Recap AMA Bright Union x Moonstarter
Mo | Moonstarter
Hello Everyone, we are glad to welcome Bright Union team for an AMA session.
Welcome @cynthia525 @Steven_Bright_Union and @michiel2021
How are you doing? The big dates are close now!
Steven|Bright Union
It’s adrenaline everywhere💪🙌🏻
But going strong 🚀
Cynthia de Wolf
Yess super excited
Mo | Moonstarter
We are really glad to have you here guys
Personally and team wise speaking
I LOVE BRIGHT UNION
Cynthia de Wolf
Haha ❤️
happy to be here too. Looking forward to your questions
Mo | Moonstarter
Alright, first question, an easy one 😂, can you introduce the team including the advisors you have?
Cynthia de Wolf
sure, we are a collection of experts in crypto, technology and insurance ready to bring web3.0 to the insurance industry 🤓
Steven|Bright Union
I’m Steven, Product Lead at Bright Union. I’m a corporate consultant turned Tech-nerd🤓. My path went from working 70+ hours in a suit to building a digital healthcare ecosystem in Africa.
Cynthia de Wolf
I’m Cynthia 🙋🏻♀️. Marketing lead. +10 years experience. Tech enthusiast + Tree hugger. Started in the social good sector, acquired the lean + growth mindset there. Later freelancer / digital nomad & experience in other crypto projects
Michiel Slootweg
Michiel: I have a background in Business Administration. I started as a corporate financier and then went into general management focusing on the insurance sector which needs innovation desperately. I love to build and grow companies. I make sure that all areas of the business are properly covered. I come up with ideas how the future may look like and I leverage my network in the insurance industry. I am the old dog
Cynthia de Wolf
Then we have Chris in the house. Chris is our operational lead at Bright Union. He is an expert in scaling businesses, he is your guy if you want to get something done💪💪. He has been in crypto since 2016. He has a background in consulting and and loves surf adventures :)
Michiel Slootweg
Jorrit is our Business lead. He as a background in investment banking and moved from there into start ups and scale ups
Cynthia de Wolf
For the advisors, there are many.
> Mike Miglio, the CEO of Bridge Mutual. Bridge Mutual is a decentralized crypto coverage platform, is one of the first protocols we are aggregating on the Bright Union platform.
> Luke Lombe, from Faculty Group, plays the strategic launch and marketing advisor.
> Rosco Kalis, a highly experienced development advisor
> Orion Depp, managing partner Master Ventures — alliated with Paid Netwerk — from the Ignition Launchpad.
> Marc & Dennis from Killer Presentations. They help with marketing communication & design. They might just be the reason you like seeing anything about insurance for the first time in your life.
We also have advisors that silently guide us on tokenomics, aggregation, and insurance.
Mo | Moonstarter
Wow would love to hear more on the digital Healthcare. Do you mind if I ask you in which country? Or maybe I’ll DM you later lol!
Steven|Bright Union
I worked for a Kenyan/Dutch company and we launched in Kenya, Tanzania and Nigeria. I myself was very much involved in launching our company in Lagos. If you can launch a business in Lagos you can build an business anywhere😎
Michiel and I met each other while working in insurance in Africa
Mo | Moonstarter
Well that looks rather great already. I see connecting dots covering several aspects from a company, crypto and insurance fields! Great!
Could you please tell us more about the project and what are Bright Union competitive advantages?
Cynthia de Wolf
Bright Union is a DeFi coverage (“insurance’’) aggregation platform, where you can compare, buy and sell crypto coverages. There are two functions:
1. Cover: As a crypto user you can easily protect your capital from hacks, smart contract fails, and rug pulls.
2. Stake: Crypto users can also provide coverage to other users (by staking) and earn for being an ‘insurer’.
Michiel Slootweg
“We have 3 unique advantages:
👨🏼💻 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 4 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 end of August, which means we are first to market ensuring that we can benefit from the optimal network effects.”
Mo | Moonstarter
So by staking I place myself as an insurer getting rewarded for the risk accepted correct?
Cynthia de Wolf
Yes that is correct.
This way we take out the middlemen
And the crowd benefits as well.
Mo | Moonstarter
Nice. So when can I start? 😁
More seriously can you give us an update on the developments? What’s the situation? Is there any MVP or more?
Steven|Bright Union
Both our token and our app are currently running on testnet and will be deployed to mainnet before the IDO on August 5th. Feature already delivered are: BRIGHT Staking (accessible Friday August 6th), buying and comparing covers (Available late August/Early September). But also….
Mo | Moonstarter
Suspense 😂
Steven|Bright Union
As a DeFi coverage aggregator, partnerships with the underlying platforms are super important. We have partnerships with the four biggest coverage platforms and integration has started. Together with our partners we are creating awareness for Bright Union.
