WANGEN-BRÜTTISELLEN, Switzerland, June 25, 2021 (GLOBE NEWSWIRE) -- BACKED, the token behind BACKED Protocol, is holding its presale Monday, June 28 at 13:00 UTC. When the presale wraps up, the next thing will be a listing. The BACKED protocol is the first insurance platform, thought by and for traders, directed towards cryptocurrency trading.
Each user can customize their insurance contract to protect their digital assets up to 100% against the high volatility in the cryptocurrency market. The options are limitless; one can get insured or become an insurer as a business opportunity.
The $BAKT Token
BAKT is an ERC 20 token of the Ethereum network. It plays a significant role in running the protocol and fuels the internal economy of the platform. Users can only pay their insurance premiums with this token, giving a native value to the coin because its circulation is guaranteed. There could be more use cases in the future, such as introducing internal farming mechanics linked to insurance contracts.
The platform has two types of fees. The first is the usual transaction fees when you use the Ethereum blockchain platform. These are entirely dependent on the transaction complexity and how the network is operating.
The other fee, to access premiums on the platform, you have to pay in the BAKT tokens directly. The protocol takes a commission of 10% for every premium payment as the platform fee.
Once taken, the smart contract burns the fees entirely hence making the token deflationary.
Here are the detailed tokenomics:
BACKED is also a governance protocol. It means that the community can have a say in the platform’s projects and evolution. In line with their idea on decentralization, votes are submitted to the community to vote for updates and platform development.
As time goes, the platform plans to bring about more decentralization, such as voting for platform fees.
Why the Platform is Unique
The platform is unique with integrations based on improving the blockchain and the cryptocurrency sector:
Minimal Risks Involved
The protocol is secured and audited. Anyone can interact with the interface client, API, or directly with the smart contracts on the Ethereum network because it is open source. The platform takes every possible step to ensure that the risk is very minimal. However, this doesn’t mean that the platform doesn’t wholly have risks.
Unlike other protocols that tailor their contract, leaving the user with limited opportunities of choice, the protocol is much more flexible. In other words, it is the value given to both the insurer and the insured that defines the value of an insurance contract.
Open Insurance to Users
In the insurance history, never before has the user become an insurer. On the protocol, any user has the opportunity to gain income from insurance premiums hence multiply contracts.
More Features to Check Out Soon
The protocol is at the moment in negotiation with three Swiss insurance companies, Zurich, Credit Suisse , and la Mobiliere, for a partnership. The partnership will see the protocol become one of their pilot projects in exploring blockchain in insurance.
According to its roadmap, we should see group insurances and policyholder communities soon. The platform will also be holding its first Non-fungible tokens(NFT) insurance and later on extend its vision of decentralized insurance beyond crypto trading into traditional areas such as canceled flight insurance.
BACKED is a unique protocol that offers a revolutionary model of decentralized insurance, making contracts between two folks. Interact with BACKED on:
Website @ http://backed.insure/
Telegram @ https://t.me/BackedProtocol
Twitter @ https://twitter.com/backedprotocol