BACKED Insurance Protocol Token Presale is Set to Go Live on June 28

Wangen-Brüttisellen, Switzerland, 25 June 2021, ZEXPRWIRE,  BACKED, the token behind BACKED Protocol, is holding its presale Monday, June 28 at 13:00 UTC. When the presale wraps up, the next thing will be a listing. The BACKED protocol is the first insurance platform, thought by and for traders, directed towards cryptocurrency trading. 

Each user can customize their insurance contract to protect their digital assets up to 100% against the high volatility in the cryptocurrency market. The options are limitless; one can get insured or become an insurer as a business opportunity.

The $BAKT Token

BAKT is an ERC 20 token of the Ethereum network. It plays a significant role in running the protocol and fuels the internal economy of the platform. Users can only pay their insurance premiums with this token, giving a native value to the coin because its circulation is guaranteed. There could be more use cases in the future, such as introducing internal farming mechanics linked to insurance contracts.

Presale Details

  • Minimum Contribution: 0.1 ETH
  • Maximum Contribution: 1 ETH
  • Total Raise for Pre-Sale Round: 400 ETH
  • 1 ETH = 95,327 $BAKT(Pre-Sale)
  • 1 ETH = 79,429 $BAKT(Listing)

Platform Fees

The platform has two types of fees. The first is the usual transaction fees when you use the Ethereum blockchain platform. These are entirely dependent on the transaction complexity and how the network is operating.

The other fee, to access premiums on the platform, you have to pay in the BAKT tokens directly. The protocol takes a commission of 10% for every premium payment as the platform fee. 

Once taken, the smart contract burns the fees entirely hence making the token deflationary.

Tokenomics

Here are the detailed tokenomics:

  • Total Supply: 100,000,000 BACKED(100%)
  • Circulating Supply: 85,000,000 BACKED(85%)
  • Research and Development: 15,000,000 BACKED(15%)

BACKED is also a governance protocol. It means that the community can have a say in the platform’s projects and evolution. In line with their idea on decentralization, votes are submitted to the community to vote for updates and platform development.  

As time goes, the platform plans to bring about more decentralization, such as voting for platform fees.

Why the Platform is Unique

The platform is unique with integrations based on improving the blockchain and the cryptocurrency sector:

Minimal Risks Involved

The protocol is secured and audited. Anyone can interact with the interface client, API, or directly with the smart contracts on the Ethereum network because it is open source. The platform takes every possible step to ensure that the risk is very minimal. However, this doesn’t mean that the platform doesn’t wholly have risks.

Flexible Contracts

Unlike other protocols that tailor their contract, leaving the user with limited opportunities of choice, the protocol is much more flexible. In other words, it is the value given to both the insurer and the insured that defines the value of an insurance contract.

Open Insurance to Users

In the insurance history, never before has the user become an insurer. On the protocol, any user has the opportunity to gain income from insurance premiums hence multiply contracts.

More Features to Check Out Soon

The protocol is at the moment in negotiation with three Swiss insurance companies, Zurich, Credit Suisse, and la Mobiliere, for a partnership. The partnership will see the protocol become one of their pilot projects in exploring blockchain in insurance.

According to its roadmap, we should see group insurances and policyholder communities soon. The platform will also be holding its first Non-fungible tokens(NFT) insurance and later on extend its vision of decentralized insurance beyond crypto trading into traditional areas such as canceled flight insurance.

About BACKED

BACKED is a unique protocol that offers a revolutionary model of decentralized insurance, making contracts between two folks. Interact with BACKED on:

Facebook @ https://backed.insure/#

Website @ http://backed.insure/

Telegram @ https://t.me/BackedProtocol

Twitter @ https://twitter.com/backedprotocol

Media Contacts

Name: Anke Schafer

Email: [email protected]

The post BACKED Insurance Protocol Token Presale is Set to Go Live on June 28 appeared first on Zex PR Wire.

Information contained on this page is provided by an independent third-party content provider. Binary News Network and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]

News

Nanda and Associate Lawyers Professional Corporation Offers Feasible and Helpful Solutions to Its Clientele in Toronto

Nanda and Associate Lawyers help their clients have access to a variety of legal solutions in Toronto, assisting in a variety of matters. Mississauga, Canada,...

Crypto Industry Key Topics to be Explored at Blockchain Fest Singapore.

There are a number of talks on True Digital Ownership with DeFi & NFTs, Tokenomics, and Insurance in the Crypto Industry that will be...

Covered California Certified Agent Helps Small Businesses Care for Their Teams by Taking Out Employer Group Insurance

The insurance agency helps businesses select affordable group insurance plans designed to protect the mental and physical well-being of their staff California, US, 15th October 2022, ZEXPRWIRE, In...

Pixbim Becomes The Most Popular Online Platform For AI Colorization Of Videos And Photos

Pixbim is a prominent online platform bringing a host of AI tools for editing and colorizing black and white videos.   EMERYVILLE, CA (November 11, 2022)...

Author Guy-leine Curtis Releases Inspirational Book, ‘My Seeds Box,’ A Spiritual Journey of Discovery

A Faith-Based Self-Help Book to Nurture Faith and Cultivate Personal Growth Laurel, MD, 25th October 2023, ZEX PR WIRE, In the chaos and uncertainty of the...

Xtreme Pressure Washing Offers the Most Reliable and Efficient Pressure Washing Services in Atlanta

Atlanta, Georgia (February 09, 2023) – Xtreme Pressure Washing is a company based in Atlanta, Georgia that excels in all facets of pressure washing...

Experience Superior Plumbing Services in Vaughan with The Plumbing Nerds

Vaughan, Ontario, 3rd September 2023, ZEX PR WIRE, The Plumbing Nerds, your trusted local plumbing experts, are thrilled to announce our commitment to delivering...

The application of optical fiber module is so wide

However,what you may not expect is that the application range of optical fiber modules is so wide.Today,let’s talk about the application range and equipment...

SubscriptionFlow Launches SaaS Platform for Seamless Subscription Management and Billing

SubscriptionFlow, a leading provider of subscription and recurring billing management solutions, has launched a new Software as a Service (SaaS) platform. The platform is...