CheckDot

The development of the CheckDot roadmap, as presented on our <a href="https://docs.checkdot.io/" rel="noopener noreferrer nofollow">docs.checkdot.io</a> documentation, has gone very well and we are on track to achieve our goals. We have released the second version of our Decentralized Auditing Protocol. We also released the first version of Decentralized Staking System successfully. The goal for the last 5 months has been to offer a core service with the main idea of the project “Fight Risks”. That’s why we are here today to present you with the newest CheckDot service: “The CheckDot Insurance Protocol”.This new update to the app marks the beginning of the fight towards a safer blockchain and will expose a new audience to crypto-currencies through the insurance products provided by CheckDot. In this new version of our app, users will be able to interact with the insurance protocol to get insured or become an insurer.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5dcc521189f146769ce17bc4f06b4b06.png" />Let’s study a bit about the need for an insurance service in digital finance.<ol><li>My funds are not in a safe protocolIf you have cryptocurrency that is on an unstable protocol or is vulnerable to malicious attacks, the CheckDot insurance protocol may be a good option for coverage. There are an increasing number of crypto hacks being reported on a global scale. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — - Article about the subject: <a href="https://www.cnbc.com/2022/08/10/hackers-have-stolen-1point4-billion-this-year-using-crypto-bridges.html" rel="noopener noreferrer nofollow">https://www.cnbc.com/2022/08/10/hackers-have-stolen-1point4-billion-this-year-using-crypto-bridges.html</a> — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -</li><li>My funds on a centralized platform Most people believe that centralized exchanges are a safe and stable place to store your cryptocurrency. Many of these large exchanges are running into financial trouble and have locked users out indefinitely from their own crypto. Your funds are not fully safe on centralized platforms. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — - Article about the subject: <a href="https://onezero.medium.com/when-crypto-exchanges-go-broke-youll-lose-it-all-53cfd3c4476" rel="noopener noreferrer nofollow">https://onezero.medium.com/when-crypto-exchanges-go-broke-youll-lose-it-all-53cfd3c4476</a> — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -</li><li>I have stablecoin funds The name stablecoin is a misnomer. Many of these claim to be pegged to fiat currency but lack the protocol to withstand a large withdrawal. Although rare, stablecoins can de-peg from their tracked value. The most notorious in recent history is TerraUSD, losing over $60 billion. — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — - Article about the subject: <a href="https://washingtonpost.com/business/2022/06/03/terra-stablecoin-investing-lessons" rel="noopener noreferrer nofollow">https://washingtonpost.com/business/2022/06/03/terra-stablecoin-investing-lessons</a> — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -</li></ol>These three cases demonstrate the need for CheckDot’s insurance protocol. We have created a protocol that gathers a group of insurers wishing to take the risk against returns and policyholders wishing to protect their funds in case of loss.The realization of such a project took several months, a large part of which was dedicated to finding the perfect formula for balance between risk and cost. We have managed to balance this, although it will require some adjustments during the first year of use. The formula that we apply for this balance is used by the European insurances are called SRC or “Solvency Capital Requirement.” We were inspired by this concept and we adapted it to the practices already in place at CheckDot.<h2 id="header-0">The Solvency Capital Requirement</h2>The SCR is set at a level that ensures the insurers can meet their obligations to policy holders over the next 12 months with a 99.5% probability. This limits the possibility of financial failure to less than one in 200. The formula takes a building block approach, meaning that the individual exposure to each risk category is assessed and then aggregated.Article about the solvency capital requirement: <a href="https://www.investopedia.com/terms/s/solvency-capital-requirement.asp" rel="noopener noreferrer nofollow">https://www.investopedia.com/terms/s/solvency-capital-requirement.asp</a><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7e730e1065a64f5aa97c05a0240e88f9.png" />The utility of $CDT in the protocolThe CDT token is the foundation to the CheckDot insurance protocol. It will be used as a payment service when purchasing covers in tandem with various accepted tokens. Part of it (50%) will be used directly to supply the protocol with additional liquidity to reduce the risks of solvency on the SCR. The other part (50%) will be injected into the protocol’s CDT liquidity pool to allow additional CDT staking over time. CheckDot will also require 1% of the claim amount as a fee to provide rewards for holders who participate in the policyholder claim approval votes.<h2 id="header-1">The level of decentralization of the protocol</h2>It is important to tell you about this technical aspect. The CheckDot protocol on the BSC is a first release, which means that it will require regular updates during the first year. At the end of this period — especially on the Binance Smart Chain Network — we will activate the DAO mode of the protocol. Each update will be approved by the community in the form of a vote. The insurance protocol that is deployed on the Ethereum blockchain will be directly submitted to DAO governance. This is because we have the functionalities on our ERC20 token that we do not have on the BEP20 (BSC) allowing the verification of the timestamp of holding a CDT token amount.<h2 id="header-2">Covers available at launch</h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d80c1b293fe64847b6cc6c49e8c19cbe.png" />We start the insurance protocol with 8 insurance products. Each product has a risk score which is used in the solvency calculation. This allows us to limit the amount of coverage possible for a given product. The lower the risk score, the less the protocol will want to insure.<h2 id="header-3">Additional information about the protocol</h2><ul><li><a href="https://docs.checkdot.io/decentralized-insurance/how-to-buy-cover" rel="noopener noreferrer nofollow">How to buy Cover</a></li><li><a href="https://docs.checkdot.io/decentralized-insurance/how-to-become-insurer" rel="noopener noreferrer nofollow">How to become Insurer</a></li><li><a href="https://docs.checkdot.io/decentralized-insurance/risk-of-the-insurance-staking" rel="noopener noreferrer nofollow">Risks of the Insurance Staking</a></li><li><a href="https://docs.checkdot.io/decentralized-insurance/insurance-terms-and-conditions" rel="noopener noreferrer nofollow">Insurance Terms and Conditions</a></li><li><a href="https://docs.checkdot.io/decentralized-insurance/how-to-claim" rel="noopener noreferrer nofollow">How to Claim</a></li><li><a href="https://docs.checkdot.io/decentralized-insurance/how-protocol-works" rel="noopener noreferrer nofollow">How Protocol Works</a></li><li><a href="https://docs.checkdot.io/decentralized-insurance/how-to-participate-in-governance" rel="noopener noreferrer nofollow">How to participate in Governance</a></li><li><a href="https://app.checkdot.io/statistics" rel="noopener noreferrer nofollow">Insurance Protocol Analytics</a></li></ul>Finally, don’t hesitate to give us your opinion on this new service. Thank you all for your support during these last months, this is only the beginning!STAY SAFE! USE CHECKDOT!CheckDot Application: <a href="https://app.checkdot.io/" rel="noopener noreferrer nofollow">app.checkdot.io</a>CheckDot Earn: <a href="https://app.checkdot.io/earn" rel="noopener noreferrer nofollow">app.checkdot.io/earn</a>Jeremy, CheckDot CEO.………For more information on CheckDot follow us on social networks:Telegram: <a href="https://t.me/checkdot" rel="noopener noreferrer nofollow">https://t.me/checkdot</a>Instagram: <a href="https://www.instagram.com/checkdot_protocol/" rel="noopener noreferrer nofollow">https://www.instagram.com/checkdot_protocol</a>Twitter: <a href="https://twitter.com/Checkdot_proto" rel="noopener noreferrer nofollow">https://twitter.com/Checkdot_proto</a>Website: <a href="https://checkdot.io/" rel="noopener noreferrer nofollow">https://checkdot.io</a>

CheckDot Insurance Protocol V1 Release

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CheckDot

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