PolkaCover (CVR)

Basics

• Based in: Dubai and India (13-1-2021).
• Started in / Announced on: late 2019
• Mainnet release:
• Project that focusses on insurance, built on Polkadot.

Audits & Exploits

• Bug bounty program can be found [insert here].
• According to their blog; "Hacken has successfully completed its audit of Polkacover’s Smart Contracts" (21-1-2021).

Governance

DAO

• From an AMA (13-1-2021):

"Our P2P model initially, the Governance team (PolkaCover) would be working with insurance underwriters (pricing experts) when we build out our initial products. Once there is enough experience & data of claims. We would hand over the pricing function to the community. This is just to ensure that the community gains the needed experience from experts to understand how risk assessment is done. Once the knowledge transfer is done, we would hand over all aspects of P2P insurance management to the community to make it work similar to a DAO."

Token

Launch

• Their roadmap says (14-1-2021) they had a crowdsale in Q4 of 2020. However, their blog announced (7-1-2021) their IDO for the 21st of January 2021:

"The $CVR token will be sold on Polkastarter at a fixed-price sale. Contributions are accepted in ETH only. The sale will last for 4 hours. Before the IDO token are released to the public, the token will be listed on Uniswap."

Token allocation

• From their blog (7-1-2021):

1. Seed/Private Sale 25.6%
2. Treasury & Incentives 20% (Tokens are locked for 3 months. After lockup, tokens are released equally over 36 months.)
3. Operational Expenses 17% (Operational Tokens — Locked for 12 months followed by 12 month vesting. Marketing Tokens — Locked for 6 months followed by 18 month vesting.)
4. Staking & Community Rewards 13.2% (Tokens are released equally over 24 months.)
5. Marketing 11%
6. Team 10% (Tokens locked for 24 months. After lockup, tokens are vested over 6 months.)
7. Advisors 1.8% (These tokens are vested to demonstrate long-term commitment.)
8. Crowdsale 1.4%

Utility

• From the website (14-1-2021):

"The Polkacover Token will be used throughout the platform for various activities. Staking, Insurance, Governance, Claims Management, Payouts, Loyalty schemes and Policy Discounts."

• From an AMA (13-1-2021):

"On every policy sold, 10% of the premium would go towards burning our tokens until we reach 70,000,000 tokens as final supply ( which is about 50% of the supply)."

Technology

• Whitepaper can be found here.
• Code can be viewed [insert here].
• Built on: will launch on Polkadot

How it works

• From an AMA (13-1-2021):

"Initially, several aspects of the Policy issuance will have human interaction but as a knowledge base of processes gets created we have a long-term vision to automate the entire platform using machine learning functionalities in the long run of the platform."

Staking

• Uses Ferrum Network for its staking (26-1-2021):

"Ferrum Network is building a DeFi ecosystem that interoperates across chains and removes barriers to mass adoption. Ferrum’s Staking-as-a-Service is now used by nearly 50 projects with $15 million TVL."

Oracle Method

• has a partnership with Band Protocol (22-2-2021).

Compliance

• From an AMA (13-1-2021):

"In terms of jurisdiction, although our Business team is based in Dubai ( and the tech team is based in India), the marketplace platform will be incorporated out of BVI to allow us(and the insurers) to be able distribute these policies to a global audience as Dubai does not allow such flexibility to distribute insurance products globally.

Most of the western countries ( barring US/Canada) will be available to purchase in the initial launch. As US/Canada is heavily regulated markets, we would look at adding them on at a later stage once we receive approval from the insurers & our legal advisors."

Roadmap

• Can be found here (14-1-2021), it aims for a Marketplace Mainnet launch in Q2 2021, staking to go live in Q1 2021 and the P2P platform (testnet) in Q4 2021. Their crowdsale was planned in Q4 according to the same roadmap, but will happen on 21-1-2021.
• From an AMA (13-1-2021):

"There are multiple development initiatives running in parallel, there is the development of the platform which is still in progress and in line with our roadmap, in addition there is also the product development side of the project where we are in the final stages of the products to be confirmed by the insurance companies."

Usage

Projects that use or built on it

• Cover Protocol; "we will be featuring their smart contract and platform covers on our marketplace." (14-7-2021)
• Orion; from the announcement (24-3-2021): "PolkaCover will offer a white-labeled platform for Orion Protocol to allow its users to purchase Crypto Insurance products instantly through their accounts."
• Paid Network; just before their hack on the same day, they partnered with PolkaCover (5-3-2021).
• Phantasma Chain; "[We] are working together to create protection products around NFTs security against impermanent loss." (18-1-2021).

Competition

• Other insurance projects like Nexus Mutual and COVER.
• From an AMA (13-1-2021):

"In the longer run, we want to providers such as Nexus mutual, Cover protocol and aggregate their products as well. We would not be competing with them in product development if we have a provider who can give us specific coverage so Ideally the DeFi Insurance providers would be our partners not competitors.

Nexus & Cover have done great work for the defi insurance space , however, we are looking at mass-market products (Exchange hack) that would address a large base of crypto users…

Separately, we would be having several insurance providers ( instead of just one) which would provide a larger variety of options for the end-users to choose from in terms of product offerings as well."

Team, Funding, Partners

Team

• Full team can be found here (14-1-2021).
• Kunal Sadani; CEO "Worked in a senior leadership role within an insurtech startup (Valued at over $1 billion). 10+ years working in insurance product development with multinational insurers"
• Anthony Thomas; co-founder, CIO

• From an AMA (13-1-2021):

"Currently we are a growing team of 8 which includes 3 full time & 2 part time devs, this includes our technical and marketing team alongside me and Anthony, in addition we have also partnered with Audace Labs as our technology advisors who we consider as part of our team as well."

Funding

• As of 7-1-2021 their blog said: "PolkaCover has the funds needed to manage its costs for running its operations for a period of 12–18months."

• From an AMA (13-1-2021):

"Yes including the seed round and the Private sale we have raised USDT 1M and were heavily over subscribed with requested totaling over $5million ( We stopped counting &@ 5 Mill !!)."

• From their blog (25-1-2021):

"Raised $1m in seed and private sale rounds backed by Fairum Ventures, Blocksync Ventures, Brilliance Ventures, Content Tap, Delta Hub Capital, Exnetwork Capital, Gains Associates, BBS Finance, Propeller Capital, Spykefast Capital, Tag Capital, The Whitesholding Capital, Titan Ventures, ZBS Capital, DuckDao and many other strategic backers, in a process which took more than 2 months to complete from seed to private-sale."

Partners

• According to their website (14-1-2021) they have partnered with Moobeam, Band Protocol and AudaceLabs.
• Partnered with Ferrum Network (12-1-2021).
• Paid Network; just before their hack on the same day, they partnered with PolkaCover (5-3-2021).
• Formed a strategic partnership with the Israeli Blockchain Association (9-2-2021).
• Partnered with Nsure Network (5-7-2021).
• Partnered with Cover Protocol; "we will be featuring their smart contract and platform covers on our marketplace." (14-7-2021)
• Partnered with InsurAce (17-9-2021).

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