BlockTalks x Bright Union AMA Transcript!
We recently hosted an AMA with Bright Union, on September 10th at 1.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Cynthia, Marketing Lead, Steven, Product Manager, Alex, Business Operation at Bright Union. So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Bright Union to our community in layman’s term?
Ans — 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. This means all you crypto traders & stakers can sleep well at night without fearing hacks.
Q2. What are the advantages of Bright Union to other alternatives in the Blockchain field?
Ans — we have 4 advantages which put us above the rest
- we have a fantastic team with so much experience and passion
- we will be the fist platform of our kind to go live — first move advantage
- we have close partnerships with the top 3 coverage providers in the DeFi space
- our mainnet is will offer some amazing products and is gong live 14th September
Q3. What are the major milestones Bright Union achieved so far & what are in the future pipeline?
Ans — We are proud to have achieved the following:
✅ TRIFOLD IDO SALE : 5 AUGUST trifold IDO on Paid Ignition, Poolz and Moonstarter. It was sold out within 1 Hour
✅ BRIGHT STAKING : 10 AUGUST ~50% current supply staked #JointheUnion
and upcoming:
Mainnet launch : 14 SEPTEMBER — start comparing and finding the best DeFi covers to protect your assets.
Questions Asked on Twitter For Bright Union Team!
Q1. So, what sets BRIGHT apart from the others? What kind of contribution do you aim to make to the industry? What are the advantages of putting money into the BRIGHT project? What strategy do you want to use to persuade people?
Ans — 1. Increase adoption: currently “only “ $800m insured while DeFI TVL is almost $200billion, the room for exponential growht is huge! our contribution here is education and make this complex matter very simple,
2. improve with 10x: we have a set of new products that will make the industry 10x better. Like the Bright Risk index and for example embedded insurance. so why put money into BRIGHT — well i would say Be Bright and benefit the exponential growth of Defi insurance.
Like insurances in the tangible world, it is only a matter of time before Defi insurance will achieve mass adoption, you do the math (we did).
Q2. How do we compare the risk products in Bright Union?
Decentralized risk products are always complex. What is the feature of your risk products, why should we choose your products?
Ans — It is true that these products are very complex, However, Bright Union’s reason to exist is make this more simple for our users. The UX design is top-notch ! So that users have a seamless experience. We have a preview of this for you all.
This is a preview with the 3 risk partners that we launch with. We also have an overview with all your active covers in one portfolio. So you dont have to swap between platforms.
From that platform you can also see your provided covers — where you earn yield for being the insurer and protecting the community, but we’ll launch this feature later.
Q3. Bright Union has the widest offer of crypto covers, more than 130 and they are available on the market at the best price. So, can you give details of these decks? Do you plan to continue launching more decks in the market? Can you give a price range of the decks you offer?
Ans — Yes, very proud to have the biggest offering in the market 🚀 At Bright Union you can find all the covers from Nexus Mutual, Bridge Mutual and InsurAce. They together cover over 95% of the market for decentralized insurance.
You can already cover your capital for roughly 2.5% of the asset value. Currently we are working towards multi-chain support which also significantly reducing the gas costs also.
Q4. Other DeFi protocols currently such as: Inch, AAVE and Celsius will sell insurance to their users on their interface, so can you explain what innovative features Bright Union presents that may be the next level in this sector of the crypto market?
Ans — We believe that for DeFi cover adoption, we need to build products that appeal to the entire crypto community and can be acquired effortlessly.
Just like real life insurance, you buy it in an instant and you almost forget it’s there until you need it.. Therefore, we are trying to offer our products at other DeFi protocols as “embedded coverage”. What is more effortless and customer friendly than one-click DeFi covers at the point of sale of the underlying “covered” transaction?
That means you can add coverage on the moment you are buying it on a certain protocol, we are also thinking about insuring your entire wallet up to a certain amount of money.
Q5. How is Bright Union’s risk index different or superior to other risk indexes in the industry? What benefits can users derive by spreading all their financial assets across insurance providers and risk pools?
Ans — The Bright Bright Risk (BRI), were developed as part of the ETH Global HackMoney2021 hackathon and are scheduled to go live In October 2021. With the BRI we offer a diversified positions in the market and will ensure maximum return at minimum risk for crypto investors, and will greatly boost the liquidity for the entire crypto risk markets.
We actually won some price money there 🏆
Every investor knows that diversification is the key to minimizing risk. However, presently cover staking is mostly done on a 1-to-1 basis. This means that either, staking users manually diversify their portfolio, or accept the risk of a single event (like a smart contract hack) resulting in an explosion of claims.
I think it will greatly increase the staking in risk pools 🔥
Questions Asked by our BlockTalks Community Members during live Session to Bright Union Team!!
Q1. I see you are creating an ambassador program, what are the requirements to join? only women can follow it? how can we register?
Ans — Yes we do, it will run for another week. Nope it’s not for women only haha. In order to win you have to spread the word about Bright Union and answer 5 questions, which are not too hard to answer :)
Q2. Partnerships and cooperation are important for project improvement and development. Can you tell us about your current partners? Will this partnership benefit Bright Union and users?
Ans — We have Partnerships with VC’s all over the world Faculty Group, Master Ventures, ThreeM Capital, Shin Chan group (Malaysia), Fractal ID for the KYC process, Vendetta Capital (Turkish), The Tsukiyomi Group, guess I’m leaving out some right now. Beside funding, our partners all bring an added value like helping with the business and launch strategy, connected us with other key partners in the space etc.
Q3. I understand that in a section of their website users can enter the staking pool to generate some income, my question is, what is the percentage of profit or APY that this staking will give to users? How do you guarantee that your BRIGHT tokens will reach good potential?
Ans — Our staking is taking of amazingly. 60% of the available supply is staked already!!
Today’s APY’s:
🔥Bright staking: 77,8% APY
🔥BRIGHT/ETH [Uniswap] LP staking: 421,7% APY
👉Start staking here: https://app.brightunion.io/staking_bright
👉Or get Bright tokens first: https://www.youtube.com/watch?v=QsDpk4T0TII
Q4. Bright union has 3 core users which are Companies; Powerusers; and New crypto user, can you tell us how exactly will your project benefit each of them? Will you be offering them same products or you have different products targeted at different users of your platform?
Ans — Overall the core offering is the same! All investors whether individuals or funds need to know that their digital assets are safe. Currently our partner Nexus Mutual has over $500m insured which is mainly corporates or these power users
Q5. Bright Union has conducted and has on its calendar to conduct several AMAs like this one in various groups in the crypto space. That’s a great strategy but, besides AMAs, what other marketing and advertising strategies do you hope to use to make Bright Union more well known?
Ans — — We get help from our Community / Ambassadors and Key Opinion Leaders (KOLS).
- We are are jumping on the NFT trend with a cool campaign, stay tuned for this 🤩👀
- PR is also an important.
- besides this, we think that education is really important. We want to be known for making Defi a safer space, making power Defi users more aware of the risks and helping them to protect their assets.’
Q6. How safe and secure is your platform? have you done any audits on smart contracts if yes, where is the Audit report available? are you confident that Bright Union will not be compromised by hackers?
Ans — maybe to clarify at Bright Union, we are an aggregator, meaning that we resell products of the three biggest risk platforms, who ofcourse are also our partners Nexus Mutual, Bridge Mutual and InsurAce
they are very authentic and trustworthy platforms who have been fully audited, so users funds are safe there!
on top of that we have been audited of course as well! security really is a top priority for us
about our audits: the Armors team audited our smart contracts & staking and they confirmed we passed all security qualifications.
