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InsurAce founder Oliver Xie was mining cryptocurrencies with friends in the summer of 2020 when one of their protocols was hacked, and they couldn’t recover the associated data. This incident made them think about how they could better protect their decentralized finance (DeFi) assets, and subsequently led to the birth of the InsurAce platform.
Research suggests that insurance is the most effective way to reduce risk levels in the DeFi space. However, there are many issues with existing insurance protocols, such as the lack of know your customer (KYC) protocols, insufficient capacities, and high costs.
The goals of InsurAce are to provide an efficient, secure and cost-effective insurance service to DeFi users, and to contribute to making DeFi a safer place. This article offers a comprehensive look at InsurAce and INSUR, its native token.