AMA RECAP WITH SOTERIA MUTUAL

On 21 january 2021, SOTERIA MUTUAL AMA in the autosultan Community. If you missed the AMA in person, read this recap for a deeper insight into flaming farm at the most interesting points of our conversation.

First Session : introduction Project

Q1: Would you like to give us a simple introduction of Soteria?

@SoteriaFinance
Soteria is a decentralised alternative to insurance and is the first mutual (a risk sharing pool) on the Binance Smart Chain (BSC). We’ve used blockchain technology to create a platform which returns the power of insurance to the people. It not only utilizes the fast transaction speeds of BSC, but it is also highly integrated with the BSC DeFi ecosystem. It allows anyone to become a member and buy cover, and greatly diminish or reduce the financial risk of hacks. It replaces the idea of a traditional insurance company, because it is wholly owned by the members. The model encourages engagement as members receive economic incentives for participating in Risk Assessment, Claims Assessment and Governance.

Soteria provides insurance for losses caused by vulnerabilities in smart contracts and hacker attacks, and risk protection for DeFi products. Soteria is a community-based insurance platform. By staking tokens, users are both gainers and risk bearers. At the same time, token holders can use the tokens they hold to determine how much insurance coverage a project can have and whether to approve claims.
Staking tokens reflect members’ recognition of the safety of the project, and the amount of pledged tokens also determines the purchase limit of the project. The approval of the claim application is determined by the token holders through votes that require locking the tokens. If the option opposite to the final result is selected, the tokens will be locked for a longer time.

Q2. What’s the motivation for starting this project?

@SoteriaFinance
The concept of insurance comes from communities in the past that pooled their resources to protect each other from the risks they all faced. The more people in the pool the better it works as the numbers become more reliable. But this method wasn’t scalable because it is a trust-based system and the network of individuals trusted by everyone in the pool only extended so far. Hence traditional insurance companies emerged.

When BSC grew to become the second-largest DeFi ecosystem in just a few months, we realized we could apply our smart contract knowledge to our passion for decentralized technology. We believe Nexus Mutual’s mutual model is the best choice. We build a mutual where individuals only need to trust the system, not everyone in it.

Q3. What makes Soteria special?
@SoteriaFinance

@SoteriaFinance
Similar to traditional co-insurance companies, Soteria adopts a co-insurance model to collect funds from policyholders, and members form a community to share risks and share premium income. The funds held by the community, that is, the capital pool is used for insurance claims. On the one hand, the funds in the capital pool comes from the direct injection of the insurer’s purchase of token funds, and on the other hand, 50% of the funds purchased by the policyholder will be injected into the fund pool. When compensation occurs in a certain contract, the SOTE token pledged in the contract will be first destroyed to pay compensation. If the pledged SOTE cannot fully cover the compensation, other funds in the fund pool will be used for compensation. Therefore, although users pledge SOTE for different contracts, the insurance fund pool is ultimately shared by all contracts.

Different from other insurance projects, Soteria’s economic model stimulates public participation in risk protection capital, and MCR (Minimum Capital Requirement) guarantees that when a claim occurs, it can be fully paid. The formula in the smart contract sets the SOTERIA price to be linked with the risk protection capital. The more adequate the risk protection capital, the higher the SOTE price. As capital decreases, the price of SOTE will decrease, but it still needs to meet the minimum requirement of MCR%.

According to this logic, as long as the platform can incentivize more users to pledge tokens, the value of SOTE tokens will increase, and the purchase demand will increase sharply, realizing the positive cycle of the Soteria ecosystem, promoting the development of the platform, and further protecting the DeFi ecosystem development and the benefits for its users.

edited

Q4. Why did you choose the Binance Smart Chain?

@SoteriaFinance
The ecological integration of Soteria and the Binance Smart Chain is close. Soteria will be running on BSC and directly using BNB as funds for insurance purchases and claims settlements.

