Prosure

Home Screen
Insured Protocols Screen
Claim Insurance Screen
Governance DAO Screen
DashBoard Screen
Insurance DashBoard Screen

Inspiration

The devastating impact of DeFi hacks on unsuspecting users, resulting in financial losses, was the catalyst for creating Prosure. Over the past two years, hundreds of DeFi hacks have occurred, costing billions of dollars and leaving numerous users without compensation for their losses. It was heartbreaking to see innocent people lose their hard-earned assets due to no fault of their own. This sparked a determination to develop a decentralized insurance platform that would safeguard users' assets and provide a safety net in the event of unforeseen events. Prosure's mission is to protect users against losses in the event of an exploit. If the exploit occurs, the funds staked for the project and the covers purchased are given to all those who purchased the cover and requested a claim on their insurance as compensation for their losses.

What We Learned

We've gained a profound understanding of the intricacies of risk assessment, risk levels, and the meticulous calculation of insurance covers. We are glad with the platform's governance structure, spearheaded by the DAO, which ensures decentralized decision-making and community-driven accountability. We also learned about the vital role of risk assessors, who painstakingly evaluate protocols to determine their risk levels, and the importance of transparent communication among team members. It was impressive to see how Prosure's innovative solution tackles the complex issues of DeFi risk management.

How We Built the Project

To bring Prosure to life, we embarked on a comprehensive journey, immersing ourselves in the project's vision, goals, and technical issues. We meticulously crafted a detailed description of the platform's features, functionality, and governance structure, ensuring accuracy and clarity. By distilling complex concepts into accessible language, we aimed to make Prosure's innovative solution accessible to a broader audience.

Challenges Faced

Despite the excitement of building Prosure, our team encountered several obstacles. The limited time frame and constant changes in the working environment (such as updates to Hardhat) demanded adaptability and resilience. Occasionally, miscommunication among team members requires proactive communication and collaboration to resolve. There were moments of frustration and doubt, but our collective dedication and expertise enabled us to overcome these challenges and although not completed, we aim to continue working and improving on Prosure.

Conclusion

Prosure's journey has been an incredible experience, and we are proud to have been a part of it. From the initial inspiration to the final launch, our team has worked tirelessly to create a platform that truly makes a difference in the DeFi space. We are excited to see its impact in the years to come.

Built With

chakraui
ethers
javascript
react
solidity
wagmi
yarn

Submitted to

Created by

I was privileged to play a key role in the development of Prosure, with a primary focus on designing and implementing the smart contract that powers the platform. I collaborated closely with the team to brainstorm and refine the project's architecture and design, ensuring a robust and scalable solution. My responsibilities also included co-writing the smart contract, deploying and verifying the smart contract, which required meticulous attention to detail and a deep understanding of blockchain technology.

Throughout the project, I faced numerous challenges that tested my technical expertise and problem-solving skills. However, I embraced these challenges as opportunities for growth and learning, and I am proud to say that I emerged stronger and more resilient as a result. My experience working on Prosure has been an invaluable learning experience, and I am grateful to have been a part of a talented and dedicated team.

Olamide Adebara
Levi Ojukwu
Mark-David Ojukwu
Ayomide Adebara
Rogue-in-Anarchy Eje