Dear iTrust Community,
Welcome to the iTrust Community Reef!
To accompany the awesome growth of our thriving community we wanted to release a post to explain our Oceanic concept; setting a bedrock that underpins the ethos and vision of the project going forward.
The Ocean, Coral Reefs & Marine Ecosystems
As you can see from the new designs, we have a theme of the ocean, coral reefs and marine landscape. There are a number of reasons for this theme and we will explore them individually throughout the article.
Coral reefs, sometimes referred to as “the rainforests of the sea”, are underwater ecosystems made up of reef-building corals. Colonies of coral polyps cluster in groups forming the coral structures where many aquatic creatures co-exist.
Only 0.1% of the ocean is occupied by coral reefs but over 25% of marine life are found in coral ecosystems!
In the same way, the iTrust Community Reef welcomes all participants that contribute to a healthy decentralised ecosystem.
What reef animal best represents you?
Fish, jellyfish, worms, sponges, mollusks, crustaceans, sea anemones, parrotfish(?)…
Reefs are fragile, so are communities…
As mentioned, only 0.1% of the ocean is occupied by coral (not too dissimilar to the number of crypto projects that survived the 2017 hype-cycle.) Without going into the nuanced reasons why projects have survived or failed, it is well known that projects that do not harbour strong communities do not survive…
For this reason, iTrust is dedicated to creating a meaningful community ecosystem that is mutually beneficial for all participants of the DAO. We will be releasing a separate post on how we aim to grow a dedicated meaningful community; initially, our community building activities will focus on the following core issues:
1. Creating opportunities for people to grow/help others discover the community/project
2. Creating ways for people to meaningfully get involved in decision making with tangible outcomes
3. Creating opportunities and activities that build a platform for community ownership
As a community member, if you would like to help, please feel free to fill out our support form here.
Symbiotic relationships are plentiful in coral reefs!
Marine ecosystem, particularly coral reefs, contain the highest number of symbiotic relationships in the natural world. The classic being the Clownfish (Nemo) that do not get stung from the Sea Anemone they call home:
(keep an eye out for news of our first meme competition… #findingmemo), or the cleaner shrimp that remove the parasites from the skin of the reef sharks, sting rays even the mouths of large fish!
Here are some cool examples of other symbiotic relationships found in coral reefs:
What is Symbiotic Staking?
The definition of symbiosis is: “the interaction between two different organisms living in close physical association, typically to the advantage of both.”
When users stake with iTrust, there is a mutually beneficial relationship for both parties:
- The underlying insurance protocol benefits by utilising staker’s assets to build cover capacity, enabling the issuance of more premiums.
- As a rewards for providing the underlying stake, the user benefits from the easy accrual and collection of rewards from the insurance protocol, and iTG tokens.
- As the protocol can operate more efficiently, there are shared benefits for both the staker and protocol.
This is mutually beneficial relationship for both the staker and the underlying protocol. Hence the birth of Symbiotic Staking!
After landing on the concept of coral, we realised that “insurance comes from the sea”! (I know this initially sounds mad…but let me explain)
Some of the first forms of modern insurance were put in place to insure marine cargo in the 17th Century!
Edward Lloyd opened Lloyd’s Coffee House in 1686. The establishment was popular amongst sailors, merchants and ship owners. Lloyd catered to the wants of his customers by providing reliable shipping news.
When Lloyd moved the Coffee shop to Lombard street the coffee shop really took on a new life, becoming the centre for maritime auctions prices, candle auctions, and other shipping related news was broadcast from Lombard street — similar to modern day Telegram crypto forums!
As losing a ship meant large losses for ship owners and merchants, the formation of insurance mutuals were implemented to insure against maritime loses at sea!!
At this time, and after his death, Lloyd’s legacy has lasted through the Lloyd’s of London and Lloyd’s Register that originally listed maritime establishments and insurance businesses.
Future Maritime Features
Adding to our Marine theme, iTrust will soon be releasing details on our upcoming Coral (LP) Farming Programs and the much anticipated ShipREKT Prediction Market we will be building with our dedicated and loved partners at Finance.vote!
Also to add the icing on the cake, the iTrust logo spells “iTrust” in morse code, which was primarily utilised in World War 2 as a communications tool for long range ship-to-ship communication!
So jump onboard the iTrust Ship, lets ‘buidl’ a sustainable reef ecosystem, and make DeFi a more stable and accessible place for all involved!
Telegram Announcements: https://t.me/iTrustOfficialAnnouncements