We have ambitious plans for the rest of this year. Below are the four key milestones for 2021 in our mission to help protect the crypto community against the dark forces in crypto (hacks, smart contract failure and rug pulls).
1. Mainnet launch — early September
2. Cover staking— September/October
3. Bright Risk Index — October/November
4. Bright Union Protocol Aggregator —October/November
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What is DeFi Coverage?
The world of DeFi is full of liabilities. Hacks and smart contract failures cost the crypto community 78 million dollars per week.That’s why the need for DeFi covers will grow exponentially. DeFi covers are new, complex and innovative products.
You may be thinking: what is a DeFi cover? DeFi covers are the crypto alternative to insurance — decentralized, fully permissionless risk coverage policies empowering crypto communities to share risk and earn premium by becoming the “insurer”.
Although DeFi covers are complex and innovative products, like insurances in the tangible world, it is only a matter of time before DeFi covers will achieve mass adoption, you do the math (we did).
At Bright Union, we are excited to start driving DeFi cover adoption within the crypto community and to start playing a central role in the DeFi cover ecosystem. We hope you are just as excited as we are! You can read more here on the status of the DeFi cover ecosystem.
On the roadmap we have set forth our short term products and features. We believe that these are key milestones in reaching our mission: contributing to financial equality by protecting the crypto community from the dark forces in crypto (hacks, smart contract failure, rug pulls).
As DeFi covers are currently still new and abstract, and to clearly demonstrate the potential of Bright Union, we have included “real life” and “crypto” comparisons on the roadmap. These comparisons are open for interpretation and are not 100% applicable. Nevertheless, they are a helpful point of reference for communicating our roadmap and vision.
In order to continue serving our community and customers, a sustainable business model must be achieved. For every product or feature we have taken into account the revenue potential and have set forth a relative estimation on the roadmap.
Stagnancy is the enemy of innovation. It is essential for Bright Union to be agile in the ever-changing DeFi space. At the moment we believe that the Bright Risk Index and Aggregator products will deliver the maximum value to our community. However, they are subject to validation and alteration on the go.
Continue reading below for some more information on the features and products, the problems they will solve and their value proposition.
The future is Bright. Stay up to date on the latest developments on Telegram.
1. Mainnet launch — Mid September
We are thrilled to announce that, roughly one month after our IDO, we will launch our Mainnet coverage function early September. Mainnet will allow users to easily find and buy the best DeFi cover for their needs and to manage their DeFi cover portfolio. We will launch with three fully-integrated platform partners, Nexus Mutual, Bridge Mutual and InsurAce.
Bright Union is looking to accelerate adoption of DeFi coverage. The market is fragmented. Our research shows that the complexity of DeFi cover products is a barrier for adoption. Our Mainnet is a single interface, providing a comprehensive overview of these products and their terms and conditions. It will provide customers easy access to these products and will make them feel secure and safe driving them back for more. #Coveryourcapital
2. Cover staking — September/October
The cover staking functionality is the next milestone. Users will be able to both, find the best cover staking opportunities from multiple platforms, and manage their portfolio from a single interface. Currently finding these opportunities is cumbersome and time-consuming in this fragmented market. But with Bright Union’s cover staking function, getting maximum returns at minimum risk has never been easier.
If your digital assets aren’t generating passive income, what are they doing? With staking you can earn, while covering the community simultaneously.
3. Bright Risk Index — October/November
The Bright Risk Index proof of concept has already won the Nexus Mutual award with the ETH Global Hackmoney 2021 Hackathon. The imagination and skill of our developers is being continuously tested with this innovative product as they fine-tune it before October.
Hold tight — The Bright Risk Index will take the DeFi cover markets by storm!
Every investor knows that diversification is the key to minimizing risk. However, presently cover staking is mostly done on a 1-to-1 basis. This means that either, staking users manually diversify their portfolio, or accept the risk of a single event (like a smart contract hack) resulting in an explosion of claims.
The Bright Risk Index is instrumental for users to reach adequate diversification. It is a synthetic asset representing a package of weighted and sliced risk with the optimal risk/return ratio in the DeFi cover markets.
But the advantages don’t stop there. A snowball effect will be triggered- increased liquidity will cause the cost of premiums to drop. It’s a win-win for supply and demand!
4. Bright Union Embedded Coverage — October/November
At Bright Union we have a relentless customer focus. We believe that for DeFi cover adoption, we need to build products that appeal to the entire crypto community and can be acquired effortlessly. Just like real life insurance, you buy it in an instant and you almost forget it’s there until you need it.
Therefore, we are trying to offer our products at other DeFi protocols as “embedded coverage”. What is more effortless and customer friendly than one-click DeFi covers at the point of sale of the underlying “covered” transaction? You got it right — nothing much.
Bright Union protocol will be a set of smart contracts that will allow other DeFi protocols to offer embedded DeFi covers at the point of sale of the underlying transaction. For example, imagine you are opening up a staking position at 1Inch. With one click you can simultaneously buy embedded coverage for that position.
Bright Union will provide the DeFi cover infrastructure to other DeFi protocols such mobile wallets, portfolio management apps, lending platforms, staking/farming aggregators and other DeFi protocols. Get ready to be able to buy DeFi covers at all your favorite DeFi protocols.
It is our aim to make staking, investing or transacting digital assets in DeFi worry-free with embedded coverage.
About Bright Union
Bright Union is launching the world’s leading aggregator and accelerator for the crypto risk markets. Our mission is to make the crypto risk markets work. On our decentralized crypto coverage platform, crypto users can cover their assets, stake and cover the community, and earn guaranteed yield through Bright Staking with embedded coverage.
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