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Ethereum Insurance

What is the DIP token used for?

How Etherisc uses the DIP token. Etherisc is a protocol to collectively build insurance products on the Ethereum blockchain.

DIP token is


DIP is the protocol token for Etherisc Insurance protocol (and possibly future governance token).

DIP token is used for


  • Earn transaction fees (% of insurance premiums or fixed cost).
  • Incetivize and reward user for bringing liquidity to the platform and building insurance and risk products.
  • Staking and providing bond to guarantee availability and performance of the insurance services.

More about the token here.

How could value accrue to the DIP token?


Locking

  • Holders lock tokens to earn rewards and support the ecosystem.

Fees

  • It will not introduce additional fees. Owners of a token do not receive a revenue from the use of the platform – Whitepaper (p.19).

What is Etherisc?


Etherisc is a protocol to collectively build insurance products on the Ethereum blockchain.

How Etherisc works


A user can request to create an insurance product on the Etherisc site.

  • Here are some of the current / In-production products from the community.

Etherisc consists of

  • Risk pool, which holds a certain amount of reserve collateral used to issue and
  • underwrite insurance policies against a predefined set of insurable events, within
  • the framework of an insurance model.
  • Reinsurance pool, which holds extra collateral and reinsures the risk pool
    against catastrophic long-tail events
  • A risk management system, which is a set of rules that governs the issuance,
    supply, inflation, and deflation of a digital token. we suggest to name the token RSC-FDD.
    Tokens are sold to collateralize the reinsurance pool and entitle holders to
    dividends from the risk pool’s revenue stream.
  • A token marketplace, which allows participants to purchase and redeem tokens
    at economically fair and transparently calculated prices.

DIP holders stake tokens to earn part of insurance premiums paid.

Capital allocation

When a policy expires without a claim, its premium becomes revenue:

  1. 10% Risk pool to subsidize premiums.
  2. 20% Reinsurance pool for long-tail risk collateral
  3. 70% Holders of RSC-FDD tokens as dividends.

The reinsurance collateral is gathered through an offering of an initial fixed supply of RSC-FDD tokens (a crowdsale).

Staked token holders provide

  • Oracle updates
  • Organizes new product development
  • Oracle registry
  • License provider Registry
  • Distributor provider registry

More here.

Token issuance


Total supply: 1 billion

  • 30% – Token sale (2018): up to 300m (unsold tokens went to DI Foundation)
  • 10% – Founders
  • 10% – Early supporters (original RSC token holders)
  • 5% – Team & other early supporters
  • 45% – DI Foundation (legal Swiss-governed entity)

Etherisc aims to become increasingly decentralized and give more power to token holders over time.

Price during Token Sale

  • 1 DIP =$0,10

Docs


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