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Etherisc

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Discover Etherisc's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Etherisc?

Etherisc DIP (DIP) is a cryptocurrency token that operates on the Ethereum platform, launched in 2016. It is the native token of the Etherisc ecosystem, which focuses on decentralized insurance. The token allows users to participate in the platform by staking, providing collateral for risk pools, and guaranteeing performance and service levels. Staking DIP tokens can earn rewards and incentivize community contributions to the ecosystem.

How is Etherisc used?

Etherisc (DIP) is a governance and utility token that powers the decentralized insurance platform Etherisc. The token has several key utilities:

  1. Staking in Risk Pools: DIP tokens can be staked against specific risk bundles on the Etherisc marketplace, providing the necessary capital to collateralize policies. This staking process ensures that all actors on the platform have a vested interest in the ecosystem's success.

  2. Governance: DIP tokens may be used for governance purposes, allowing token holders to collectively decide on the future platform fee and reward model. This decentralized governance ensures that the ecosystem remains community-driven.

  3. Staking for Quality and Reputation: DIP tokens can be staked to support the quality and reputation of insurance products, further enhancing the overall ecosystem.

  1. Transaction Fees: DIP tokens are needed to earn transaction fees within the Etherisc network.

  2. Unlocking USDT: Staked DIP tokens can unlock USDT tokens in a 1:10 ratio, which can then be used to protect against depegging of stablecoins like USDC.

Overall, the Etherisc DIP token plays a crucial role in maintaining the decentralized insurance ecosystem, incentivizing community participation, and ensuring the alignment of interests among all actors involved.

How do I store Etherisc?

To store Etherisc DIP tokens, you can use various types of wallets. Here are some options:

  1. Hot Wallets: These are installed on your computer, tablet, or mobile device. Popular hot wallets include MetaMask, Coinbase Wallet, and Edge Wallet. MetaMask is a widely used wallet dedicated to the Ethereum ecosystem, which is suitable for storing DIP tokens.

  2. Cold Wallets: These are hardware devices that connect to your computer or mobile device via USB, micro USB port, or Bluetooth. Examples include Ledger Nano X, Ledger Nano S, Trezor, and D’CENT iD. Cold wallets are considered more secure than hot wallets.

  3. Multi-Asset Wallets: Wallets like Atomic Wallet support over 1,000 cryptocurrencies, including Etherisc DIP tokens. These wallets are known for their security, ease of use, and 24/7 online support.

  1. Non-Custodial Wallets: These wallets grant you complete control over your private keys, ensuring maximum security. You can use hardware wallets, Web3 wallets, or paper wallets for this purpose. However, managing private keys can be less convenient for frequent trading.

  2. Exchanges: You can also store your DIP tokens on exchanges like MEXC Global, but this option may not provide the same level of control and security as using a personal wallet.

Regardless of the wallet you choose, it is essential to follow security best practices, such as using strong passwords, keeping your software up to date, and being cautious of phishing scams.

How to buy Etherisc?

To buy Etherisc (DIP) tokens, you can follow these steps:

  1. Choose a Wallet: Select a reliable and reputable crypto wallet that supports Etherisc DIP tokens. Popular options include MetaMask, Coinbase Wallet, and Edge Wallet. Ensure the wallet is compatible with your device and the Ethereum ecosystem.

  2. Install the Wallet: Download the wallet application from the official website, such as MetaMask from https://metamask.io/. Always verify the website address before downloading to avoid potential scams.

  3. Create a Wallet: Set up a new wallet by creating a strong and unique password. Make sure to remember it or store it securely. You will also be given a Secret Recovery Phrase, which is crucial for recovering your wallet if needed.

  1. Buy Ether (ETH): Purchase Ether (ETH) as it is required for gas fees. You can buy ETH on various exchanges, such as Kraken, and transfer it to your wallet.

  2. Use a Decentralized Exchange (DEX): To buy DIP tokens, use a DEX like Uniswap. You can access Uniswap through the MetaMask wallet, which has a built-in swap function that automatically finds the best trades for your order.

