inSure DeFi Integrates Chainlink’s Historical Price Data Oracles to Power its Decentralized Crypto Insurance Ecosystem
We are thrilled to announce that inSure DeFi integrated Chainlink oracles live on the mainnet to access Historical Price Feeds for crypto insurance purposes. The initial integration involves utilizing historical data on Ethereum trading pairs to calculate market volatility and dynamically adjust premiums for different crypto-insurance plans.
We have selected Chainlink as our go-to oracle solution because the protocol provides the necessary flexibility needed to extract high-quality data and process it off-chain in the cloud, leading to more accurate and fair pricing for crypto insurance plans. Additionally, Chainlink has time-tested infrastructure for securely relaying data between these on-chain and off-chain environments, enabling users to trust the correct and timely execution of on-chain Insure payouts. We envision this as the first step in a long-term integration between the two protocols.
What is inSure DeFi?
inSure DeFi is a community-based crypto asset insurance ecosystem, where users can insure their crypto-portfolio by buying SURE tokens with fiat and other cryptocurrencies. inSure is designed to distribute crypto ownership risks amongst a liquidity pool, with insurance premiums determined by a Dynamic Pricing Model that leverages Chainlink. Capital required to back the risks at any point in time is based on the market pricing of SURE tokens, as well as community demand for insurance of crypto portfolios. A decentralized support system called the inSure DAO is also used to diligently process all the insurance claims, wherein voters make sure that any fraudulent claims are flagged and only valid claims are fulfilled.
Future Integration for Automated Claim Processing of Stolen Funds and Scam Events
In addition to using Chainlink’s Historical Price Data, inSure DeFI is working on a hybrid on-chain/off-chain application combining Chainlink and Google Cloud AI. This allows inSure to process on-chain data related to insurable events (i.e.; stolen funds and scams) using Google AutoML, and then relay its outputs on-chain using Chainlink.
Chainlink’s ability to connect with any external API allows GET calls to retrieve the data/results from processing and deliver them directly to smart contracts. inSure DeFi will use this unique Chainlink feature to leverage Google Cloud Platform’s ML services (such as AutoML and Cloud Inference API) for processing publicly available information and data on the blockchain while feeding those decisions to the smart-contract via Chainlink oracles to trigger an automated fulfillment of insurance claims.
After reviewing various oracle solutions, we elected to use Chainlink because of its time-tested security and flexibility to call any off-chain API. As the most widely-used oracle solution in the blockchain industry, Chainlink already secures over $10 billion dollars in on-chain value across DeFi, including leading projects like Aave, Synthetix, and more. Its network is backed by a large collection of secure node operators run by leading blockchain DevOps, which are aggregated into decentralized oracle networks to provide highly available, accurate, and tamperproof data feeds. Additionally, the historical price data being used by inSure consists of volume-adjusted global prices, aggregated from across all relevant CEXs and DEXs to ensure a high level of accuracy.
By combining its high-quality data and ability to connect to Big Data warehouses off-chain, inSure can build more robust and refined insurance products that cover various crypto portfolio risks.
“Integrating Chainlink is critical to the inSure network generating accurately priced insurance products based on proper risk calculations. Not only is Chainlink’s Price Data important to determining the pricing of policies, but its oracles provide a secure and reliable bridge for transferring claims processing decisions on-chain to trigger user payouts. We believe hybrid applications reliant on secure oracles, AI, and trusted market data marks a new standard in the crypto-insurance industry.”
– inSure DAO board
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.
About inSure DeFi
inSure DeFi is a Decentralized Insurance Ecosystem, trusted by thousands of community members to protect their crypto portfolios from scams, exchange closures, and drastic devaluations. inSure DeFi provides insurance solutions for the crypto space to stabilize and secure Crypto & DeFi portfolios.
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