BSC’s transaction speed, security, low cost, and EVM compatibility make it a competitive DeFi public chain, attracting many high-quality projects. Binance Smart Chain has become home to nearly one hundred DeFi protocols in just a few months after its launch. The accumulated locked assets are worth hundreds of millions of dollars. Among them, dozens of mainstream digital assets have been wrapped and added to the Binance Smart Chain through the Token Canal Project and Panama Project, including ETH, XRP, LTC, BCH, LINK, DOT, etc. At present, each type of digital asset has reached thousands to tens of thousands of holders and has a wide range of applications. In addition, there are emerging projects, such as BAKE, CAKE, and BURGER, focusing on various micro-innovations in the fields of Swap and liquidity mining. These have contributed to the ecological construction of BSC and stimulated the development of ecology.

To date however, there are no insurance applications on BSC, which undoubtedly limits the composability of the product and is not conducive to the formation of DeFi Lego. In addition, in view of the recent insurance project security incident, the safety of DeFi products has become an important area of ​​innovation in compostable products. Currently, certikshield can initially support smart contracts on the Binance Smart Chain, yet Soteria will be the only insurance platform that runs on the Binance Smart Chain and uses BNB as a guarantee and claims assets. Through in-depth integration with the Binance Smart Chain ecology, it can greatly stimulate the application scenarios of BNB and accelerate the rapid development of the Binance DeFi ecosystem.

Q5. What can the members do on Soteria?

@SoteriaFinance
1. Buy smart contract cover.

2. Contribute funds to the mutual and hold SOTE tokens.

3. Stake on smart contracts to show they think that contract is secure and to earn rewards.

4. Put forward governance proposals, which will come online very soon.

5. Vote on proposals put forward by the team or other members, this will also come online very soon.

6. All members of the mutual are sharing risk with each other.

For more information, please kindly check the tutorial of Soteria https://twitter.com/SoteriaFinance/status/1350311416859824128

SECOND SEGMENT : question from twiter

@Rahul17567317
Can you share us with the token distribution?What is the purpose of $SOTE on Soteria?Also how do you manage the price of the token?

@SoteriaFinance
SOTE is the native token of the Soteria mutual insurance platform and represents the membership.

10 million Wrapped SOTE will be distributed through stakes of a bunch of qualified DeFi projects. By these solid partnerships, Soteria gains attention from these DeFi projects’ users and builds capital provision pools accordingly. So as to members could purchase cover and get protected. With further development, Soteria could provide covers to any smart contract. Users who use these DeFi projects are guaranteed to operate their funds safely, and members gain continuously through the growth of capital.

A token is needed in order to bind together the internal economics of the mutual so that the platform can;
· dynamically react to the prevailing conditions and capitalization levels; and
· reward active members for participating in the day-to-day operations of the mutual.

Soteria uses a token bonding curve (also known as a continuous token model), with the price in BNB driven by two main factors:
· How much capital the mutual has.
· How much capital the mutual needs to meet all claims with a certain probability.

Initial token price : 1 Sote = 0.01028 BNB.

@Lan_Kuy
can you explain the function of your 2 types of token $SOTE & $wSOTE ? does it play a role in the Binance Defi ecosystem of these 2 types of tokens ?

@SoteriaFinance
Soteria Mutual launched with an initial 10,000,000 SOTE tokens. The below graph shows the SOTE token distribution. The SOTE token is bonded tightly with the internal economics of Soteria. On one hand, the price of SOTE reacts to the prevailing conditions and capitalisation levels; On the other hand, SOTE is distributed to reward active members for participating in risk assessment, claim assessment, and governance. Membership rights are represented by SOTE tokens. All funds raised from token purchases belong to the members. Soteria uses a Continuous Token Model, also referred to as a bonding curve, which means SOTE can be purchased and redeemed directly through the platform. WSOTE is a 1-to-1 backed token that can only be generated by wrapping genuine SOTE. SOTE can only be traded among members, WSOTE is fully tradeable but can’t be used at all within the Soteria platform.

@bao300
What are some of the major achievements that the Soteria Finance project has achieved and what milestones are planned in the upcoming months/years?

@SoteriaFinance
We have completed the IFO on Pancake successfully today. And we have make an IFO NEW RECORD.

We total raised $wSOTE (% of target) 2272.61%

https://twitter.com/SoteriaFinance/status/1352180625881456647

We can expect a greater future after the successful IFO. We will focus on product development and working with DeFi projects to grow the community.

