Recap AMA Alt Coin Alerts x Bright Union
👤 Meet | Alt Coin Alerts
Let us start the AMA with introduction.
Can you please introduce yourself & your journey in the cryptocurrency field? Also please introduce Bright Union.
Cynthia | Bright Union
Yes sure, I’m Cynthia | Bright Union- Marketing lead, w/ +10 years experience, tech enthusiast + tree hugger. Started in the social good sector, acquired the lean + growth mindset there. Now freelancer and loves marketing innovative concepts and scaling emerging ideas. Have been involved in crypto projects since 2017.
Alex C | Bright Union
Hi I’m Alex C | Bright Union working in Business operations. I’m fresh out of university and so excited to be working for Bright Union as I’m a crypto enthusiast !
Steven | Bright Union
I”m Steven: Product manager. a corporate consultant turned Tech-nerd. My path went from working 70+ hours in a suit to building a digital healthcare ecosystem in Africa. and now in blockchain 🔥
👤 Meet | Alt Coin Alerts
Recently Bright Union launched its Mainnet and now offers covers from insurance protocols. Please tell us what all types of covers is currently offered.
Steven | Bright Union
YEs, let me share a bit on this:
the DeFi insurance space is growing and is finding innovative solutions for the most pressing risks in the community 🚀
Currently we offer:
Protocol hack and failure: Protects against hacks & failures of software which runs on a blockchain
Custodian: Protects against loss of funds or suspended withdrawals from wallets and centralized exchanges
Stablecoin depegging: Protects against the event when a Stablecoin looses its promised link to the underlying fiat currency
Yield depegging: Protects against loosing your invested amount and promised yield
IDO Event Risk:Protects against hacks & failures of newly released projects
In short you can insure yourself for hacks, scams and protocol fails.
👤 Meet | Alt Coin Alerts
That’s unique approach
Bright Union completed its IDO in August 2021. Please tell us what Bright Union have achieved so far in terms of partnership, development etc. and what are the future plans.
Alex C | Bright Union
We’ve achieved a lot since IDO!
TRIFOLD IDO SALE : 5 AUGUST trifold IDO on Paid Ignition, Poolz and Moonstarter sold out within 1 Hour ✅
BRIGHT STAKING : 10 AUGUST ~50% current supply staked ✅
MAINNET LAUNCH : YESTERDAY! — start comparing and buying the best DeFi covers✅
Cynthia | Bright Union
Future plans are the Bright Risk index, going multi-chain + providing coverage to the community by staking. We can elaborate on this later.
https://brightunion.medium.com/bright-union-roadmap-2021-e6a939dc981
👤 Meet | Alt Coin Alerts
What are the use cases of BRIGHT token and currently from where a user can buy it?
Cynthia | Bright Union
🔥 The $BRIGHT token utility is for
1) Staking by users
2) Rewards / loyalty / discounts
3) Governance
the BRIGHT token is the core utility in the BRIGHT ecosystem
1). BRIGHT Tokens can be staked with Bright Union.
If you want to get your hands on some crazy APY’s check it out:
⚡️ Stake BRIGHT (56,6% APY)
⚡️BRIGHT/ETH @Uniswap LP #staking (383,6 % APY)
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.
Alex C | Bright Union
BRIGHT tokens can be bought through Uniswap 🦄
The tutorial for who wants help:
https://www.youtube.com/watch?v=QsDpk4T0TII&ab_channel=BrightUnion
👤 Meet | Alt Coin Alerts
Presenting the questions asked on AMA tweet
Q1. Other DeFi protocols currently such as: Inch, AAVE and Celsius will sell insurance to their users on their interface, so can you explain what innovative features Bright Union presents that may be the next level in this sector of the crypto market?
Steven | Bright Union
Yes! We will be the Stripe or Adyen for the DeFi insurance industry!
All the comparison you see now in our interface will be replicated in an on-chain protocol. All protocols and wallet’s like 1Inch, Avve, Coinbase can use our solution 🚀
We will help them to offer embedded insurance on their own platforms
If you looked carefully you would have seen it on our roadmap 😎
👤 Meet | Alt Coin Alerts
Q2. Can you please tell us what does custodian cover mean? As an instance how does it protect my funds if my crypto exchange account gets hacked!?
