inSure DeFi: soon the First Decentralized Insurance Ecosystem fully operational on Cardano
We are thrilled to announce that inSure DeFi will soon be the First Decentralized Insurance Ecosystem fully operational on Cardano Network!
Cardano’s PoS consensus mechanism is addressing the problem of network congestion and high fees, attracting many projects to bridge-to or natively build their SCs on Cardano.
inSure DeFi’s goal is to help as many crypto-asset owners as possible by protecting them from being scammed and insuring their hard-earned finances. Our utility protects all the inSure DeFi members from scammers and unexpected losses by distributing the risk within the community, i.e. each member is contributing to the capital & risk pools to have peace of mind while investing in the current “wild-west” state of the crypto world.
By joining Cardano Ecosystem at the early stage we are aiming to grow the community faster and provide full support to all the investors on the Cardano Network.
More information on how inSure DeFi works can be found at https://insuretoken.net
What Ouroboros Protocol stands for in Cardano?
Compared with Ethereum’s proof-of-work protocol, Ouroboros needs far less energy to process network transactions; it runs using amounts of electricity on the scale of a large house, rather than a small country. Because of this, Ouroboros is not only eco-friendly but also needs far lower fees to process transactions.
Additionally, Cardano does not require smart contract execution costs as the ledger supports native token functionality with its built-in accounting model. This means that the tracking, transfer, and ownership of different types of assets are handled by the ledger instead of smart contracts. Whereas the creation and transfer of ERC20 tokens on Ethereum require the manual modification of the standard contract type, the logic for this is built into Cardano, which also eliminates the risk of errors and vulnerabilities.
How the ERC20 converter will work with $SURE
Cardano currently supports ADA and native tokens, which have proven successful with over 160,000 tokens minted. We are now launching an ERC20 converter to ensure better interoperability in the future as well as lay a solid background for extended business opportunities.
Users will be able to convert their ERC20 $SURE tokens in just a few clicks, and when moved across, these tokens will be ‘translated’ into a special native token on Cardano that has the same value and works just like an ERC20 $SURE.
Additionally, if the user wishes to do so at a later stage, they can move their tokens back to the source network by burning them on Cardano. Two-way convertibility is baked in.
It will be possible to authenticate an account using Metamask (an extension for the Chrome browser) with more options to come later. Users will also need to add their Daedalus testnet address so they can migrate their tokens to Cardano and easily track balances and transactions.
When users log into their ERC20 converter app, they will see inSure DeFi — SURE — tokens listed and available for migration, and, by clicking on a token ‒ details such as token balance. They will just need to select the SURE token, specify the amount they would like to convert, and then migrate them by specifying a Cardano address. When tokens migrate to the address, it will be possible to use them for payments and transactions from the Daedalus wallet. All the activities will be visible both within Etherscan and the Cardano Explorer.
We are excited to be part of the Cardano Ecosystem!
About inSure DeFi
inSure DeFi is a Decentralized Insurance Ecosystem, partnered with Chainlink, trusted by thousands of community members to protect their crypto portfolios from scams, exchange closures, and drastic devaluations. inSure DeFi provides insurance solutions for the crypto space to stabilize and secure Crypto & DeFi portfolios.
Fast. Transparent. Future.