10/08/2021 How INS3 Innovates in the Crypto Insurance Space

INS3 is not your average decentralized insurance provider

Finding an insurance provider who gives you the best coverage available for your particular situation can be a time consuming, difficult task. On the one hand, you’re beset by ads from suboptimal providers who are trying to sell you on their product, meaning that often, the best company for you is drowned out by this noise.

Additionally, even figuring out what exactly you need as part of your coverage plan can be a hassle. For first time buyers, this can become even more difficult, as often you only find out what it is you are missing when a problem arises.

This issue becomes even more complex for people who are seeking to buy coverage for their crypto assets. Decentralized insurance, and insurance for crypto assets, is a relatively new phenomenon, but something that is increasingly important for crypto and DeFi users. With any new technology, the dangers that users are up against are revealed in droplets, over time.

News stories about the pitfalls of buying crypto assets have been making the rounds in waves over the past year or so. For example, users have suffered from transaction completion failure, flash loan exploits, oracle attacks, wallet hacks, and much more.

As these dangers have reared their head for users, the impetus to create decentralized and crypto insurance policies that cover the growing range of pitfalls that users come up against has grown. INS3 is one company that has taken this impetus for insurance in the decentralized finance sector and expanded to cover a range of issues facing the crypto market.

INS3 uses Oracle, which allows for greater security and validity when making a claim, as well as the propagation of user game theory, which allows users to validate a claim by building a consensus, ensuring fairness. Additionally, INS3 allows users to transform unwanted tokens into NFTs, which ensures that users who buy tokens or insurance with INS3 can easily liquidate their assets.

Additionally, when we compare INS3’s coverage with that of other high-profile insurance providers working in the DeFi and crypto space, it is easier to understand INS3’s advantages when compared to their competitors.

For example, when we look at the difference between INS3 and Nexus, which is one of the most popular insurance providers for DeFi, INS3’s major benefits become obvious. They are:

1. Where Nexus uses a claiming process that relies on pre-decided evaluators, INS3 relies on Oracle and users to decide a claim, thereby ensuring fairness in the process.

2. While Nexus only works on one platform, Ethereum, INS3 works across four platforms, Ethereum, Binance Smart Chain, Huobi ECO Chain and Conflux.

3. Nexus’ coverage only works for Decentralized Finance, while INS3 has five different types of coverage for crypto assets, covering Decentralized Finance, stablecoins, loans, centralized exchanges and hashrate.

Upon perusing all of this information, it becomes pretty clear that INS3’s services are more fair than competitors, they cover more platforms for users with diverse portfolios, and they also prove to be innovative, expanding beyond just decentralized finance to cover a range of different crypto assets.

We have also recently made updates to our website, overhauling the previous UI/UX layout in order to provide a site that is more intuitive for users to browse, while appearing cleaner and more informative. For more information about the range of coverage options that INS3 provides for your crypto assets, you can visit our website at https://www.ins3.finance/#/

Make sure you stay covered for the next market crash with INS3! Follow us on Twitter for the latest coverage news, or join our Discord to engage with our community!