PolkaCover on Binance Smart Chain

Published on: 15.05.2021

PolkaCover, the first decentralized insurance platform, is joining Binance Smart Chain.

Becoming a member of the Binance Smart Chain, PolkaCover will gain access to a wider community along with being able to work with the enhanced features that the platform provides.

🔸Key features of Binance Smart Chain

Cross-chain communication:

Binance Smart Chain operates on cross-chain technology, which supports interoperability among different blockchains and secure decentralized movement of digital assets.

Lower gas fees:

Transaction fees are very low, making the Binance Smart Chain a highly cost-efficient platform for users to purchase insurance policies at a very low cost.

Transaction Speed:

With Proof of Staked Authority, the time it takes to validate a transaction is almost instantaneous (3 second block processing time).

By deploying on the Binance Smart chain, PolkaCover will utilize the low transaction fees to provide insurance policies at highly competitive rates.

PolkaCover will also be able to list crypto-insurance protocols that exist on Binance Smart Chain on its marketplace. Moreover, $CVR, the native currency of PolkaCover, will also be accessible via PancakeSwap, the DEX on Binance Smart Chain.

Peer-to-Peer Insurance mitigates the conflict that inherently arises between a traditional insurer and a policyholder when an insurer keeps the premiums that it doesn’t pay out in claims. PolkaCover’s peer-to-peer insurance protocol could benefit from low gas fees and high transaction speed on Binance Smart Chain, facilitating insurance products’ sales.

What is PolkaCover?

PolkaCover is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products for the crypto world.