AMA recap tehMoonwalkeR’s High Table x Bright Union
👤 Bobby | tehMoonwalkeR’s High Table
Please introduce yourself to the moonwalkers? Please tell us about your experience and work in the Crypto field.
Christian | Bright Union
Sure! Bright Union is being run by a bunch of crypto and insurance experts, who all worked together previously, from the Amsterdam, the Netherlands
I am Chris — operational lead, I am good at scaling businesses, Iam the guy you want if you need to get something done💪💪. Have been in crypto since 2016, first as an investor but being dragged in fully for over a year now. I have a background in consulting and love surfing
Cynthia | Bright Union
Hi I’m Cynthia, Marketing lead, w/ +10 yrs experience, love marketing innovative concepts and scaling emerging ideas. Been involved in crypto projects since 2017
Alex | Bright Union
Hi I’m Alex working in Business operations in the team. I’m fresh out of university and so excited to have Bright as my first job as I’m a crypto enthusiast
👤 Bobby | tehMoonwalkeR
Tell us what #Bright Union is and what are you guys trying to showcase?
Christian | Bright Union
💎Bright Union is the world leading multichain compatible DeFi cover marketplace
🚀Our mission is to safeguard your digital assets from the dark forces in crypto (hacks, smart contract failures and rug pulls), by empowering the community to cover one another in a decentralized and permissionless manner.
Hacks and smart contract failures cost the crypto community 78 million* dollars per week or roughly 1 billion so far in 2021 alone.
That’s why the need for Crypto risk coverages will grow exponentially.
We can only see benefits resulting from making DeFi safer. Insurance is every where in the normal world, and is also required for substantial institutional money to flow into DeFi.
👤 Bobby | tehMoonwalkeR’s
We all are aware of the hackers and the cases that have come up recently.
How are you going to ensure safety of users’ assets? Can you please tell us about the Audit and other aspects of security?
Christian | Bright Union
Maybe to clarify at Bright Union, we are an aggregator, meaning that we resell products of the three biggest risk platforms, who of course are also our partners Nexus Mutual, Bridge Mutual and InsurAce.
They are very authentic and trustworthy platforms who have been fully audited, so users funds are safe there!
On top of that we have been audited of course as well! Security really is a top priority for us.
Cynthia | Bright Union
About the audits: the Armors team audited our smart contracts & staking and they confirmed we passed all security qualifications.
👤 Bobby | tehMoonwalkeR
How many members is the core team of Bright Union made of?
Christian | Bright Union
Currently we have 5 techies — all coding away currently for a smooth mainnet launch next Tuesday 14 September!
all experienced solidity developers, building since 2016–2017
Cynthia | Bright Union
Marketing: we have 2 content writers, 2 designers, 3 marketing operations. (the designers are in our core team).
and on the business side: we have 3 people mostly working on partnerships, BD, Sales and investor relations.
so in total that is like 13 already? and yes we are hiring!
👤 Bobby |tehMoonwalkeR
What are the various measures that you are going to implement to safeguard the assets ? What is the x-factor among these features of the project?
Christian | Bright Union
Main net launch that is coming up next Tuesday — will really be a big improvement for the DeFi cover markets
🔥Bright Union USPs
✔️ Choose from the widest selection (130+) of DeFi covers
✔️ Get the best price available, covers starting from 2.5% annually
✔️ We auto-recommend DeFi covers based on your portfolio
and i think the UX/UI — really is next level compared to what is out there.
Bright Union will also improve the DeFi cover markets with 10x by launching a set of innovative products we have an action packed roadmap
👤 Bobby | tehMoonwalkeR
Who are the major Audience of Bright Union? Is there any focus on non Crypto users, who don’t have any knowledge about NFT and DeFi?
Christian | Bright Union
Companies: they are getting into the DeFi space because of the investment opportunities, but have risk committees and need insurance otherwise they cant invest.
We are already discussing with a couple of DeFi investment funds that want to insure their portfolios
Powerusers: these are the heavy DeFi users that want to earn as much passive income on their digital assets, with minimum risk. Hence insurance is an important topic for them
New crypto users: hacks and exploits happen on a daily basis. This news also reaches the normies through the main stream media. They want to get involved in crypto but have fears to be scammed or hacked. That is where we come in. we make sure that they can invest in crypto without worries
Currently we believe this is the biggest opportunity for Bright Union. Nexus Mutual, our partner, currently has $500 million insured which predominately comes from corporates and power users
👤 Bobby | tehMoonwalkeR
How do you distinguish between them on the basis of features you provide?
