AMA RECAP: BCCORE X PolkaCover
BCCORE, a crypto agreement, and Blockchain, AMA, Trader, Investor based in Vietnam partnered with us to deliver a session of AMA to bring in the larger community of crypto users.
Below is a quick recap for those who missed out on the informative AMA session with Kunal Sadani, CEO of PolkaCover, and BCCORE.
Q1: Can you briefly introduce yourself as well as the Polkacover?
Sure. Anthony & I have been based in Dubai (UAE) for over 15 years.
Previously I have worked with multinational insurance companies (AIG & Allianz) in a senior leadership role building products and partnerships in the Middle East and Africa Region. In my last role, I headed the Retail Insurance industry for Policybazaar (an insurance company valued at over $ 1 billion with VC partners like SoftBank & Tencent) reporting to the CEO. . My experience has revolved around developing, building, and managing large-scale B2C insurance products & markets for more than 10 years.
My co-founder Anthony has been with Allianz Partners for over 4 years and is part of the strategic development team where he works on building third-party implementations, automation engines. and workflow for insurance partners and third-party providers in B2B & B2C environments. Anthony has worked on creating back end solutions for these insurance products, and we have also worked together on several projects for Allianz before, where we met.
@Polkacover .. we are building a one-stop crypto-insurance & one-stop market for traditional and decentralized insurance products and services to provide crypto users in the marketplace. mass college an option to protect their Crypto, DeFi & NFT assets
Q2: Polkacover is known as a Parachain of the Polkadot ecosystem can you tell us the benefits it brings as well as the interoperability? In your decision to choose Polkadot is not another ecosystem like Wanchain, Cosmos … etc?
We initially had built a POC on Ethereum a year ago, however, have migrated development to Polkadot due to Ethereum’s limitation of scalability.
With congestion on the network and rising gas fees, Ethereum was not meeting our requirements to build this platform if we needed to scale. Cosmos was also considered and is a great ecosystem, however, our development team found that working on Polkadot would be the right way forward as Polkadot was able to provide high scalability because a shared set of validators will be used to secure transactions on multiple blockchains. New blockchains that join Polkadot can tap into this security model from the get-go making it a lot easier quickly build our parachain solution.
Q3: Can you tell us the difference between Polakcover compared to regular insurance platform? What are the potential customers in your insurance? What types of assets does it include?
Polkacover is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to give the power back to the people by lowering the transactional and administrative costs of Insurance policies and coverages while providing high value with cost-effective insurance products for the crypto world.
We working on will connecting users and multinational insurance providers with all global insurance products such as crypto-related protection, health, life, education, and family insurance plans. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.
So what services does the Polkacover Network Provide?
• Compare & Buy traditional & decentralized Insurance products
• Making Insurance Accessible to All
• Lowered Insurance Pricing by Removing Middleman
• A Cross Border Payment Solution
• A Fast, Transparent & Painless Claims Management
• A Secure & Fraud Proof Platform
Q4: An important question about token sales, how many rounds will the sale take place? Do you have the seed invested in the project and locked in the long term? Or investment funds willing to invest in Polkacover? How will the price per round change? will also share token metrics How will utility tokens be applied in the insurance ecosystem?
Oh! That’s a long one …
We have already completed our seed round & secured the soft cap. We are currently conducting a Private sale currently. All participants in the seed/private sale round do have a vesting period attached to their allocation which can stretch up to 13 months. The pricing is changes based on the vesting period which is selected by the participant.
With regards to the token metrics, you can check out our site where you can find the details of the supply. To give you a bit more insight, we would be releasing approximately 10%-15% of the total supply at launch.
With regards to the utility, there are several use case where the token is used, a few of them are mentioned below
1) Crypto Insurance Policy Purchase
Customers would need to solely use our CVR token to buy any crypto-insurance product.
2) Policy Discounts — We would be also launching other lines of insurance ( such Life / Health & Travel). Users can also purchase using other cryptocurrencies, however, additional discounts and benefits are provided for users paying through the CVR token
3) Staking / Risk Assessment & Governance Rights –
Upon holding the CVR tokens in your wallet, users will be rewarded with the below
- APY’s in token
- Additional discounts on the policy purchase
- Free insurance products depending on the staked value
- Risk Assessment & governance right in our InsuranceDAO
4) Claims Payout
All claims are paid out using the token. Customers can choose to hold the payment in the token or convert to Fiat currency. Incentives are provided to receive & hold the claim payouts in the token
5) Cross Border Policy Issuance
The platform will provide only Policies which allow purchase Worldwide which can be bought exclusively bought using our token
and a few more which are mentioned in the whitepaper as well when you interact with the platform. We are also launching our second version of the whitepaper next week which will provide a lot more insight into the Assessment & Governance structure of the token within our InsuranceDAO
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