On January 24th 2021, our community had a chance to welcome Mr. Mike - CEO Of Bridge Mutual to join in an AMA to give fruitful information about the key features and roadmap of Bridge Mutual.
This AMA was held at CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the lastest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA session, representatives from Bridge Mutual team went live to greet the community and introduce in detail Bridge Mutual, is a decentralized, discretionary insurance application that allows users to insure each other. Bridge is entirely non-custodial, all funds within its ecosystem are held in smart contracts.
Time: 08:00 PM (UTC + 7) on Friday, January 15, 2021
Airdrop 200 USDT for the best questions in the AMA.
Below are some main points of this AMA session:
PART I: INTRODUCTION OF BRIDGE BRIDGE
Question 1: First, please briefly introduce your team and Bridge Mutual. What occasion has lead you to the Blockchain industry and this project?
Mr. Mike: Sure thing; our team has well over 20 people so I will just give a brief list. We have 2 international crypto attorneys, a director at a famous U.S. crypto exchange, an accomplished marketing guru with insane connections, an experienced marketing coordinator, a content writer that also works for a crypto news site, 5 experienced and talented devs (including our CTO that is an OG in the space), 4 quantitative analysts/mathematicians, a product manager, 2 insurance experts, and 2 graphics and web designers. I, myself, am a crypto attorney that has owned a cryptocurrency law firm over the last 4 years and serviced dozens of crypto projects as legal counsel.
Bridge Mutual is a decentralized, dao-managed, permission-less, p2p/p2b discretionary insurance platform that allows users to provide or purchase coverage for smart contracts, centralized exchanges, stablecoins, and other centralized crypto service providers. More products will come late this year.
Question 2: Next, please share with us some great achievements during the project development process, as well as its vision in the near future.
Mr. Mike: Sure thing. We started development many months ago and we are finally having our TGE, IDO, and DEX listing on January 30th (6 days from now). We expect to have the platform live this quarter and we have many partnership and integration announcements to reveal along the way.
Question 3: Can you give us more details about hot upcoming events, like the IDO on Polkastarter? What do you plan to raise the project adoption and users awareness in Vietnamese market?
Mr. Mike: Absolutely. Our IDO Whitelisting process starts tomorrow, January 25th. Users will have until January 27th to apply for our IDO. The IDO will take place on Polkastarter, there will be 2 pools of funds (one for POLS holders [3,000 POLS] and one for people without POLS). In terms of adoption, we're already doing quite a lot to massively increase awareness. Our project is backed by some of the industry's largest influencers and communities, and our upcoming projects tap into very large project communities as well.
CF: What about your plan to expand the ecosystem in Vietnamese market @mikemiglio ?
Mr. Mike: Ah, right, sorry. We'll be translating our platform into all major languages. Our vietnamese community is actually pretty large, so we will definitely have a vietnamese translation. I look forward to the support from CryptoFamily and others :)
PART 2: BEST QUESTIONS FROM GOOGLE FORM AND TWITTER
The first question is from Google form.
1. We can see currently there are plenty of Insurance projects based on Polkadot have been launched at the beginning of this year, like Insured Finance, Polkacover...
What advanced features do Bridge Mutual have to make it out-perform other platforms and get more users? @tuanphanvu97
Mr. Mike: In general there are a few major differences between us and most of the competitors. I’ll list some here:
1. We provide coverage for stablecoins, centralized exchanges and service providers, not just smart contracts.
2. We have no minting, no burning, and no equations or bonding curves that manipulate our token price, which makes it more predictable to trade.
3. We have innovative new use-cases for NFTs on our platform that have never been done before.
4. We do not have any centralized layers that can influence or completely control the outcomes of claims.
5. We are partnering with top-tier auditing firms (Zokyo, Consensus) and paying for 3rd party projects (Aave, Compound, etc.) to be audited.
6. We have an intricate reputation system that aligns the incentives of the claimant and the voters..
2. What security features will be implemented in Bridge Mutual to prevent hacking due to errors in smart contracts. Are they audited frequently to identify vulnerabilities? @chrrya
Mr. Mike: Yes, they will be audited frequently. Actually, our smart contract developers also work for a smart contract auditing firm (Zokyo). Zokyo is one of the top smart contract auditing firms in the world, and they audit projects such as Yearn Finance (YFI) and Badger Dao. Having auditors code our smart contracts guarantees that Bridge Mutual will be coded from the ground up with security in mind.
The next question is from Twitter
3. During the process of developing and achieving mass adoption of Bridge Mutual, what is the most prioritized thing in the upcoming time?
