AMA With InsurAce
Huobi & InsurAce. Part III - Answers. April 05, 2021April 06, 2021
Flying Jack Huobi Community Manager,
wow lot of questions
Channel is muted for Non-admins. Thank you for asking questions.
Oliver Xie, over to you.
wow, thanks for the great questions folks.
i’ll try to answer.
[ 🔥 Gets Hot OR Burned 🔥] - "What features or technologies does InsurAce feature or prevent hackers from? Defi is great but I think super thieves often enjoy difficulties and challenges! 🧐😎🤪"
good question, you’re definitely right.
it is hard to absolutely prevent from hacking i would say, but we’re definitely doing this on a best effort basis. Basically, there’s the 3P to work this: People, Process, and Product.
people => you need the security experts, we got it (check out our team profile and you’ll see it).
process => how you can quickly response and recover from the incident.
product => design and write solid solidity code. 😀
to go technical a little bit, some of the design and consideration are applied to reduce the attack surface, and keep access permissioned.
1. role based access control is enabled for all smart contract API
2. layered design for smart contract for different purposes, eg, we have ops contract, calculation contract, user data contract and pool contract, which is holding staked token.
Only ops related smart contracts are exposed to external caller, with proper role checked, eg, only staker role with proper msg sender can check staked balance and trigger withdraw token action.
User data calculations are separated from the pool, where the staked token stays. only necessary ops will eventually trigger the money withdrawal action.
Other techniques are used to prevent reentrance attach and pausable functions are in place, for emergency cases.
[Pilotoleng] - "What inspired how you arrived at the project name "INSUR"? in real sense, what significance does the name have in the project functioning and ecosystem development?"
well, to put it simple, the project name is InsurAce = The Ace of Insurance protocols, and INSUR is the ticker for this project, simple, and simple is beautiful. 😊
[vINH Olong] - "As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedbacks and demands?"
yes, market awareness is really essential, and we’re expanding to more channels (social media, communities, media) to convey more and more about our project as DeFi.
we’ve taken the feedback from community actively. In Feb we launched our testnet to rinkeby, and more than 4K+ wallets connected and tested, and we received good feedback there, and airdropped for the selected feedbacks.
we’re working on our product improvements based on these feedback and a new version is on the way.
[Bach Tuyet 🍎] - "Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?"
many of our investors are the notable funds in crypto space, including our beloved Huobi DeFi Labs, who is our seed round investor. Others such as DeFiance Capital (Arthur), ParaFi, Alameda (SBF), Hashkey, Hashed, IOSG, etc., are all very notable funds.
refer to below pic for our investor lineup.
[ＫＩＮＧ Logⱥภ⚔️] - "I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do you have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?Is Your project a Global project ?"
yes mate, our bug bounty program is already in the repo and to be released once our security auditing is done. please do stay tuned, and support us on this. You can DM me to talk further.
[Quyen Tran] - "Does the price of the token matter to you from an operational perspective, if the token price is $1 or $100"
don’t matter much if we don’t allow our tokens to be staked as part of our insurance capital, but i think we’re gonna allow that for sure. If INSUR token is allowed for staking, its price fluctuations will essentially impact the capital sufficiency for insurance. hope this clarifies.
[Defi To The Moon] - "What is the team's orientation and development plan for 2021 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?"
for 2021, to issue token, to be listed, to offer products, and to provide coverage for DeFi users with real values.
DeFi is eating TradFi, that’s what’s happening. Think about the internet era in the past 20 years. So why not be more optimistic about this?
[Hon Sue] - "Could you give me 2 or 3 key points to convince me and other angel investors invest in your project for the long-term?"
team, product, and the market trend.
[Sun] - "What is there for Insur token hodlers ? Any plans of staking or regular incentives for one to hodl ? @oliver4insur"
yes. first of all, insur tokens are for governance, but it will be added with core value capture, such as sharing of fees generate on the protocol, which is recognized by our core ivnestors as well.
[soft] - "what portpolio based mean?"
meaning that you can buy coverage for 1 or multiple protocols, which, however on other insurance protocols, is only per protocol purchase. To go with this portfolio approach, it will save your premium, save your gas fee, and save your time.
@FlyingJack sorry, are we over time on this?
just trying to answer more questions and communicate better.
Flying Jack Huobi Community Manager,
No problem, whenever you want to wind up. Our guest is always welcome to take more time to answer
[Jennifer] - "Yeild farming is a new trending so INSUR have any plan to yeild farming system development?"
yes, we’ll have that as well.
can refer to this pic.
there’ll be incentives (farming) for those who provide capital, buy coverages, and buy investment products.
[Mickyy] - "@oliver4insur Since you provide portfolio based services so can one claim the covers if one losses a pkey or gets hacked ?"
yes, you can request for claim if any one of the protocol in your potfolio is hacked.
[Alice ☺️☺️] - "What is your chance to succeed beyond a pump and dump???"
build the project in a longer horizon, instead of short-term pumps and dumps. I believe that if the project is continously delivering values, the prices will be supported. Look at how Uni, Comp, Aave works, all prove this. This is my thoughts.
@FlyingJack sorry, taking too much time, let’s call it a day?
For folks whose question is not answered, can always DM me and talk more. Sorry for those whose question is not answered.
[ Supper Hero🚀] - "As a smart investor, I choose a project with promising potential seen from tokenomic,good experienced team,clear roadmap,project that makes sense. my question is do you have all of them, and where can I find details about it?"
haha, get my sticker to answer this.
Flying Jack Huobi Community Manager,
Thank you so much Oliver Xie and all Huobians for taking part in this very engaging AMA.
Due to time constraints, many questions couldn't be answered. If anyone has more questions or feel that their previously asked questions need to be answered, please tag Oliver Xie or join their telegram group he would definitely be more than willing to answer all the questions.
yes. welcome to join our community here:
Telegram: https://t.me/insurace_protocol
Telegram Ann: https://t.me/InsurAce_Channel
Twitter: https://twitter.com/insur_ace
Medium: https://medium.com/insurace
Discord: https://discord.com/invite/vCZMjuH69F
Flying Jack Huobi Community Manager,
@oliver4insur Thank you once again for sparing your valuable time to be with us.
thank you Jack and huobi team, and many thanks to the great community folks. Happy times are always short. 😊
Feel free to DM me if you wish to talk more abt the project, will be happy oblige.