Definix Have Covered Up with Insurance From Soteria Mutual Community

Who is Soteria Mutual Insurance?

  • Covering: A smart contract has been hacked or tampered with, such as a smart contract being redirected to another wallet. The premium of the claim will be recognized by the claim committee depending on the evidence of each case.
  • Not Covering: Phishing in all cases, whether it is by entering personal information on a website, giving a private key, or being hijacked by malware will not be under consideration.

Why Soteria is The Mutual Insurance Platform Definix Has Chosen?

Features Of Soteria Finance

  1. It is fully decentralized. The governance power to approve claims resides with the community.
  2. It runs on the Binance Smart Chain and uses BNB as a guarantee and claims asset.
  3. The insurance policy for any particular smart contract can range from 30 to 365 days.
  4. Soteria uses a co-insurance model alongside community members pool resources; in turn, users share risks as well as income from premiums.
  5. Soteria developed a unique economic model that spurs public participation in risk protection capital and ensures a (Minimum Capital Requirement (MCR) guaranteeing that every claim will be fully settled. Details of MCR and other technicalities can be seen in the Soteria Rules documentation.

In Summary

Subscribe and follow us for more:

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SIX Network

SIX Network

538 Followers

The ultimate DeFi protocol for investors make the most from the crypto assets.