Financial NewsBACKED Insurance Protocol Token Presale is Set to Go...

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.

Latest news

InternationalReserve Unveils Strategic Insights for Navigating the Future of Finance

Toronto, ON, Feb 21, 2024, ZEX PR WIRE, As the global financial landscape continues to evolve at a rapid...

Public Meme Token ($PMT) Conquers Presale Expectations and Eyes Next Major Exchange

Prisdorf, Germany, 20th February 2024, ZEX PR WIRE, Public Meme Token is proud to announce that its private and...

Quark 2024: BITS Goa to Host Spectacular Tech Extravaganza

Vasco, India, 19th February 2024, ZEX PR WIRE, In a dazzling display of technological prowess and innovation, Birla Institute...

Discover the Charms of Turkey: Unveiling Top Destinations for Tourist e-Visa Holders

Ankara, Turkey, 19th February 2024, Turkey, renowned for its rich history, stunning landscapes, and vibrant culture, continues to beckon travelers...

Revolutionizing Travel: Vietnam E-Visa Streamlines Visa Process for Global Citizens

Hanoi, Vietnam, 19th February 2024, Navigating the intricacies of international travel just got simpler for citizens of Montenegro, the...

Revolutionizing Travel for Citizens of Norway, Panama, Papua New Guinea, Peru, and the Philippines: Vietnam E-Visa Offers Seamless Visa Solutions

Hanoi, Vietnam, 19th February 2024, In an era where convenience is paramount, Vietnam E-Visa emerges as the beacon of streamlined...

Must read

Hungama joins forces with BharatBox for an Unprecedented Digital Odyssey

BharatBox, in collaboration with The Sandbox announces the launch...

BharatBox & Mahabharata: A Metaverse Renaissance in Storytelling Brilliance

BharatBox, the India destination within The Sandbox, in collaboration...

Unlocking the Power of Belief: Ramsena Coin Introduces the First Hindu Cryptocurrency and Virtual Revolution.

Ramesena Coin, the world's biggest virtual connection of Hindutva,...

USD 19,500, the new key price of bitcoin to start an upward movement

Key facts: In the past, $19,500 has been a resistance...

Blockchain IDOs and Presales You Should Know About

There’s never a lack of new projects opportunities when...

You might also like
Recommended to you