On September 8th 2021, our community had a chance to welcome Mr. Kiril Ivanov - Co-founder and Tech lead, Mr. Steven Gillis - Product lead & Mr. Chris van Paridon - Operational lead to join in an AMA to give fruitful information about the key features and roadmap of Bright Union, a one stop shop for crypto covers allowing you to cover your capital against the dark forces of crypto.
This AMA was held by CryptoFamily Group – the top crypto community in Vietnam, where investors and traders can obtain the latest news and signals from bot/ admins, as well as discuss and share investment experiences in the crypto space.
At this AMA, Mr. Kiril Ivanov - Co-founder and Tech lead, Mr. Steven Gillis - Product lead & Mr. Chris van Paridon - Operational lead directly greeted the community and provided detailed information on Bright Union as well as some key products, new advanced features and exciting events that will be held in the near future.
Time: 20:00 PM UTC+7 on Thursday, September 9th, 2021
Venue: https://t.me/CryptoFamilyVN
Airdrop: $200 in USDT for the best questions in the AMA.
Below are some main points of this AMA session:
PART I: INTRODUCTION OF BRIGHT UNION
1. To kickstart today's AMA, could you please make a brief overview of your team's background and Bright Union?
Steven: 💎Bright Union is the world leading multichain compatible DeFi cover marketplace
🚀Our mission is to safeguard your digital assets from the dark forces in crypto (hacks, smart contract failures and rug pulls), by empowering the community to cover one another in a decentralized and permissionless manner.
😁AND THIS EXCITING NEWS - WE ARE LAUNCHING MAINNET 14 SEPTEMBER!!
I'm Steven. I'm the Product lead, Corporate consultant turned Tech-nerd. My path went from working 70+ hours in a suit to building a digital healthcare ecosystem in Africa to launching a new sub-segment of DeFi 🚀
Michiel: My Background is in Business Administration. I started as a corporate financier and then went into general management focusing on the insurance sector which needed innovation desperately. I love to build and grow companies and make sure that all areas of the business are properly covered. I come up with ideas how the future may look like and I leverage my network in the insurance industry. I am the old dog
Steven: Our other founder is Kiril - co-founder of Bright Union, He is based in the Netherlands, and a techie with 20+years of experience and 5 years building for blockchain.
Chris: Hi i am Chris - operational lead, an expert in scaling businesses, i am your guy if you want to get something done💪💪. In crypto since 2016. Background in consulting and love surfing
Michiel: We started back in February and assembled the team after which we started to write code. Then we did seed round followed by a private round and hiring more staff. We did our IDO on the 5th of August followed by offering staking BRIGHT a day later.
Steven: As Product lead my favorite milestone is our Mainnet launch next week!
Michiel: Our main net launch will now come up on the 14th of this month
2. Please share a few major milestones that Bright Union has achieved during its development process.
Steven: Yes, we integrated with some awesome partners:
Nexus Mutual ✅
Bridge Mutual ✅
InsurAce - 90% done 🏎
And as you can see our app looks super super slick 🔥
Michiel: These integration partners provide over 90% of the DeFi covers
3. Could you please give more details about Bright Union mainnet launch? Are there any new function included?
Steven: Mainnet launch is just around the corner now! Buying a DeFi cover has never been that easy.
Wondering how DeFi covers work?
Bright Union has the most extensive supply of crypto covers (130+) in the marketplace at the best price.🔥🔥
Michiel: If you want to buy a DeFi cover, we provide the option to compare the covers offered by our partners. You can also buy them, see your portfolio of covers, including the ones you bought directly
Chris: what is really cool is that we automatically recommend the best DeFi covers on the basis of you portfolio!🚀🚀
CF: The information you provided is really fruitful. To continue today's AMA session, please provide more information by responding to some best questions submitted by members on Twitter that I have chosen right in this Group.
PART 2: PRE-COLLECTED QUESTIONS FROM TWITTER
1. As a one stop shop for crypto covers platform, what are your goals and motivations to increase users asset's privacy, security, and the decentralization and sharing of power for the vast majority of users? @PaxtonLili
Steven: We want all users of DeFi to be protected from the dark forces. Whether you are a new user or an experienced investor. 😱
Hacks and smart contract failures cost the crypto community 78 million* dollars per week. That’s why the need for Crypto risk coverages will grow exponentially. 🚀
We can only see benefits resulting from making DeFi safer. Insurance is every where in the normal world, and is also required for substantial institutional money to flow into DeFi. 💴
2. It is known that strong investors and partners in the crypto market have always provided good benefits to new projects. At this point, can you tell us about the investors and partners of your project? What benefits do you expect from these partners and investors? @MeagerOphelia
Chris: great questions
very important in crypto..
We have a healthy captable of VCs, KOLs and ""centralized"" investors.
Almost all investors came on a referral basis and we selected the final investors based on their potential value add to Bright Union. This has been very helpful so far.
Some of our VC backers include Faculty Capital, Three M Capital, Tsukyiomi, Vendetta Capital, Altvestor & Master Ventures.
