WANGEN-BRÜTTISELLEN, Switzerland, June 25, 2021 (GLOBE NEWSWIRE) – BACKED, the Token behind BACKED protocol, will hold its pre-sale on Monday, June 28th at 13:00 UTC. When the pre-sale is complete, there will be a listing next. The BACKED protocol is the first insurance platform intended by and for traders and geared towards trading in cryptocurrencies.
Every user can customize their insurance contract to protect their digital assets up to 100% against the high volatility in the cryptocurrency market. The possibilities are limitless; one can insure or become an insurer as a business opportunity.
The $ BAKT token
BAKT is an ERC-20 token from the Ethereum network. It plays a significant role in the execution of the protocol and promotes the internal profitability of the platform. Users can only pay their insurance premiums with this token, which gives the coin a native value as its circulation is guaranteed. There could be other use cases in the future, such as the introduction of internal farming mechanics in conjunction with insurance contracts.
- Minimum contribution: 0.1 ETH
- Maximum contribution: 1 ETH
- Total increase for the pre-sales round: 400 ETH
- 1 ETH = $ 95,327 BAKT (pre-sale)
- 1 ETH = $ 79,429 BAKT (listing)
The platform has two types of fees. The first is the usual transaction fees when using the Ethereum blockchain platform. These depend entirely on the complexity of the transaction and how the network is functioning.
The other fee to access the rewards on the platform has to be paid directly in the BAKT token. The protocol charges a commission of 10% for each premium payment as a platform fee.
Once taken, the smart contract burns the fees completely, making the token deflationary.
Here are the detailed tokenomics:
- Total offer: 100,000,000 SUPPORTED (100%)
- Circulating supply: 85,000,000 SUPPORTED (85%)
- Research and Development: 15,000,000 SUPPORTED (15%)
BACKED is also a governance protocol. This means that the community can have a say in the projects and the development of the platform. According to their idea of decentralization, votes are given to the community to vote on updates and platform development.
Over time, the platform plans to become more decentralized, such as voting on 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 log is saved and checked. Anyone can interact with the interface client, the API or directly with the smart contracts in the Ethereum network as it is open source. The platform takes all possible steps to ensure that the risk is very low. However, this does not mean that the platform is not entirely risky.
Unlike other protocols that tailor their contract and give the user limited choices, 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 for users
In insurance history, the user has never become an insurer. On the protocol, each user has the opportunity to generate income from insurance premiums and thus multiply the contracts.
More features to check out soon
The protocol is currently being negotiated with the three Swiss insurance companies Zurich, Credit Suisse and la Mobiliere on a partnership. The partnership will make the protocol one of their pilot projects exploring blockchain in the insurance space.
According to his roadmap, we should see group insurance and policyholder communities soon. The platform will also hold its first non-fungible token (NFT) insurance policy and later expand its vision of decentralized insurance beyond crypto trading to traditional areas like flight cancellation insurance.
BACKED is a unique protocol that offers a revolutionary model of decentralized insurance and contracts between two people. Interact with BACKED on:
Facebook @ https://backed.insure/#
Website @ http://backed.insure/
Telegram @ https://t.me/BackedProtocol
Twitter @ https://twitter.com/backedprotocol
Name: Anke Schäfer
Email: [email protected]