InsureDAO updates May 2021
Hi, this month was a tough one for the DeFi and crypto space. Besides the huge price drop of tokens, we have seen a lot of hacking on Binance Smart Chain (BSC) last month. We believe our developing insurance protocol will bring safety to all DeFiers.
Today, we would like to share the monthly updates for May with you.
InsureDAO updates
Overall
First of all, we have successfully completed our seed round of funding. We will share and introduce our strong supporters in the next post.
As for the launch date, due to the audit schedule, we need to reschedule for July or August. The good news is we have already reserved slots for two code audit companies. The audit for our smart contracts will start at the beginning of July.
A lot of exciting announcements are coming in June. Stay tuned!
Development
・Schedule
- We are planning to start battling tests on Testnet in June.
- After that, we will launch on the Mainnet in July or August.
・Contracts
- We have almost completed the development of smart contracts, including a buying and selling module, a governance module, and an index module.
- The audit for our smart contracts will start at the beginning of July.
・L2
- Furthermore, we are actively exploring L2.
Claim guidelines
We are still open to your feedback!
So feel free to add a comment on these draft guidelines!
・Claim guideline for smart contract cover
https://docs.google.com/document/d/1d06IHaJfjOTwgkp8hN7XH7h6eloc9_7YXu71d2kXt_4/edit?usp=sharing
・Claim guideline for custodian cover
https://docs.google.com/document/d/1QjSD2NIFhPQ1JjLMtIQz3BfNBAAGlVQD9NC5IOeTrEk/edit?usp=sharing
Reporting Members
We’ve worked hard on a reporting process for the payout event, and decided to introduce Reporting Members who make payout decisions.
We are now looking for security experts, such as a code audit company, to be a reporting member.
Testnet
We are going to start Testnet in June. As we mentioned in the last update, you can experience the whole process, such as reporting and compensation, through a pseudo-hacking event apart from buying and selling insurance. Also, we are planning to airdrop to testnet participants.
An announcement will be posted soon!
About InsureDAO
If you are interested, you can learn details on white paper
Also, you can join us on Twitter or Discord! :)
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
