Gas Fees: Out of the Picture at CoverCompared
We are happy to be the first-ever Defi insurance platform that offers insurance policy purchasing with 0 gas fees to pay!
Gas is basically the fuel that allows the Etherum network to operate, in the same way, that a car needs gasoline to run. It refers to the unit that measures the amount of computational effort required to execute specific operations on the Ethereum network.
Naturally, just like its physical world counterpart, gas costs money on the Etherum network as well.
Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to conduct a transaction on Ethereum successfully.
But why does gas cost so much?
The math behind gas fees is quite complicated. The amount of gas users need depends on various factors, such as:
· How large of a contract do users want to execute
· How fast do users want it executed
· How busy the network is at the time of transaction
The fee goes to Ethereum miners who provide the computing power that’s necessary to verify transactions and keep the network running. When the Ethereum network is experiencing a high volume of transactions, gas fees get expensive, since there is limited space for how many transactions can be included on the Etherum blockchain.
When purchasing insurance coverage and paying in crypto, users initiate a transaction on the blockchain. This transaction can result in a very high gas fee that could surpass the price of the insurance policy. Consequently, many users shy away from purchasing insurance due to high gas fees.
We are here to change that for good.
CoverCompared Solution to Gas Fees
We collaborated with Biconomy to remove gas fees altogether. This collaboration made us the first-ever platform to enable gasless policy purchasing, making it much easier and affordable for users to transact on the Ethereum network.
Thanks to this partnership, users can purchase insurance policies without the burden of paying unreasonable additional costs. At CoverCompared, users pay exactly the price of the policy that’s displayed at first glance.
As a multichain aggregator, we offer gasless policy purchasing on the Ethereum chain currently & aim to expand to the Polygon Network. Along with eliminating the hassle of gas fees, our users can also buy insurance policies at a discount of 25% when purchasing with $CVR.
We aim to revolutionize the insurance landscape with an innovative mindset. Removing gas fees is a huge step towards making insurance more accessible to the masses. We take immense pride in being the first-ever and only platform where users can engage in gasless policy purchasing that supports seamless transactions & the only space where users can customize insurance policies & purchase traditional as well as crypto products using their cryptocurrency.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.