As a particular feature won’t be necessarily important to a company but may be important for a user?
Christian | Bright Union
Maybe first off to explain a bit how a DeFi cover or decentralized insurance works
The cover buyer sees a particular risk in a protocol/smart contract, and wants to sell (or insure) that risk against payment of a fee.
The cover provider is willing to acquire or take on that risk, and provides collateral for that risk.
The collateral is than stored in a smart contract, which is then distributed on the basis of predetermined parameters
So that is the basic concept — which stays the same for both B2B and retail users.
But what we see is that B2B users or companies want more complex stuff. They want to insure their entire portfolio, dynamically and also need layered transaction insurance. Obviously they are willing to pay more fees for that solution.
We are actively building a product in conjunction with a customer ticks all those boxes. The market potential is huge there.
👤 Bobby | tehMoonwalkeR
Can you tell us a bit more about the partners who are providing you monetary help.
Cynthia | Bright Union
We have a healthy cap table of VCs, KOLs and “centralized” investors. Almost all investors came on a referral basis and we selected the final investors based on their potential value add to Bright Union.
This has been very helpful so far. Some of our VC backers include Faculty Capital, Three M Capital, Tsukyiomi, Vendetta Capital, Altvestor & Master Ventures.
👤Bobby | tehMoonwalkeR
Let’s talk about the competition. Whom do you see as a probable competitor ?
Alex | Bright Union
We have two competitors. However, we all have a slightly different product offering.
We have more innovative and disrupting products which we are excited to bring to market in the coming weeks and month. For example, the Bright risk index and the embedded coverage !🔥
We’ll be first to market!
👤 Bobby | tehMoonwalkeR
Let’s talk about the token — What is the tokenomics of your token, and how will you stimulate the users to hold your token in the long run?
Christian | Bright Union
BRIGHT token is the core utility in the Bright Union ecosystem.
🔥 The $BRIGHT token utility is for staking by users, discounts for products and governance.
1). BRIGHT Tokens can be staked with Bright Union.
If you want to get your hands on some crazy APY’s (up to 400%)
2). Bright members will get access to premium products & discounts and preferential access to regular products. The first premium product will be the Bright Union Index Tracker: Invest in index funds with maximum return at minimum risk 💪
3). Bright Union will be organized as a DAO. Members can do governance votes for changes to our protocol, the roadmap and treasury fund allocation.
Cynthia | Bright Union
Todays APY’s for Staking bright are 74,1%
and staking the Bright / ETH Uniswap LP is now 421,2%
👤 Bobby | tehMoonwalkeR
Please tell us about your Roadmap and milestones in the future.
Cynthia | Bright Union
Bright Union is still a young project, and market cap is still relatively low, but we have very BIG plans.
✔️ BRIGHT is currently only listed on Uniswap, but we will be listed on a central exchange in the near future.
✔️ Furthermore, we are actively pursuing opportunities to bridge to another chain and to become active in that ecosystem as well, perhaps it will be Solana.
✔️ Finally, we will make insurance available everywhere (just like in the real world).
Other DeFi protocols (like Inch, AAve and Celsius) will sell insurance to their users in their interface, but on the basis of Bright Union smart contracts. This will be BIG
the medium article for those who are interested: https://brightunion.medium.com/bright-union-roadmap-2021-e6a939dc981
About Bright Union
Bright Union is building the world’s leading aggregator and accelerator for DeFi crypto risk markets. Our mission is to make the crypto risk markets work, giving investors the ability to seamlessly enjoy coverage on their exposure. On our Decentralized Crypto Coverage Platform, our community can compare and buy coverage, stake and earn by covering the community, and last but not least, join the Bright Union staking pool.
Be Bright — Join the Union
Mainnet is launching soon! Receive announcements by joining the community.
🌍 Check out the website.
🧠 Learn More: Read more in the Litepaper.
🤝 Bright Union Community: Discuss Bright by joining Telegram.
🗞️ Get the latest news: Follow our twitter @BrightUnion.
📸 Follow us on Instagram
💎 Become a Bright Union Ambassador and win 5000 Bright Tokens, worth of $500! Participate in the Bright Union Ambassador Program.
