The ethos of Bridge Mutual is strongly in favor of real and total decentralization. With this in mind, Bridge Mutual has partnered with the community-owned decentralized oracle, Umbrella Network. Bridge Mutual will use Umbrella network’s oracles to pull price feed data on stablecoins, which will in turn be used to determine whether someone on the platform has a valid claim on their stablecoin coverage policy.
Stablecoin Price Protection
One of Bridge Mutual’s distinct characteristics in the risk coverage industry is the availability of stablecoin price protection. The risk of an unforeseeable event that causes the price of a stablecoin to drop in value is one of the major roadblocks stopping large institutions to hold and invest money into cryptocurrencies outside of Bitcoin. Stablecoins represent a reliable way to store value on-chain without volatility, and thus they are imperative for the growth of our budding industry. However, there is little-to-no protection available for the value stored on stablecoins, and that’s where Bridge Mutual will make a difference together with Umbrella.
Using a platform like Umbrella Network for price determination, the possibility for unfair claims, market manipulation, or human error diminishes significantly. Unlike other types of coverage, stablecoin coverage claims are automatically and instantly determined based on market price.
Additional Oracle Coverage
In addition to stablecoin price protection coverage, Bridge Mutual is also exploring inventing “Oracle Misinformation” coverage. We rely on oracles to supply accurate data, and if inaccurate data is supplied than substantial permanent loss can come as a result across many systems. Although oracles are typically a trusted data source, there are ways for the data to be compromised or just inherently false. This mutually beneficial partnership will provide immense value for users on our platform and the space overall, with more upgrades planned down the road.
Sam Kim, Partner at Umbrella Network, stated, “We are thrilled to be collaborating with Bridge Mutual, yet another fellow Polkastarter project. Insurance products are notorious for their complex modeling and requirement of accurate data, and we look forward to being able to provide Bridge Mutual with vital price feed data that is secure, accurate, and at scale to help support their business. We also look towards working on more innovative oracle-specific solutions with our new partners as we continue to disrupt the growing DeFi industry and community.”
When asked about the new partnership, Mike Miglio, CEO of Bridge Mutual, said, “As we continue to disrupt the discretionary coverage market, we are pleased to be partnering with like-minded projects in the decentralized finance space. Umbrella Network’s decentralized oracles and their ability to provide secure, scalable, and lively data will be an essential component for our platform to function efficiently. One of the primary things we hope to achieve with this partnership is to explore multiple oracle-specific coverage products that have never been seen before.”
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, allowing for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
Follow Umbrella on:
Telegram| Twitter | TG Announcement channel | Website
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, as well as share profit and get compensated for adjudicating claims. Bridge Mutual’s token, $BMI, witnessed an explosive TGE on January 30, 2021 and aims to take and hold the throne of risk coverage platforms on the market.
Learn more about Bridge Mutual at:
