The crypto world has opened up endless possibilities for traders. As we move ahead with digitized finance, one major worry still lurks over our heads. This is the fear of hackers and their attacks on the web. DeFi has given birth to countless digital assets. They lie on the web unguarded and vulnerable to attacks. There is no doubt that every platform that is engaged in digital trading takes measures to secure its users. Even then, none of the platforms can ensure 100% security of the assets created online. A survey from last year totaled the number of assets lost to cyber-attacks to $200 million.

Users lose their digital assets that are in the form of tokens, agreements, coins, data sets, and intellectual assets either to hackers or simply because they misplace access to them. These hacked coins and assets then aid hackers to carry out larger attacks.

However, the trend of securing digital assets has been progressing. Users now prefer insuring their assets with the very few options available to them on the blockchain. These options majorly focus on securing smart contracts and do not provide solutions to all assets. This means that not all of the DeFi and stablecoins are fully secured.

A solution to these problems comes in the form of Bridge Mutual, commonly known as Bridge. It is a sustainable solution to these insecurities surrounding digital assets. Bridge is a one-stop solution to insure centralized exchanges, smart contracts, stablecoins, all other digital assets, and DeFi products.

What is Bridge Mutual

Bridge Mutual is an insurance firm for all the user products present online. Much like conventional insurance, Bridge provides coverage for your valuables. It includes insurance of Contracts, exchanges, stablecoins, and other assets. Much like conventional insurance providers, Bridge is committed to providing its users with security for their valuables.

Bridge is a scalable and organized system on the blockchain. It can only be accessed at the system’s discretion and does not ask its users to overshare their personal information. It is free from the pressure of KYC, offering person-to-person/person-to-business insurance options. The users are at liberty to decide insurance payouts, coverage options, and compensations for participating in the ecosystem.

The fuel for the Bridge ecosystem is the BMI token. The tokens are voted for against the claims submitted. In exchange, the users are given rewards and collective governance to the platform. The staking and locking of the BMI tokens enable users to earn yields from staking protocols. When USDT is staked as coverage liquidity earns users premiums paid by policy purchasers, on top of BMI token rewards.

In its initial token sale, Bridge token sold out drastically. With its transparent model, Bridge plans to become strikingly popular. Soon, it will topple the conventional insurance market.

With the help of this platform, users will have better coverage, decide some policy payouts, and share profits. Even the users can often get compensation upon adjudicating claims. Very soon, Bridge will replace the traditional insurance market due to its transparency.

Bridge mutual features

Bridge has the following features:

Fairness

Each process has a fair and transparent follow-up to ensure rewards are given fairly. Subsequently, punishments are also ensured at every process on each claim on the chain.

Disruptive

Bridge will replace the mainstream insurance industry with its smart and essential solutions. It has a farsighted approach to the changing demands of the public.

Quick

The time of completion for claims is ensured by Bridge to be under 6 weeks.

Decentralized

Bridge is a discretionary and decentralized application. It allows the users to provide insurance on their own to other users.

Transparent

All transactions are blockchain-based, therefore they remain transparent in their nature. Each claim made and the investments put on the platform are open for the public to view and audit.

Efficient

Bridge is a smart, fully integrated mechanism. It has no physical offices or outlets. Each operation is carried out over the web which means there would be zero downtime for each transaction. There will be no delays in any of the operations.

$BMI Tokenomics

The tool to stimulate the Bridge Mutual protocol is the BMI token. The users are required to possess BMI tokens to take part in the decisions on risk and claim assessments. For the moment, the prediction for the value of the BMI token for the year 2023 is $6.78. The value of BMI value is understood to increase when the capital pool increases.

BMI token use cases

BMI tokens have several use cases. A few of them are as follows.

BMI in Claim Assessment

Claiming assessments are posted with BMI by using the app. In this pool, voters with a majority line are rewarded. Users with minor lines are not rewarded. In case of fraud and dishonesty, the stake amount is burned in full.

When the request is live, it goes through 3 different rounds of crowd voting mechanisms. The voting goes on for about 3 days. Each voting phase has a break of 10 days in between.

BMI in Governance

The BMI token governs the processes in the Bridge protocol. These tokens aid the transaction processes with added rewards for the token holders. All the while, these transactions are carried out on a decentralized platform.

Bridge Mutual aims to protect the investors and general users of cryptocurrency from digital bugs and potential hackers. To make that possible, all operations of Bridge stand transparent.

BMI in De-risking Assets

Bridge has made great claims to provide users with security and coverage for their digital assets. To fulfill these claims, Bridge offers a de-risking process. De-risking protects and preserves capital assets. It sets the bar for adjustments and financial planning of staking processes. The main focus here remains investment packages and returns.

The driving force behind this use again is diminishing possible risk which might be present on the invested capital.

BMI – Purchasing Cover

The users on Bridge are involved in providing coverage for assets. When they engage in this process, they are staking their BMI for a possible loss in full amount.

To purchase a cover, users have to put in a request to get it approved for the coverable claim. To further eradicate the chance of risk. The users should only provide coverage for assets they are confident about.

The Takeaway

The existence of Bridge Mutual has evolved the DeFi market. Every passing day, Bridge network is growing with users who want to get coverage for their assets and also with users who want to invest in this industry. The ultimate aim for Bridge Mutual is to make the digital marketplace secure.

With a predefined timeline, Bridge aims to tap into the market. The team at Bridge is constantly working to make important partnerships. By doing so, Bridge will establish itself more firmly.