3. With Bright Union, anyone can apply for insurance and anyone can provide coverage? How effective and cost-effective are these insurances? What types of assets will apply for this new decentralized protocol that Bright Union has created for users? @Lidiamga
Chris: At the moment the DeFi cover market is fragmented and inefficient.
If you wanted to buy coverage to protect for example 1Inch. At Bridge mutual it would cost 3.4%, Nexus Mutual 2.6% and InsurAce 2.5%. As an aggregator we would recommend the best coverage for you based on your specific assets. Not only int terms of price but also for the different terms and conditions.
One product that we have created is the Bright Risk Index. This will provide the best investment opportunity with the least risk, with an actual business model behind it.
Bright Risk Index is already an award winning POC at 2021 Hackmoney Ethereum hackaton. This will melt faces.
4. As marketing strategies are pushed harder prior to the mainnet launch, which value do you expect from these activities? And how do you plan to expand your market in different countries where English is not well-spoken? @BrutyTamela
Michiel: Thanks for the question. let me take this one
"it feels like DeFi is completely borderless. But of course language is a barrier for many.
We want international communities to feel engaged just as much as english speaking ones, which is why we love to do these AMAs with translators!
Shout out to our translator today!
We are so focused on making the best mainnet and staying on track with our roadmap, launching the Bright Risk Index, getting listed on a central exchange, expanding to another blockchain (perhaps Solana!), that expanding into other markets is not our priority at this point. "
5. We are well aware of a large number of crypto asset storing platforms. How does #bright_union differ from other platforms and what additional protection and security does this one APP one password system provide to investora? @KiyokoSumaru
Steven: Sorry, I don't really understand the question. Let me share some other cool highlights of our future :)
1. BRIGHT is currently only listed on Uniswap, but we will be listed on a central exchange in the near future. Buy and stake here: https://brightunion.io/
2. Furthermore, we are actively pursuing opportunities to bridge to another chain and to become active in that ecosystem as well, perhaps it will be Solana.
3. Finally, we will make insurance available everywhere (just like in the real world).
Other DeFi protocols (like Inch, AAve and Celsius) will sell insurance to their users in their interface, but on the basis of Bright Union smart contracts. This will be BIG!
CF: That's the end of Part 2, I believe all of the members here have gathered enough useful information, also they have many questions to exchange with you today.
PART 3 - LIVE QUESTIONS
1. Where can I buy your tokens right now what is your current contract and how can I buy them?Will you have any other DeFI feature like staking, yiekd farm or NFT in the future? Can share a little about your roadmap?
Steven: Good question. You can buy our token here: https://app.uniswap.org/#/swap?use=V2&inputCurrency=ETH&outputCurrency=0xbeab712832112bd7664226db7cd025b153d3af55
And our staking is awesome: Today's APY's:
🔥Bright staking: 84,8% APY
🔥BRIGHT/ETH [Uniswap](https://twitter.com/Uniswap) LP staking: 403,2% APY
👉Start staking here: https://app.brightunion.io/staking_bright
👉Or get Bright tokens first: https://www.youtube.com/watch?v=QsDpk4T0TII
2. What is your advantage over other projects? Is it from a security point of view or the technology you are using? Or are there other advantages? What makes you believe that your project is worth choosing?
Steven: Great question. We will win because:
👨🏼💻 Team: We have a heavily experienced team hailing from the traditional insurance sector and strong background in DeFi and are the right persons to make this fly. Also the majority is based in Amsterdam and Utrecht, so we have loads of fun together as well
🤝 Partners: We are very well connected within the space and have partnerships with the top 4 cover platforms on a weekly basis. They are actually happy we are here. We will become the Expedia of crypto coverage
🚀 Product development: Our main net is scheduled to go live end of July, which means we are first to market ensuring that we can benefit from the optimal network effects.
3. For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it's developement Can you tell us that how your project generate the profit?
Steven: Good question. We have raised almost $1m to build Bright Union.
The good news is that we are already launching our app next week, and that just within 1 month after our IDO.
From mainnet launch on we will start earning revenues.
We generate revenues on commissions for selling DeFi covers, but also commissions for our own product like the Bright risk index.
4. When we look at the potential losses suffered by CREAM finance, Bilaxy and xSNX, it has become more important for users to protect their digital assets and purchase coverage. How will this support of Bright Union eliminate the risks?
Steven: Yes, definitely. The recently there have been a lot of crypto hacks which left the users with financial losses. Buying cover against these hacks is a great way to achieve financial stability of your assets 🚀
5. Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
Steven: Yes of course this is very important for us. We thoroughly validate and test our products and features, to make sure users will actually use and love it.
We also do proof of concepts with clients, to really understand their needs. For example currently with a DeFi investment fund ($50m value) we are exploring a portfolio broad insurance.
We are really excited about this as we believe this will be a product that all institutional investors need and would love!
CF: Thank you so much for taking your time to join our AMA today, as well as thanks for hundreds of good questions from our community.
Seems like there're many things to exchange, but I'm afraid the time is up now. For all of the questions that have not been answered yet, guys feel free to search for more information on the links provided below:
Website | Twitter | Announcement | Medium
