Ecosystem Overview
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CoverCompared aims to redefine the way insurance is being distributed and managed within the crypto world. We are going to become the leading insurance Solutions provider with in the crypto sphere with in a span of 2 years.
With this initiative, we would also be the first company to provide insurance aggregations and associated services with in the crypto world. CoverCompared has Four main roles it would fulfill with in the insurance space.
The Platform will be developed in 4 phases;
The core technological aspects of the platform are as follows:
Modern JavaScript front-end application written in AngularJS with Socket.io for streaming quick & real-time updates
NodeJS, and Java backend technologies structured in a microservices architecture for easy scaling.
iOS and Android apps built in React Native
Cloud hosting in AWS for deep stack monitoring
Cloudflare CDN and Firewall for network optimizations and DDOS protection
IPFS for tamper-proof, immutable database management
Polkadot (using substrate) as our blockchain solution due to its flexibility of working with various other blockchain projects through their parachain architecture
We are anticipating the platform to have a high level of daily transactions which would not be feasible financially to run on Ethereum, higher GAS fees and the clogged network would not have been the best fit for our product.
Our Dev team then went on researching other blockchain solutions which could support quicker transactions, low transactions cost and interoperability.
We chose Polkadot as it is able to provide high scalability because a shared set of validators will be used to secure transactions on multiple blockchains. New blockchains that join Polkadot can then tap into this security model from the get-go making it a lot easier quickly build our parachain solution.
There are multiple development initiatives running in parallel, there is the development of the platform which is still in progress and in line with our roadmap, in addition there is also the product development side of the project where we are in the final stages of the products to be confirmed by the insurance companies.
We are launching claim payouts in phases to ensure the due diligence is done by our part before increasing limits access the board. The following sections describe each phase in more detail.