  3. Swap ETH for DIP: Use the swap function to exchange your ETH for DIP tokens. Ensure you have enough ETH in your wallet to cover the gas fees.

Alternatively, you can also use other DEXs like Bancor, Honeyswap, or MEXC Global, depending on your preferences and the fees associated with each platform.

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History of Etherisc

Etherisc, a pioneer in parametric blockchain insurance, was founded by Christoph Mussenbrock and Stephan Karpischek on July 28, 2016. The project began as a hackathon entry in December 2016, where it won first prize in the Blockchain Startup Contest in Graz. The first version of the whitepaper was released for review on December 16, 2016.

Etherisc's Decentralized Insurance Platform (DIP) token, also known as DIP, is the governance and utility token powering the platform. The token was created during the Etherisc DIP Token Generating Event (TGE) from June 23 to July 25, 2018, with a hardcap of $30 million and a total supply of 1 billion DIP tokens. The TGE price was set at 1 DIP = $0.10 USD.

In 2019, Etherisc released its Generic Insurance Framework (GIF) under a free and open-source license. This framework allows developers to build and deploy their own insurance products on the platform. The GIF Monitor, a visualization tool for the framework, was introduced in September 2021.

Etherisc has received support from notable organizations such as Chainlink, the Ethereum Foundation, and Mercy Corps Ventures. These partnerships have enabled the development of projects like ACRE Africa, which provides microinsurance to farmers in East Africa. The first payouts to farmers were processed in July 2021.

In addition to its agricultural insurance initiatives, Etherisc has also launched a blockchain-based flight delay protection product called FlightDelay. This product autonomously issues policies and executes payouts for travelers experiencing flight delays or cancellations.

Etherisc continues to expand its ecosystem, with ongoing projects and partnerships aimed at increasing the accessibility and reach of its insurance products.

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How Etherisc works

Etherisc (DIP) is a cryptocurrency that operates within a decentralized insurance ecosystem. Here's how it works:

Staking and Risk Bundles

DIP tokens are staked against specific risk bundles on the Etherisc marketplace. These risk bundles provide the necessary capital to collateralize policies, such as USDC depeg protection. The staked DIP tokens activate deposited capital at a ratio of 10:1, meaning 1,000 staked DIP tokens unlock 100 USDT of capital. The more DIP tokens staked, the more policies can be purchased, generating fees.

Staking Process

To stake DIP tokens, users must first connect their wallet to the Etherisc DIP staking app on the Ethereum mainnet. They then select a risk bundle and enter the desired amount of DIP tokens to stake. The user must agree to the terms and conditions and click the "STAKE" button. The staked tokens are locked in a smart contract until the expiration of the chosen risk bundle.

Rewards and Unstaking

Rewards are prorated for the duration the DIP tokens are staked against a bundle. Initially, staking rewards are set at 12.5% per annum, funded by the Decentralized Insurance Foundation Treasury. Users can claim their rewards once the risk bundle has expired, without unstaking. They can then re-stake their rewards or withdraw them to their wallet.

Gasless Staking and Restaking

Etherisc offers gasless staking and restaking, where the platform covers the fees for the initial stake in a risk bundle. This allows users to stake or restake without paying the gas fees themselves. However, the user must create an allowance for the gasless transaction, which incurs a small fee.

Tokenomics

The DIP token is the native token of the Etherisc ecosystem. It shares in the success of the ecosystem and is used to earn transaction fees. Token holders who stake their DIP tokens can receive rewards through a small upfront fee deducted from all policies sold. The fee covers platform and product development costs, and a fraction may be used to purchase DIP tokens on the open market to distribute to stakers.

Governance Utility

The DIP token is also being explored for governance utility, allowing token holders to collectively decide on the future platform fee and reward model. This ensures a decentralized and non-custodial system where the interests of all actors are aligned.