@Victoria20kBTC
Can you tell us about some of the partners Soteria is currently working with?Can you expand on Soteria’s recent focus on DeFi?

@SoteriaFinance
We have completed the IFO on Pancake successfully today. And we just Started Insurance Function on PancakeSwap. Users can use SOTE tokens to purchase insurance, stake SOTE for rewards, or stake SOTE for claims evaluation.

And we will work with more DeFi projects to grow the scope of Soteria.
https://coinidol.com/soteria-insurance-function

@thanhhoai91
Will you go to different countries and organize chat events? Can you give more importance to the Turkey market?

@SoteriaFinance
Yes, we do have that plan. Globalization marketing is on our to do list. Turkey market is of vital importance for us too. Thank you.

SoteriaMutual🛡️

#Soteria #Pancakeswap IFO NEW RECORD Total raised $wSOTE (% of target) 2272.61% :fire: Thank you, the great community! Thank you, @PancakeSwap @BinanceCha

Segment 3: Question from member group telegram :

@naimama

To make a token it’s easy but it’s really hard to make this token valuable? So what’s your startegy to make the token more valuable and what’s your plan to maintain token price and supply?

@SoteriaFinance
We have show our power today. We have completed the IFO on Pancake successfully today. And we have make an IFO NEW RECORD.

We total raised $wSOTE (% of target) 2272.61%

We will focus on product development and working with DeFi projects to grow us and bring more value to the token.

@tigerian1
Does Soteria Mutual have any plans for IFO?
and what’s next for future plans .

@SoteriaFinance
We have completed the IFO on Pancake successfully today. And we have make an IFO NEW RECORD.

We total raised $wSOTE (% of target) 2272.61%

https://twitter.com/SoteriaFinance/status/1352180625881456647

We can expect a greater future after the successful IFO. We will focus on product development and working with DeFi projects to grow the community.

@Damliare_S
What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?

@SoteriaFinance
1. Product Development 2. Bring value to the token and grow the community 3. partnerships

@Ruda02
=> I Read about Soteria I realize that You have a token Native #SOTE and the version of the Wrapped #WSOTE, so can You explain why You have 2 types of tokens are same?@SoteriaFinance

@SoteriaFinance
Soteria Mutual launched with an initial 10,000,000 SOTE tokens. The below graph shows the SOTE token distribution. The SOTE token is bonded tightly with the internal economics of Soteria. On one hand, the price of SOTE reacts to the prevailing conditions and capitalisation levels; On the other hand, SOTE is distributed to reward active members for participating in risk assessment, claim assessment, and governance. Membership rights are represented by SOTE tokens. All funds raised from token purchases belong to the members. Soteria uses a Continuous Token Model, also referred to as a bonding curve, which means SOTE can be purchased and redeemed directly through the platform. WSOTE is a 1-to-1 backed token that can only be generated by wrapping genuine SOTE. SOTE can only be traded among members, WSOTE is fully tradeable but can’t be used at all within the Soteria platform.

@Mcmonk
how much community do you have? do you have an Ambassador program?

@SoteriaFinance
Currently we have a community of more than 20K and we are on the way to grow the community. We do welcome more people join our community. Regarding the ambassador program, please follow our Twitter Twitter.com/SoteriaFinance

--

--

--

Recommended from Medium

Which CryptoCurrency I Should In

Subsquid Boosts Interlay’s Data Capabilities

SAND TOKEN AIRDROP — COINMARKETCAP EARN — QUIZ ANSWERS

Earning Crypto > Crypto

DuckDAO x Lepricon: Strategic Partnership Announcement

Egg Heads Club: Tokenomics Roadmap

What Problems Does PlasmaPay Solve?

Euro & ICOs Fade, Fintech Rises, LinkedIn Struggles

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
auto sultan

auto sultan

More from Medium

The Three Kingdoms Forms Strategic Alliance with SupraOracles

Whitelisted Whitepaper

Recapitulation of CoinLink PROJECT AMA event held at AMA LOVERS CLUB.

𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐰𝐡𝐲 𝐲𝐨𝐮 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐬𝐭𝐚𝐫𝐭 𝐬𝐭𝐚𝐤𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐍𝐅𝐓𝐬 𝐫𝐢𝐠𝐡t…