Nexus Mutual — integration 100% 🚀
Bridge Mutual — integration at 80% 🏎
Cover Protocol — integration at 20% 🏇
InsurAce — integration to start
Mo | Moonstarter
Awesome!
Let’s now speak about figures, can you share tokenomics? Can you also share the initial market cap at listing?
Michiel Slootweg
Low initial marketcap of $120,000 to start; suggesting room for upside potential, versus overall proposition of the project
Key metrics:
• Hardcap: $925,000
• Initial circulating supply at TGE: $120,000 (1,200,000 $BRIGHT)
• Seed: $0.075 (10% at TGE, followed by 6 months vesting)
• Private: $0.10 (5% at TGE, followed by 6 months vesting)
Steven|Bright Union
Public sale is of course spearheaded by our hosts of today 🚀
Mo | Moonstarter
[In reply to Steven|Bright Union]
And honored to be!
In terms of marketing/developments what are your plans in the near future?
Steven|Bright Union
Like we said, mainnet goes live after the IDO and Bright staking will be possible, from that moment as we continue to develop the platform we will release other features like buying and selling covers. Later we will launch the Bright Risk Index, where you can invest in a diversified fund of risk products
Mo | Moonstarter
So I would be able to sell any kind of insurance product or it will be sold by Bright Union
Michiel Slootweg
It can be any product offered by one of our partners such as Nexus, Bridge etc. In addition we will offer the index ourselves
.
Cynthia de Wol
Right now its only for exchange hacks, protocol fails and rug pulls. Later we’ll add other products.
Mo | Moonstarter
Do you hire people? I would like to apply 😂😂
Cynthia de Wolf
We need a solidity dev :P
Michiel Slootweg
So we start with the existing offerings such as hacks, but we will move towards integrating real world insurance products on our platform
Mo | Moonstarter
I’m not a Dev unfortunately 😭
Last question for the first part
You already mentioned it partially but do you have any partnerships or backers you can mention!?
(BTW, love to see Mike involved with you!)
Cynthia de Wolf
We have Partnerships with VC’s all over the world like Faculty Group, ThreeM Capital, Shin Chan group (Malaysia), Fractal ID for the KYC process, Vendetta Capital (Turkish), The Tsukiyomi Group, guess I’m leaving out some right now. Beside funding, our partners all bring an added value like helping with the business and launch strategy, connected us with other key partners in the space etc.
Mike Miglo is an advisor from Bridge indeed.
Mo | Moonstarter
Excellent strategy
Ok shall we move to the questions selected on Twitter?
Michiel Slootweg
great 👍👍
Mo | Moonstarter
First question from @wermaxt26
You already have many great partnerships. What other partnerships can there be in the near future and what benefits can they bring you ?! Thank you.
Michiel Slootweg
It is always difficult to disclose names before we have signed anything but…..
There are multiple partnerships we haven’t communicated about in detail:
- First are all the risk protocols out there which would like to integrate with us: Cover Protocol, Unslashed, InsurAce, etc.
- Secondly are some traditional insurance companies which are very excited to join our journey into the crypto space (we can’t disclose their names yet)
- Thirdly we are in conversations with the most promising Oracle provider on how we can really parameterize the covers for smart contract hacks
Mo | Moonstarter
Even traditional insurances 😍 The potential is just huge!
Michiel Slootweg
I agree. It is a big blue ocean !
Mo | Moonstarter
Let’s move to the next one. Second question from @ClimateEsq
What is BRIGHT DAO Governance structure and can BRIGHT token holders can participate in the governance of the project? What kind of decisions can they vote on?
Steven|Bright Union
Bright Union will be set up as a DAO — a Decentralized Autonomous Organization. We believe that DAOs are a logical next evolution of business models for tech companies 😎
Members can vote on:
-Governance topics (where the DAO should focus on)
-Treasury fund allocation
-Parameters for the Bright Risk Indices
-Parameters for the Liquidity products
-New yield-generating products to be included
-The protocol roadmap
Mo | Moonstarter
Great! Third question from @tradeorbeslave
Which tools or know-how are you going to use for maximizing capital returns and diversifying risk of investors’ portfolios ? And can you briefly explain why such a service is only for DAO participants as a premium product
Steven|Bright Union
For the EthGlobal hackaton our team created a Bright Risk Index: This helps users wanting to stake insurance pools in a diversified way by spreading your capital across multiple insurance pools
Not to forget: We got some prizes for this innovation 😎 Our Techies also made Nexus Mutual’s staking positions trade-able
Mo | Moonstarter
👀👀👀👀👀
Michiel Slootweg
Tokenholders are all eligble to premium services. The revenues of the protocol and the token sales go into the treasury. And we want to use the capital in the treasury to use as reinsurance for the DOA members. So it makes sense to keep that service exclusive to the token holders.
all other services such as buying staking and comparing are all open to everyone.