Token Acquisition

DIP tokens can be acquired through decentralized exchanges like Uniswap or other platforms. Users can swap Ether (ETH) for DIP tokens using these exchanges.

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Etherisc's strengths

The Etherisc DIP token has several strengths that contribute to its value and utility within the decentralized insurance ecosystem:

  1. Staking and Rewards: DIP token holders can stake their tokens to contribute to the ecosystem and earn rewards. Initially, staking rewards are set at 12.5% APR, which incentivizes early stakers and encourages community participation.

  2. Decentralized Governance: The token is designed to have a potential governance utility, allowing token holders to collectively decide on the future platform fee and reward model. This ensures that the ecosystem remains decentralized and non-custodial.

  3. Risk Capital and Collateral: Staked DIP tokens provide collateral for risk pools, guaranteeing future performance and service levels. This mechanism ensures that all actors on the platform have "skin in the game" and aligns their interests.

  1. Access to Decentralized Insurance Platform: DIP tokens give users access to the Decentralized Insurance Platform, where they can participate in various activities such as providing risk capital, developing risk models, or offering UI/UX services.

  2. Liquidity and Trading: The token is listed on several exchanges, including Uniswap, Bancor, and MEXC, which facilitates trading and liquidity.

  3. Treasury Support: The Etherisc Treasury initially supports the staking reward ecosystem by releasing DIP tokens to stakers, up to a maximum of 2.5 million DIP tokens. This ensures a robust balance of tokens in the treasury and minimizes value dilution for token holders.

These strengths collectively contribute to the value and utility of the Etherisc DIP token within the decentralized insurance ecosystem.

Etherisc's risks

Etherisc (DIP) is a decentralized insurance platform that operates on the Ethereum blockchain. The financial risks associated with Etherisc (DIP) primarily revolve around the staking and risk management mechanisms within the platform. Here are some key financial risks:

  1. Risk of Depegging: Etherisc offers depeg protection, which involves staking USDT to protect against the depegging of USDC. If USDC depegs, the risk pool may not have sufficient capital to cover the losses, potentially leading to financial losses for investors.

  2. Risk Pool Management: Risk pools are managed by risk pool keepers who allocate and lock DIP tokens and/or stablecoins. If these risk pools are not managed effectively, investors may face losses due to inadequate collateralization or poor risk assessment.

  3. Staking Risks: DIP tokens are staked against specific risk bundles, which provide the risk capital needed to collateralize policies. If the staked DIP tokens are not sufficient to cover claims, investors may not receive their expected rewards, and the platform's stability could be compromised.

  1. Regulatory Risks: As a decentralized insurance platform, Etherisc operates in a regulatory environment that is still evolving. Changes in regulations or legal frameworks could impact the platform's operations and profitability, leading to financial risks for investors.

  2. Market Volatility: The value of DIP tokens and other cryptocurrencies can be highly volatile, which means that investors may face significant losses if the market moves against them. This volatility can also affect the stability of the risk pools and the overall platform.

  3. Liquidity Risks: If there is insufficient liquidity in the market, investors may not be able to easily buy or sell DIP tokens, leading to financial losses or difficulties in managing their investments.

  1. Smart Contract Risks: As Etherisc relies on smart contracts, there is a risk of bugs, exploits, or other technical issues that could compromise the integrity of the platform and lead to financial losses.

  2. Governance Risks: The governance model of Etherisc, which relies on token holders to make decisions, may lead to conflicts of interest or poor decision-making, potentially affecting the financial stability of the platform.

These financial risks highlight the importance of careful risk assessment and management for investors considering participation in the Etherisc ecosystem.

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Etherisc's ecosystem

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Etherisc’s team

  • Christoph Mussenbrock: Co-founder of Etherisc, a pioneer in parametric blockchain insurance, along with Stephan Karpischek.
  • Stephan Karpischek: Co-founder of Etherisc, a pioneer in parametric blockchain insurance, along with Christoph Mussenbrock.

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