DeRisk

With the recent incidents in crypto markets such as ByBit hack, Bunni.xyz smart contract exploits, Flash dip in many crypto markets, USDe/BNSOL/WBETH depeg incident at Binance, Hacks and Breaches of Coinbase, Cetus Protocol etc... With the growing number of such kind of insurance users are really questioning their .We launched DeRISK to provide insurance to users for both web3 and real world assets. DeRISK as of now provides insurance against Cold/Ledger wallet exploits and private key compromise, Cover user losses from smart contract exploits, DeFi protocol failures and Insurance of funds held in Centralized exchanges to protect against corrupt governing bodies.

DeRISK allows user to simply connect their wallet and buy any insurance with no time without any sales person, middleman, agencies, paperwork. DeRISK follows a Decentralized Claim verification system to automatically detect sudden market movements using Pyth.Network Oralce and a voting DAO hybrid mechanism various genuine api sources to keep track of real world events. Once any incident is detected automatically or voted by community to be genuine, the detection layer calls the attestation layer which verifies the incident and sign a message and broadcast in the network. Then it calls the payout mechanism with the verified user who have genuinely suffered a loss with the promised payout sent to their provided wallet address.

DeRISK is a decentralized Enterprise/Consumer insurance protocol which leverages Ethereum network for decentralization, oracles.

Protocol is deployed on Ethereum Sepolia Netework.

DeRISK uses privy wallet module to let user connect their EVM wallet to the platform. It uses Oppenzepeline contracts for ERC20, ERC721, EIP712, AccessControl, ECDSA, for its protocols. Envio HyperIndex, Pyth.network Oracle.

When user comes to web platform (made in Nextjs), DeRISK allow users to connect their wallet using Privy.io, User can now buy any insurance listed on the platform using ERC20 token. Once a user buys any insurance an ERC721 NFT is minted to their wallet address as a proof of ownership of the policy.

It uses Envio HyperIndex for querying the blockchain to show the user related information in the app such as Policy Page and Dashboard to let user keep track of their activities.

It used Pyth.network in the background to monitor the prices and in case of any abnormality detected and it meets the pre-defined threshold it makes a function call passing the eventId and eventDetails which are then verified in attestation layer where it verifies the user who have genuinely suffered a loss. Once verified it settles the payout of all the users on chain.