What Is Polkainsure Finance (PIS)?
The marketplace is run entirely by Defi users in the Polkadot Ecosystem, and users who join will get the PIS governance token. Any user can request insurance and anyone can provide coverage. Polkainsure Finance will be migrated to a polkadot parachain when the product development is finished. PIS token is currently issued on ethereum because there is high trading demand. Check your RoadMap for more. Claims are handled by smart contract code which ensures that payouts are instant and insurance contracts are fully collateralized.
The third-generation stablecoin tries to build original Polkainsure Finance of the cryptocurrency industry, represented by the elastic stablecoin AMPL and YAM. These stablecoins do not need to use collateral and are regulated mainly through algorithms. Through the test of the market, elastic stablecoin is insufficient in terms of price stability, and the rebase logic makes it difficult for the smart contract of elastic stablecoin to be combined with other DeFi protocols, which limits the development space of this kind of stablecoin.
Polkainsure Finance Storage Key Points
|Coin Name||Polkainsure Finance|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Many community members have been asking why Polkainsure Finance tokens issued on Ethereum. Here’s your answer.
- At the moment, there is no decentralized exchange on Polkadot. However, the trading demand for the token was high, so they issue token on Ethereum and listed PIS on uniswap for ease of trading.
- Polkainsure Finance are going to roll out Deflationary Farming in the next few days, which need uniswap-like decentralized exchanges, which are missing on Polkadot
- Polkainsure Finance are developing PolkaInsure protocol and testing it on MoonBeam and they should finish.
- They have your plan in Q2 2021 to migrate PIS from Ethereum to MoonBeam
- Once migration completes, we start shield mining, which basically will act similar to the shield mining protocol of Cover Protocol, but all of your protocol will run on Polkadot Parachain that’s your current plan.
What do you need Polkadot?
- Polkainsure Finance is a very fast evolving ecosystem. All parachains of Polkadot are seamlessly interoperable. That’s really great!
- Most of existing coverage protocols run on Ethereum while a protocol was missing on Polkadot
- Transactions fees on Ethereum are unacceptable
- Polakdot Ecosystem and parachains are easy to customize
- There is MoonBeam parachain that provide an EVM-compatible environment which allows to easily migrate your protocol from Ethereum to MoonBeam
- Lots of potential DeFi projects have been developed on Polkadot and those need insurance for users that’s almost all of the reasons why choose Polkadot.
Polkainsure Finance are envisioning for any DeFi-related assets. So in the first version when released, it will provide coverage for assets on the same parachain that PolkaInsure is deployed on – the MoonBeam. Over the time, they will test on assets that are transferred from other parachains to moonbeam. And also thinking of building a bridge between Ethereum and MoonBeam so that assets on Ethereum can get covered on PolkaInsure too.
Outside of the management team, the dev team currently has 4 people: 2 smart contract engineers and 2 web devs with experience in web3 and blockchain integration. Most of them have developed web apps, Dapps before even form a team Polkainsure Finance chief dev personally have around 3 years in Ethereum Dapp development and help quite some projects (sorry to keep them confidential) and smart contract security. He also worked quite alot of ethereum and Polkadot source code.