Baibit and Nexybit Joined Cyber Package… Evaluated by Traders as Win-Win
[Paxnet News, Reporter Kim ByoungYun] MTP (먹튀폴리스) where operate the InsureTech (안전놀이터), made a security package contract with two domestic coin exchange for the first time. Thus, the coin exchange can have compensation for damage from hacking from now. Currently, foundation is seeking to launch product with insurance association, but it moves at a snail’s pace. On the other hand, it attracts the attention that private sector sold and launched specialized products in coin exchange for the first time.
The insurance industry is evaluating this contract as “win-win” between traders which effects increasing the credibility of users by solving the pointed security problem for coin exchange as well as sales improving, and cryptocurrency activation will be affected to foundation. According to blockchain industry, foudnation has signed a Cyber Security Package Contract (토토사이트) with two coin exchange, Babit (스포츠중계) and Nexybit (스포츠분석). At the same time, foundation lists the cryptocurrency ISR on two coin exchange
Foundation’s Cyber Security package target is the businesses with cryptocurrency as like coin exchange. The products will be as a hedge product that avoids and disperses the risk. There are major feature of products are:
- Low rate (price/guaranteed ratio) compared to existing product;
- Processing contract and claims on online platform;
- Payment of compensation through smart contract;
- Collateral addition.
Once contract is made, a policyholder set the collateral against cyber security risks and pay the contract amount to foundation. In case of an accident corresponding a risk requirement, foundation pays the compensation including this, all transaction that foundation provide products are paid by ISR which realize a token economy as foundation presents on their white paper.
Cyber security damage compensation (토토사이트) is a huge meaning to both foundation and coin exchange because security damage is chronic problem in coin exchange.
According to CypherTrace the US Cyber Security company, the amount of cryptocurrency damage caused by hacking is $ 927 million (about 1.55 trillion won) until last year September which is increased up to 3.5 times compared to last year ($ 266 million). CypherTrace said last year’s total hacking damage would reach $ 1 billion. Bithumb and top 7 domestic trading volume company CoinRail also stolen hundreds of billions won of cryptocurrency last year. However, Bithumb was not covered by insurance because the accident was out of the coverage.
An officer from block chain industry said “Insurers in the regulatory system tend to be cautious when they launch the products because they do not have a good understanding of cryptocurrency.” Continued “the Korea block chain association has come forward to launch the products with insurers but there is no result so far and the reason is the same.”
According to the Korea block chain association’s 2018 Financial Report and 2019 Business Plan, association promoted group coin exchange insurance with Hanhwa insurance, Hyundai insurance and DB insurance. But nothing has been concluded yet.
Another officer from block chain industry said “Some coin exchanges keeps funds to prepare the cyber damages but the limits are also clear.” Continuously explained “That fund is depending on the coin exchanges’ revenue if damage amount is bigger than that fund, the utilization value of the fund is limited.”
How income statement looks in this contract? The block chain industry evaluated that both traders have benefits. For the coin exchange, compensation is the most beneficial factor when cyber damage (토토사이트) such as hacking occurs. In addition, it can attract the user by that improved credibility.
MTP (먹튀폴리스) has two effects that ISR distribution of invigoration based on ISR product and sales expansion through products sales. Distribution promotion particularly can play a positive role in price defense of ISR in the long run. A block chain industry of official said “the project in the Initial Coin Offerings (ICOs) is expected to show differentiation in the market.” Additionally said “It is impressive that foundation is actually implementing the their roadmap on white paper and actively working on supply and demand of cryptocurrency.”
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