Steven | Bright Union
Custodians is a word which means Exchanges & wallets because they have “custody” of your tokens
This cover will protect you indeed if an exchange get’s hacked and funds are lost, but also if for whatever reason withdrawals are postponed for some reason (we saw this some times during the last bull market with some platforms)
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Q3. I read that the Bright Risk Index is your best achievement, can you explain to us what the Bright Risk Index actually is? What are the advantages of the Bright Risk Index for investors? And for all users What good impact does the Bright Risk Index bring? Can you give an example?
Alex C | Bright Union
yes we are all super excited for the Bright Risk Index
It was developed as part of the ETH Global HackMoney2021 hackathon and are scheduled to go live In October 2021. With the BRI we offer a diversified positions in the market and will ensure maximum return at minimum risk for crypto investors, and will greatly boost the liquidity for the entire crypto risk markets.
The key advantage of the BRI is that is diversifies your portfolio for you. saving you time from either manually diversifying or being subject to greater risk
Cynthia | Bright Union
In decentralized coverage you have 2 sides
on one side you can buy coverage. on the other side you can provide coverage (by staking on a certain protocol).
But if you stake on 1 protocol — you also accept the risk that this protocol might get hacked. So with the bright risk index, you can stake on a basket of risk protocols and diversify your portfolio
You can invest and in decentralized cover market while spreading your risk :)
👤 Meet | Alt Coin Alerts
Now, community will ask their questions.
Question 1
Can you tell us a bit more about your strategic partners and the partners who are providing you monetary help? And further what kind of partnership that you need for development of your project in the future? In which area will you need help most?
Steven | Bright Union
We have a healthy captable 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 🚀
Question 2
What is the competitive advantage of your project? Can you tell me 1–3 best features of your project that other projects don’t have to convince me and other investors to invest in your project for a long time?
Steven | Bright Union
We have 4 unique competitive advantages:
⏰Timing: We will build the first DeFi cover one stop shop to go live and will have the broadest offering of products at the best price!
👨🏼💻 Team: We have a heavily experienced team hailing from the traditional insurance sector and strong background in DeFi and are the right persons to make this fly.
🤝 Partners: We are very well connected within the space and have partnerships with the top 3 cover platforms on a weekly basis. They are actually happy we are here. We will become the Expedia of crypto coverage
🚀 Product development: Our main net is scheduled to go live 14 September, which means we are first to market ensuring that we can benefit from the optimal network effects
And in terms of features we have the broadest product offering available in the market: We offer over 130+ DeFi covers
Question 3
In the traditional Property insurance system, there are some exemptions when the insurer will not get the insured money like he will not get the money if he destroys his property for money. So are there any exemptions like that in Bright Union?
Alex C | Bright Union
This is true — insurance fraud does exist and people won’t get a refund if they are found to have done this!
As an aggregator we are selling the cover products of our partners Nexus Mutual, Bridge Mutual and InsurAce. The specific terms and conditions of the coverage are from these partners. But at bright union we make it easier to compare these details
Question 4
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Cynthia | Bright Union
Good question — in my opinion business model & revenue is too often ignored with crypto start-ups.
We have both a B2B & B2C business model.
B2B
1. Commissions we receive from underlying risk platforms for selling risk products to users.
2. Commissions we receive from underlying platforms for value add services such as re-insurance and provision of additional liquidity.
B2C
3. Commissions we receive from users for our BRIGHT products such as the Bright Risk Index and secondary markets
In addition: the Bright Treasury will increase in value in accordance with its performance in the risk markets. This will be a flywheel for our revenues streams as with a bigger Treasury we can offer more services which will increase our commissions and fees.
Commercial partnerships: These are partnership where we can offer embedded coverage through other wallets & protocols.
Question 5
Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ?
Cynthia | Bright Union
Yes, we had a community program, but this is finished and airdrops are distributed. the community helped us with providing cool materials like stickers, memes, video’s etc. Now we have an Ambassador program running, it wil run until the 20th of September, so only a few days to go.
You can win up to 5000 BRIGHT tokens, that was $500 dollar — when our token was still 10 cents ;)
do the math:) It’s gonna be a good airdrop this one.
👤 Meet | Alt Coin Alerts
Thanks for your awesome answers
If anyone further has more questions, join @brightunion & feel free to ask there
I hope you guys enjoyed
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.
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💎 Become a Bright Union Ambassador and win 5000 Bright Tokens, worth of $500! Participate in the Bright Union Ambassador Program.
