Our team created this project idea in order to secure assets and reduce risks for users when participating in the Defi ecosystem in general and Defi on the blockchain ICON platform. We are well aware of the current limitations of DeFi insurance and believe it is necessary to have 1 reliable Defi insurance solution. Some of the limitations of current DeFi insurance include accessibility, bad risk management and capital risk. Realizing that, we propose a solution called Insur ICX a decentralized insurance solution on the ICON blockchain platform.
What it does
Insur ICX “Protect all your crypto assets and earn profits in exchange for coverage liquidity. " Insur ICX is a product built on the foundation ICON blockchain, providing decentralized insurance services where customers are all users and developers of blockchain products.
The project aims to create an ecosystem for risk allocation, where the premium is determined by a Dynamic Pricing Model. The capital required to support the risk at any given time will be based on the market price of the tokenIICX and community needs.
IICX Token IICX is the governance token of the system, with 2 main functions:
- Use as a reward: For providing liquidity to insurance pools and investing in project products. For individuals to participate in the project management process and reward community contributions.
- Giving voting rights to Insur ICX holders: They can propose changes, vote on issues, and participate in requirements reviews on the system. When actively participating in governance, will be entitled to a portion of the fees generated on Insur ICX.
IICX token Utility:
- Users only need to buy/acquire IICX tokens from exchanges on our ecosystemIcon blockchain or received through capital contribution to Capital Pool and receive rewards through the process of participating on the system.
- IICX tokens will not be stored on exchanges, but in users' wallets. To process requests, users must sign with a wallet containing their IICX tokens.
Business Model Insur ICX is built on the following models: Dynamic model price shaping to find the right market price through supply and demand. Capital model to be able to secure the necessary capital when risks occur at any time. Voting Mechanism Multi-phase help ensure all claims are properly adjudicated.
Accomplishments that we're proud of
Proud of creating a solution to a blockchain problem.
What we learned
ICON smart contract development and ICON defi ecosystem
What's next for INSUR ICX
In the future, the team will continue to develop the idea into a product that not only serves in the Defi field but will continue to expand the ecosystem to traditional insurance segments such as: Real estate insurance, car insurance etc. By applying blockchain technology we feel capable in solving problems that traditional insurance and finance face and bring innovation to the insurance industry in particular and to the financial system in general. Most importantly, we are using this project with a goal of putting Vietnam on the world blockchain map.