Surity | Decentralized Insurance Market platform

Seems solid to me, I mean your idea of collating feedback from people who would be using the product via Google form. But regarding your target being people that are already in the insurance market, what metrics would you be using to achieve said target?

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Thank you for replying to me, making survey to check people awareness is really good, how will you go about distributing the staking rewards, thank you

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I apologize if the earlier question was a bit unclear. I will try to rephrase it now for better understanding of what I intend to know about your project.

Can you outline how insurance marketers can utilize your platform to develop and manage insurance policies and briefly specify which particular tools or functionalities are essential for them to create and customize these insurance policies/schemes?

Hello, Thanks for the warm welcome. Below are the few things which we have in our mind regarding the scope of the project

User-Centric Functionality:

  • The platform serves two primary user roles: insurance providers and policyholders. Insurance providers offer various insurance policies, while policyholders purchase and benefit from these policies.
  • Users have the option to stake in different insurance policies using a unique staking mechanism. For every USD contributed, users receive 1 platform token. They can withdraw their USD at any time.
  • Monthly, a fixed amount of “surity tokens” is released to reward participants. 10% of these tokens are retained by the platform, while the remaining tokens are distributed among stakeholders according to their stake ratios.
  • Marketers play a pivotal role by creating new insurance policies and providing transparent functions for premium calculation and claim validation. These functions are accessible to users, ensuring transparency and trust in the insurance process.
  • Policy providers can also stake in other policies.

Customized Staking Mechanism and Policy Visibility:

  • A custom form empowers users to specify conditions to stake in other tokens like Sol, Link, Eth, Trx. These conditions include triggers such as deposit into the pool through premium, deposit through staking, time duration, or general deposit into the pool.
  • Additional conditions, such as specific amounts or ranges of received deposits, are configurable. Users can also specify the percentage of money to be staked and the target destination for their stake.
  • Each insurance policy page provides visibility into the allocation of pooled funds and details of customized automated investments. Users can track how their stake is utilized and the automated investment strategy implemented for each policy.

I think I didn’t specify properly.
I did not mean to say people who are participating in the insurance market as sellers
but people, generally in their young adulthood, likely to “Buy” insurance.

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Hi Chizz, We do have the functions public, for sure, which means, the function definitions would be public but the actual execution of these functions would happened in a secure and private server environment by us. So none of the user details, which would presumably be consumed by the functions in form of function arguments would be put on the blockchain, a server would execute it, sign it and our contract would, before taking the premium, confirm if the receipt (execution log / output) was signed by our server.

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So the system we have planned is as follows:
We will, every month, release our own tokens “SureCoin”
Out of the intial supply, in the first month we will release 20% of the total supply
then every consecutive month, we will decrease the released coins by 20%
so it will go like, 20%, then 16%, 12.8% and so on…
This will also act as an incentive for people to try and get on quickly and earlier than others
Also, when the SureCoins are released, 10% of those tokens are taken by Surity, to make profit, the tokens would be ours and no tokens from the stakes / insurees would be taken as a fee.

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The project looks promising and unique it its one self, how is the development of the project going on ?

Hello, The Development is going good, We have made a good progress on the frontend and the backend. We are working on the smart contracts now.
(Just a minor fixes and we will be providing the hosted website soon!)

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Good luck to the team :+1:

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Great! Thank you for providing this detailed overview of your project’s scope, with focus on user-centric functionality and customized staking mechanisms. I have this question for you to address which is on ensuring effective use of your project in creating policies.

How do you plan to attract and incentivize marketers to create new insurance policies with this project. I am equally interested in knowing how you’ve plan to ensure transparency and accuracy in premium calculation and claim validation processes.

A detailed explanation on this will be helpful in understanding how you have planned in pushing this project to be a leading one in the insurance market

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Hi community, We would like to provide an update, We are facing some issues while working on the smart contracts, @marsian is on it since last two days :disappointed_relieved:.
We missed a few replies, we will surely get back to you asap and will also provide the hosted link and the survey form soon! Thanks for the patience.

@Youngyuppie @Chukseucharia @manfred_jr @ines_valerie @Chizz

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Welcome team surity to tron hackathon season 6. I think this would be the first time of me seeing a project of this nature.
Would Surity be built just on Tron blockchain or will it support multi chains

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Thank you for the clarification, the simplicity in your explanation makes it easier to comprehend. Targeting young individuals who are potential insurance purchasers is a good strategy because they represent a demographic that may be unfamiliar with blockchain concepts such as staking.
Moving forward, I’ve a question;

What factors do you believe will impact young individuals’ insurance purchasing, and how will you address them in the survey?

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Thanks for keeping us updated of the scheme of things, this goes to show a high level of accountability.

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Thank you for the your time in explaining to me, can you tell me how Surity is planning to utilize 10% of SureCoins taken as the profit, thank you!!

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Thank you for sharing this whole update to us

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Note that the following data filled in the form is merely dummy data, like the functions

Hi, I see, I understand better now
Mainly I think this screenshot of the insurance creation form should answer most of your curiosity


Besides this, insurance marketers will also have at their disposal, a page to edit the automatic investment schemes which they will have.

As of now, we only plan to support the tron network.

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These will be primarily taken out as profit of the organization, besides it will also act as a reserve for the team in event of any spends needed. but honestly, there are no, detailed, future plans of expenditure / utilization of these tokens.

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