is a decentralized insurance protocol)?

Oliver Xie: Definitely there are insurance providers offering insurance products and services in a traditional, centralized manner. They operate as an insurance corporation instead of as a DeFi protocol. I wouldn’t say that the DeFi insurance protocol will take the place of these centralized providers, however we can never ignore the advantages of building this as a decentralized platform which can be disruptive.

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Some of the benefits are:

  • Permissionless: users only need a crypto wallet to access the insurance service and users take the full ownership of their assets.
  • Smart Contracts Driven: the insurance services are wholly built with smart contracts on public blockchains, which brings with it the various merits of blockchain technology such as robustness, transparency, traceability, privacy protection,  and etc.
  • Seamless Integration with DeFi Ecosystem: with our insurance solution built as a DeFi protocol, we can work as a building block of the DeFi Lego, and integrate with other DeFi protocols more closely and easily.
  • Community Driven: this is one of the most important factors for our growth, we have strong support from our community, and we will gradually build up our DAO to govern the operation and development of the protocol. We build things from the community, of the community and for the community.

With these considerations, we think it is natural that we build it in a decentralized manner.

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