Inspiration
Insure Labs was inspired by the numerous DeFi hacks that have taken place over the years and their impact on users. Due to their lack of knowledge of these vulnerabilities, users experience huge losses as a result of protocol hacks or depeggings. Despite auditing, a number of DeFi protocols still include vulnerabilities that, if exploited, might cause significant losses. Due to their trust in audits, people who use these protocols. Insure Labs was created when we thought of establishing a blockchain-based insurance system to protect these users from complete losses .
What it does
Insure Labs is a decentralized insurance platform that provides users with insurance covers and financial compensation in the event of DeFi breaches. Users of protocols/projects staked on Insure Labs can buy insurance coverage to protect themselves from losses in the event of an exploit. The monies staked for the protocol and the user-bought covers are distributed to all individuals who bought cover and request a claim on their insurance as recompense for their losses, after approval by the Insure Labs Governance DAO. When a risk assessor stakes a project on Insure Labs, they are staking on the security of that project, particularly a protocol that has been audited. It is important to know that a project can be staked more than once on Insure Labs.
How we built it
Having a smart contract backend and a font-end for user interaction, Insure Labs was developed using Solidity and Javascript using the React.js framework.
Challenges we ran into
Getting an RPC node provider for the Fantom blockchain was the only challenge we faced.
Accomplishments that we're proud of
We are pleased to have succeeded in providing a solution to the total losses that many users have suffered as a result of breach of DeFi protocols. We are also quite proud of our work bringing insurance to a decentralized system.
What we learned
We looked into the operation of conventional insurance in order to correctly implement insurance on the blockchain, and in the process, we learnt a lot about insurance.
What's next for Insure Labs
We looked into the operation of conventional insurance in order to correctly implement insurance on the blockchain, and in the process, we learnt a lot about insurance.
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