AMA Recap — Rainbow Protocol
The session of AMA ( Ask Me Anything ) with Rainbow Protocol was conducted on 11 Feb 2022 at 6 PM IST (12:30 PM UTC) and lasted for 1:30 hours.
ADMIN ROUND
Mark from Rainbow Protocol has joined us for this AMA session.
Jonty|Host
Please tell us about yourself and the team working on Rainbow Protocol?
Rainbow Protocol
This is Mark From Rainbow Protocol, responsible for Rainbow’s community work
I am very happy to come to Cryptoplayers to participate in the AMA today
😊
About the core members of Rainbow
Our CEO is Shawn Lau graduated from Nanyang Technological University. MBA from Cornell University. And have many years of banking experience
Our CTO is Thomas Pfeiffenberger, a graduate of the University of Toronto, Canada. Has many years of development experience and participated in the early development of Ethereum and Atom
Our senior investment advisor is Nikoming, who has been investing in Crypto Project for many years, have good investment resources, and is also the earliest Binance Angel
Jonty|Host
What is Rainbow Protocol? Please provide a detailed introduction.
Rainbow Protocol
Rainbow is a decentralized financial market infrastructure with insurance as its core.
The purpose is to develop an open insurance protocol application based on blockchain technology, build an integrated and interoperable insurance protocol matrix, and form a unified insurance infrastructure to serve the decentralized financial network.
The mission of Rainbow’s decentralized insurance infrastructure is to take insurance as a breakthrough, encourage and improve the decentralized financial ecosystem, and promote it to become the core of the next generation of insurance infrastructure. It provides a wide range of applications and prospects for the insurance industry.
Take an example:
When you are ready to invest 100 BTC as a long-term asset allocation, you can use Rainbow to insure your BTC!
If the market has been rising steadily, your assets will not be affected and appreciated! On the contrary, if there is an extreme market or a bear market, you will get the equivalent $RB or usdt compensation to hedge the losses caused by the decline of BTC. Rainbow ensures individual user assets, blocks traditional insurance products, and opens up mainstream insurance sectors such as NFT insurance and derivative risk hedging insurance to create one-stop insurance product usage and services for users.
Jonty|Host
Can you please tell us about it’s features and utility? Also tell us in detail RB & stable coin based Insurance Protocol?
Rainbow Protocol
Now that Rainbow’s testnet has been launched on RINKEBY, we welcome all DeFi users to participate in the test. The big difference between Rainbow and the existing decentralized insurance projects in the market is that Rainbow is essentially insured for the value of user assets. Especially when the crypto industry as a whole is bearish on the big market, users can hedge the risks of their digital currency assets by purchasing Rainbow insurance.
Compared with contract and spot leverage, purchasing Rainbow insurance has a stronger risk hedging ability, and in the event of a loss, more compensation.
The $RB-based Insurance Protocol
Users can ensure their digital assets, and the insurance fee is 0.35% of the total assets. The user’s insured funds flow into the insured fund pool. When the funds reach a certain level, Rainbow starts the recycling mechanism, and all RBs recovered in the market are used for destruction. The compensation will compensate the user in the form of RB, and the compensation will only be generated in the case of loss.
The Stablecoin-Based Insurance Protocol
Users put encrypted assets into the Rainbow protocol platform, and the protocol handles assets:
The insurance money (the assets that the user uses to guarantee, and the compensation is related to it) is converted into USDT and acts as the insurance money. The insurance fund is deposited into the lending platform to provide liquidity and charge interest. Insured assets (original user assets minus insurance fees): Liquidity is provided by the Uniswap platform.
The insurance capital pool will consist of two parts, the insurance capital and the surplus capital. The biggest difference between the insurance fund and the surplus funds is that the surplus funds are the surplus funds that are converted into surplus funds after the user is insured and settled. The user has applied for insurance and has not yet settled, and the insurance funds at this time are the insurance funds.
Jonty|Host
What is the insurance cost of Rainbow Insurance Protocol?
Also share your Roadmap.
Rainbow Protocol
The insurance fee is 0.35% of total assets. This value has the advantage of lower rates compared to existing insurance products and contracts. In the future, if users feel that the insurance cost is still beyond the affordable range, they can initiate a proposal in the form of DAO to further reduce the insurance cost.
TWITTER ROUND
When I deposit the premium, does it mean that the asset risk can always be guaranteed?
Rainbow Protocol
Rainbow and traditional fund hedging are very different. When your assets shrink, Rainbow will make effective compensation based on Rainbow’s fund pool. For those who participate in the insurance earlier, there will be more compensation
Are there rewards for participating in the Rainbow testnet?
Rainbow Protocol
Yes, if you can find some bugs in the Rainbow textnet during the open time, we will give a high reward. This is also our protection for Rainbow asset security
I have participated in Rainbow’s testnet and I found that I cannot insure my BTC for the second time at the same time. Why?
Rainbow Protocol
For insurance, a single account can only execute insurance once for a single currency. If you need to execute the second time, you need to settle the first insurance.
COMMUNITY ROUND
Nahid
PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us?
Rainbow Protocol
Sure！ Rainbow launched market operations in early December as our analytics team anticipated a dip in January
This is a very good time for insurance programs
The Polygon team and the Gate team contacted us and reached cooperation in early January
https://twitter.com/Polygon_Space1/status/1482334905514164225?s=20&t=WXFSz2ZGeyHLjqJzKZFVRg
Quang Phương
Most of the time, small and medium-sized investors usually withdraw from the project when the token price experiences a strong increase in the short term, please explain the advantages when investors hold your tokens in the short and long term, as well as when using your product?
Rainbow Protocol
This is a normal situation. As an investor, the purpose of users entering the market is to make money.
We understand the thinking of all users
$RB as the Token of Web3 insurance products, its advantages will be fully reflected in the bear market and volatile market
Jaki
Do you have an AUDIT certificate or are you working to AUDIT your project to make it more secure and reliable?
Rainbow Protocol
Yes, we have conducted a contract audit, and the Rainbow contract has been uploaded on Github, all information is open and transparent
Hengky Sabantro
What is your strongest advantage that you think will make your team leading the market?
Rainbow Protocol
From a subjective point of view: Rainbow team is an innovative team mainly based on the technical team, supported by strong technology. At the same time, the marketing team has received help from consultants such as Niko, which has greatly expanded our market resources.
From an objective point of view: We believe that the global economy will be unstable in 2022, and there is a high probability of a deep decline in the crypto market. At this time, the development of Rainbow can help many institutions and DeFi investors
Luces Liu
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?
Rainbow Protocol
Yes, we fully respect the opinions of community users and plan to cooperate with some Dao organizations to allow more users to participate in the development of Rainbow. In fact, Rainbow’s target audience and customers are all crypto investors, and DeFi projects are very different from NFT/Metaverse projects. No exaggerated hype, everything is data-centric
Ripu
How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Rainbow Protocol
Now I have about 26 colleagues, including 16 in the technical team and 7 in the marketing team. And there are also many consultants. Yes, they have enough experience in technology development and marketing strategy
ঘুস খুর
I am interested to invest in your project. When and where can I buy your tokens? Is it already listed exchanges
Rainbow Protocol
No Right now Rainbow’s tokens are not live and we are still in the private sale phase. All current private sales are only for large KOLs and institutions, not open to individual investors.
The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Mark from Rainbow Protocol. AMA Concluded at 7:30 pm IST.
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