How do you plan to increase users experience and keep on moving forwards? @QuynhNh58245905
Mr. Mike: Our highest priority is creating a healthy and strong community. We are very open, vocal, and inclusive of all peoples. I think this is why we have a larger community (twitter/telegram) than any other insurance project on the market. You will see myself and other admins communicating with members every hour. We actually also have a Vietnamese-speaking community that we set up for our Vietnamese members: https://t.me/Bridge_Mutual_Vietnam
As for the user experience, we have sunk hundreds of hours into our platform's User Interface and design so that it is simple to use.
4. Lots of projects spend a lot of money on marketing to sell their tokens. However, after that they left the project unfinished and did not care about the growth of the token. What does Bridge Mutual think about this? What will Bridge Mutual do to keep the project and token afloat? @thanhthuy2606
Mr. Mike: Bridge Mutual has spent a very, very small % of its raise on marketing. The way that Bridge Mutual acquired marketing is by partnering up with communities and influencers and letting them invest into Bridge Mutual. But more importantly, please go to our website and look at our team: bridgemutual.io — nobody on our team is anonymous, you can find everyone on LinkedIn or Google through a simple search. This is a serious project and for many of us Bridge Mutual is our full-time job.
5. What problems do you see occurring in the blockchain industry nowadays and how does your platform aims to solve these problems? What difficulties have been encountered during the development of Bridge Mutual ? @komando911
Mr. Mike: I think the most obvious answer is that DeFi is not a safe or stable place to keep your money. A lot of projects are rugpulls, get exploited, or get hacked. Bridge Mutual is aiming to provide people the most advanced and most decentralized platform to secure each other's risks on these platforms, as well as providing coverage for stablecoins (25B+ TVL) and exchanges.
We haven't really had any difficulties in development. Our devs are an extremely advanced and experienced group; our CTO has been coding for over 20 years and has been coding in Solidity (ETH) since 2011.
CF: I believe all the members here would love to learn more about Bridge Mutual, and they have many questions submitted to our Google form and Twitter today. After careful consideration, I decided to choose 5 best questions for Bridge Mutual team to answer directly in CryptoFamily Group.
That's the end of Part 2 in this AMA. All of the members here have gathered enough useful information, also they have many questions to raise for Bridge Mutual team today.
PART 3: BEST LIVE-QUESTIONS IN CRYPTOFAMILY GROUP
Question 1: Bridge Mutual is actually the first platform that provides coverages for stable coins in case of price crashes. How can you achieve this?
Mr. Mike: Our platform uses price oracles that pull feeds from multiple exchanges to get the most accurate pricing data. When/if the price crashes beneath $1, for any reason, users may claim insurance easily on our platform and get paid instantly.
Question 2: DeFi, Gaming, NFT, Staking, Farming & Lending Ecosystems Very popular and hot right now, How will Bridge Mutual get respond to this? What ecosystems are available at Bridge Mutual ? And How can Bridge Mutual follow this trend?
Mr. Mike: We have a lot of interesting things coming with our project partners in the gaming/NFT space, and you can also stake within the Bridge Mutual platform. We're doing a lot to improve and revolutionize insurance while also making it fun, interesting and profitable.
Question 3: True. There's a lot of uncertainty around tether and the case with the SEC will set a precedent. However, let me backpaddle a bit here to one of the features you mentioned - permissionless listing of any asset, is there a risk assessment model involved in this?
Mr. Mike: Wow, this is one of the most specific questions I've ever seen. I'm not sure it's actually from this AMA but I'm going to answer it anyways lol.
In traditional insurance, actuaries use hundreds of years of data to determine and price the cost of insurance for various insurance products and term lengths. In crypto, there is not enough data to do this, smart contracts only started to be widely used around 5 years ago. The only way to price a crypto product based on risk is to guess. Our model uses free market pricing so that the cost of the products are based entirely on supply and demand. But yes, anyone can list any asset at any time without permission from the team. Within days and weeks, Bridge Mutual will have hundreds more products on its app than any other insurance platform.
Question 4: Considering that Bridge is Built on Polkadot, that means that have the Cross-chain feature available? How many chains can work with you?
Mr. Mike: This is a repeat question but it's still important. Yes, Bridge Mutual has the ability to insure any asset cross-chain, there is no limit to what can be insured.
Question 5: Hi mr. @mikemiglio
Could model of Bridge Mutual be implemented into exchanges or any other protocols ?
Mr. Mike: Yes it can, and it is. We recently announced our integration with plasma.finance, and we have many more to come. in the future, Bridge Mutual will be in the background of many different exchanges and platforms and users will be able to buy insurance directly from these other websites, and the websites will interact with our system in the background.
CF: We are so excited to hear more about this quality project. But I am afraid the time is up now, so we must finish our AMA session. For all of the questions that have not been answered yet, feel free to search for more information on the links provided below:
Telegram group: https://t.me/bridge_mutual
Telegram group VietNam: https://t.me/Bridge_Mutual_Vietnam
Telegram Channel: https://t.me/bridgemutual