More about BACKED

BACKED is the first insurance protocol for cryptocurrency, allowing private users to conclude an insurance contract executed by a smart contract. This project approaches the concept of insurance from the perspective of decentralism, in order to give the user full control over his policy without any external interference: each BACKED contract is fully customizable, automated and trustless.

With our model, insure your positions against negative market fluctuations for the first time, or develop your own insurance business... guaranteeing you a regular income in insurance premiums!

Roadmap

Stage 1

Decentralised insurance for crypto trading, linking private policyholders/insurers via smart contracts

Stage 2

Enable group insurance and policyholder communities.

Stage 3

First Non-fungible tokens (NFT) insurance

Stage 4+

Extend our vision of decentralized insurance beyond crypto trading, into traditional areas (cancelled flight insurance etc.)

Choose your role

BACKED introduces a revolutionary model of decentralized insurance, where contracts are made between two individuals. Each user can therefore freely choose between the role of insured and insurer, according to their own financial objectives.

Insure your crypto losses

The first insurance protocol for cryptocurrencies allows you to secure your trades via a 100% reliable and verified smart contract, which insures your positions in case of loss with insurance coverage in stablecoin.

Develop your own insurer business

As an BACKED insurer, join one or more insurance contracts that provides you a steady stream of income in insurance premiums. Develop your own community of insured to boost your reputation and win more contracts!

Customize your contract

Our contract creation tool is designed to allow a total customization of each parameter of your own insurance contract, allowing a perfect optimization of it according to your needs.

Backed's main team

Founder: Anonymous (for now)

Our main founder is a big swiss investor, who supervised many blockchain projects.

Cofounder: Leo Blanc

He’s a swiss law student and blockchain enthusiast. Leo has worked on some other project with the main founder. Both of them developped Backed’s concept and led its development.

Consulting designer: Sacha Liechti

Sacha is a swiss student from the Polytechnical School of Lausanne (EPFL), and helped a lot during Backed’s development phase. He’s also a blockchain enthusiast, and wrote scientific works on this theme.

Architect: Michael Shmulevich

Michael is a well-known fintech technology architect and systems strategist experienced in trading, blockchain and cryptocurrency solutions. Linkedin : linkedin.com/in/michaelshmulevich/

Lead blockchain developer: Maxim Feofilov

Maxim Feofilov has vast experience in software development, particularly in blockchain technologies. Acting as a lead developer for the project, he has built a smart contract foundation for the Backed project.

Frequently Asked Questions

Frequently asked questions (FAQ) or Questions and Answers (Q&A), are listed questions and answers, all supposed to be commonly asked in some context

Hedge your positions against market fluctuation, or develop your own business as an insurer! BACKED is a decentralised non-custodial insurance protocol for cryptocurrency trading, where users can participate as insurer buyers or sellers.
In order to use it, you simply need to link your Metamask account to create your first insurance offer directly on our website. After this, any other BACKED user will have access to your offer on our offer list, and get the ability to join it.
The protocol has been secured and audited. It is completely open source, which allows anyone to interact with the user interface client, API or directly with the smart contracts on the Ethereum network.

Every possible step has been taken to minimise the risk as much as possible: despite this, the fact remains that no decentralized platform can be considered entirely risk free. Find more related information in our audit document.
The platform has two types of fees. There are naturally the transaction fees for Ethereum Blockchain usage, which depend on the network status and transaction complexity.

There also are the platform fees: during the execution of an insurance contract, 1% of the insurance premium paid by the insured is burned, thus making the BACKED token deflationary.
Your funds are allocated in the smart contract executing your insurance contract. The code of the smart contract is public, open source, formally verified and audited. There are a few conditions for withdrawing your funds prematurely from a running contract, but it is always possible to do so. Find more about this in our white paper.
BACKED is the cryptocurrency that powers the BACKED platform. It is an ERC 20 token from the Ethereum network. It is used by every insurance buyer to pay his insurance premiums to the insurance seller.

Apart from this, our native token is also used to vote and decide on the outcome of future platform evolutions and updates. Documentation on tokenomics and governance is available in our white paper
If you are unsure about any specific terms feel free to check the Glossary in our white paper.
If you have any more specific question about the protocol, feel free to either check our white paper, or ask a team member on our telegram group: BACKED Protocol