Mo | Moonstarter
Fourth question from @crypto_isaac
BRIGHT UNION aims to aggregate risks and will launch BRIGHT Risk Index this Q3. Can you share with us progress made? What mechanism will it use to provide maximum returns and minimize risks for investors?
Michiel Slootweg
A basic principle in financial investments is that a diversified portfolio gives you the best risk return profile.
If you now stake against a protocol, it is all or nothing, whereas if you stake against a basket of protocols, you have a lower risk profile
Steven|Bright Union
We are using a combination of tradable staking positions from Nexus Mutual, Bridge Mutual and Cover Protocol and we combine them into an index using Set Protocol
Mo | Moonstarter
Last one from @selvachirpiga
What plans do you have to ensure that there is enough liquidity on exchanges to fill market orders, especially as adoption grows and clients begin to multiply year over year for your project?
Cynthia de Wolf
sure, the Bright Treasury is set in place for this. The Treasury will support risk products/ the ecosystem with liquidity and make coverage both cheaper and more profitable for users.
The treasury is a dynamic pool of capital that will support a wide variety of products: a staking pool, a liquidity pool and an investment pool.
Steven|Bright Union
We will start-off by putting a significant amount of our private sale raise into a Uniswap pool
Michiel Slootweg
As an final addition, our assignment is to generate revenues as well. Then it all starts to flow
Mo | Moonstarter
And if everything pulls out as you all explained, there is nothing to even think about 💪😁
Community will ask questions and we would like to select 5 of them? Shall we?
Cynthia de Wolf
Yes go ahead
Community Round
con lợn hung dữ
Many DeFi projects face many UI/UX constraints and challenges. How do you plan to improve the user experience and make your platform easy to use?
Steven|Bright Union
Great question: As Product Lead I’m very passionate about this topic!
Currently we got a combination of Validation expert (to interview future users and test the journeys) UI designers (to make it sexy) and growth hackers (to track the user behavior).
On Friday we launch the first version of BRIGHT token staking where to UI is okay-ish. Mid August we will launch our rebranded and super-sexy UI💃🏿🚀
Chelo
What other risk protocols would you like to associate with in the future?
Steven|Bright Union
Good question: Every two/four weeks we release a market scan of the hottest projects in the market. Currently discussion are already ongoing with the top-5 protocols and we expect to integrate with each of them 😎
con lợn hung dữ
Bright Union as we know it is based on decentralized Ethereum, For the purpose of making the supply chain more transparent. With this in mind, will Bright Union fulfill its transparency goal by simply completing the Ethereum chain or do you have any plans to take your idea to another chain like BSC or Polkadot?
Michiel Slootweg
Great question: We are not only aggregating the risk plaforms such as Nexus, Bridge, Cover and others, but we also plan to be multi chain, accessible on BSC, Polkadot, Solana and XDai apart from ethereum
botman
How can I staking on BRIGHTStaking and are there certain conditions to participate in IDO on your platform?
Cynthia de Wolf
If you want to enter the IDO you can whitelist on Moonstarter, you need to go through KYC and start staking MNST to be eligible. If you did not manage to join the IDO you can join via Uniswap and buy Bright there, to stake it afterwards.
Jremurci
Do users decide whether to buy BRIGHT token or another more stable currency like ETH?
Michiel Slootweg
For comparing, staking and buying covers, there are different options. With Nexus covers, you use NXM but for others, you can use stable coins. Bright tokens are primarily for the DAO and treasury.
Özgün Akdeğirmen
What do you think the communities role in the development of the project?
Cynthia de Wolf
The Community plays a huge role and we appreciate their ongoing support. Therefore we launched a Program to reward you all. Bright Union is looking for Ambassadors and is giving away 250,000 in BRIGHT tokens (value $25k)!
Here you go! We have numerous Gleam lovers here! Let’s go people that’s your time!
Cynthia de Wolf
Dear Moonstarter Community,
It was our honor and pleasure to collectively discuss Bright Union with you 🙏🙏🙏
We are severely impressed by the quality of the questions. It’s clear that you have a strong and intelligent crypto community!💪💪💪
We very much welcome all of you to #JointheUnion >
👉https://t.me/brightunion
👉https://twitter.com/bright_union
👉https://brightunion.io/
Mo | Moonstarter
I believe this closes the ama session
Michiel Slootweg
Really great! thanks a lot
Cynthia de Wolf
Thank you all!
Michiel Slootweg
Yeah, we could not answer all the questions. You can still ask them on our channel.
Mo | Moonstarter
Here you are! With all the things coming up I can only advise people to do the same as me
Be BRIGHT
Thanks a lot to have joined us and for having your IDO on MoonStarter! We are glad to be part of your journey!
We stay anyway in touch but I wanted to publicly wish you the best as a fan of the project!
Thanks @cynthia525 @michiel2021 @Steven_Bright_Union
