WANGEN-BRÜTTISELLEN, Switzerland, June 25, 2021 (GLOBE NEWSWIRE) – BACKED, the token behind SUPPORTED Protocol, is organizing its presale on Monday, June 28 at 13:00 UTC. Once the presale is over, the next step will be an announcement. The BACKED protocol is the first insurance platform, designed by and for traders, oriented towards cryptocurrency trading.
Each user can customize their insurance contract to protect their digital assets up to 100% against the high volatility of the cryptocurrency market. The options are limitless; one can insure or become an insurer as a business opportunity.
The $ BAKT token
BAKT is an ERC 20 token from the Ethereum network. He plays a important role in the execution of the protocol and feeds the internal economy of the platform. Users can only pay their insurance premiums with this token, giving the coin a native value because its circulation is guaranteed. There could be more use cases in the future, like the introduction of internal farming mechanisms linked to insurance contracts.
- Minimum contribution: 0.1 ETH
- Maximum contribution: 1 ETH
- Total increase for the presale round: 400 ETH
- 1 ETH = $ 95,327 BAKT (Pre-sale)
- 1 ETH = $ 79,429 BAKT (list)
The platform has two types of fees. The first is the usual transaction fees when using the Ethereum blockchain platform. These depend entirely on the complexity of the transaction and the functioning of the network.
The other fee, to access the bonuses on the platform, you must pay in BAKT tokens directly. The protocol takes a 10% commission for each premium payment as a platform fee.
Once taken, the smart contract burns the fees entirely, making the token deflationary.
Here is the detailed tokenomics:
- Total supply: 100,000,000 SUPPORTED (100%)
- Circulating power supply: 85,000,000 SUPPORTED (85%)
- Research and development: 15,000,000 SUPPORTED (15%)
BACKED is also a governance protocol. This means that the community can have a say in the projects and the evolution of the platform. In line with their idea on decentralization, votes are submitted to the community to vote for updates and development of the platform.
Over time, the platform plans to bring more decentralization, such as voting for platform fees.
Why the platform is unique
The platform is unique with integrations based on improving the blockchain and cryptocurrency industry:
Minimal risks involved
The protocol is secure and audited. Anyone can interact with the interface client, API or directly with smart contracts on the Ethereum network as it is open source. The platform takes all possible measures to ensure that the risk is very minimal. However, that does not mean that the platform does not have full risks.
Unlike other protocols which tailor their contract, leaving the user with limited options for choice, the protocol is much more flexible. In other words, it is the value given to both the insurer and the insured that defines the value of an insurance contract.
Open insurance to users
In the history of insurance, the user has never become an insurer. On the protocol, any user has the possibility to earn income from insurance premiums and therefore to multiply the contracts.
More features to discover soon
The protocol is currently being negotiated with three Swiss insurance companies, Zurich, Credit Suisse and Mobiliar, for a partnership. The partnership will see the protocol become one of their pilot projects in exploring blockchain in insurance.
According to his roadmap, we should soon see group insurance and insured communities. The platform will also hold its first non-fungible token (NFT) insurance and will later expand its vision of decentralized insurance beyond crypto trading into traditional areas such as canceled theft insurance.
BACKED is a unique protocol that offers a revolutionary model of decentralized insurance, creating contracts between two people. Interact with BACKED on:
Facebook @ https://backed.insure/#
Website @ http://backed.insure/
Telegram @ https://t.me/BackedProtocol
Twitter @ https://twitter.com/backedprotocol
Name: Anke Schafer
Email: [email protected]