$DIP Insurance for Crypto. The case for it and why it matters.
With the growing crypto space and attractiveness to new users, I want to write up a piece on crypto-insurance and why it is needed and discuss a project working to solve this. The project is Etherisc better know for its token $DIP.
$DIP is currently relatively cheap crypto and definitely one worth looking into in the long term. The mission of the project is to make insurance fair and accessible. They are working on blockchain-based products such as a hurricane, flight delay, crypto wallet, crypto loan protection, crop, and social insurance to name a few.
Some of these people may question why crypto matters in the industry and some are easily viewable as essential. In the case of mainstream insurance industries, the current system may work but it can be slow and clunky. It can take a long time to prove a claim pending the validation of a claimable event; however, the #DIP projects systems track events and automate the payouts based on real-life data. This could greatly clean up the insurance processing people deal with. Instead of or a major claim taking weeks to payout and process it could be done in days and have validated records with no need for future adjudications that can sometimes take a year to process. Then you have some essential Crypto industry projects such as crypto wallet insurance which is massively needed with the constant running of scams to get people’s keys and scam coins running amuck.
The whitepaper provides a lot deeper dive available at https://etherisc.com/
#DIP is currently available on UNISWAP so getting is early in its growth cycle before the centralized exchanges start to list it. Remember this is not financial advice and should not be taken as such.