Boardroom Insurance and Roadmap
It’s clear for everyone to see that smart contracts are beginning to eat financial services — the numbers say it all. Not even a year into the “DeFi” movement and we already have over billion dollars locked up in financial smart contracts, a good chunk of which is coming from a new suite of decentralized lending platforms. Certainly value desires to be transcribed, stored, and transferred through smart contracts, while many of the users, especially those know little about the cryptocurrency ecosystem, intend to be apprehensive when it comes to moving their wealth on-chain. Smart contracts are a new pattern that’s more superior to their similar component in the same field. They’re more transparent, open, and are technically more difficult to hack than a traditional bank. But mere technology isn’t a sufficient decisive factor to win new customers, and even if smart contracts are designed to be invulnerable to hacks, failures occasionally happened in their short history.
Boardroom takes insurance for smart contract-based financial services as one of the largest market opportunities in Decentralized Finance today. Users need a way to secure the money they use within #DeFi won’t be hacked, stolen, or subject to technical failures. The interesting part is that these insurance contracts don’t even need to live on-chain, they can be built using traditional practices so that newcomers enjoy the technological benefits offered by smart contracts, but with the same protection they enjoy in the real world. It’s pretty obvious that insurance is an integral part of any financial system, but how might we build these contracts for DeFi? The risks associated with smart contracts are way more different than those inherent in traditional finance. This will constantly require a digital first approach. It indicates the necessity of creating new risk inputs like total lines of code, contract complexity, and how much value a smart contract has handled throughout its history. All of these new factors can live inside today’s legal system or in the brand new world of on-chain finance. Qualified custodians have already begun bridging the traditional world into crypto by working with insurance brokers to create custom policies for their offerings. This should help institutional clients who are unfamiliar with the crypto world feel more comfortable to be on boarding into a new, digital financial system. On-chain smart contract insurance is also in the works. Boardroom plans to launch a communal risk-sharing DAO on the Ethereum mainnet and prediction market platforms which could be used to create synthetic insurance contracts on certain events.
The smart contract insurance space is heating up. The more protection Boardroom can offer our users, the more liquidity, faith, and trust can be transferred into DeFi, which means more open, transparent, and programmable financial services for all.
Roadmap in 2021
First half of 2021:
- BDR token contract deployment
- Timelock contract deployment
- Mining/Website test
- Listed on Uniswap at 7:00 AM UTC, March 22nd
- Mining contract deployment
- xBDR token contract deployment
- Introduction about BDR governance and insurance plan
- Establish the basic ecosystem of DAO
- Marketing and promotion
- Adjustment based on users’ feedback
- First BDR community proposal guided by team
- Community governance relying on xBDR
- Exploration on BDR insurance
- nesting xBDR
Later half of 2021:
- Tests on community proposals
- Release for Community Council (alpha) Community Council (DAO) Decision-making power
- Recruitment for more staffs/community volunteers
- Vote for new staking pools
- Advanced xBDR functions
- Better UI and website development
- General set ups for BDR insurance
- More useful tools and APP develop
- Partnership, collaboration and new exchange list
- Building BDR vault and reserve
- Exploration on prediction market platforms
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