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BITRUST – Simple & Easy to Use Cryptocurrency Insurance Platform

At BITRUST we truly believe that cryptocurrencies have a number of advantages over fiat currency. However, if you decide to participate in the ultra-dynamic and constantly evolving cryptocurrency market, which is still admittedly in its infancy, it soon becomes obvious how extremely complex it is to forecast market fluctuations.This is how the idea of creating the BITRUST platform came into being.

BITRUST is an affordable, decentralized, easy to use peer-to-peer (P2P) cryptocurrency insurance marketplace that is based on Ethereum, a blockchain-leveraging smart-contract technology. The objective of BITRUST is to be affordable for retail digital currency investors with an average monthly trading volume of between $100 and $100,000.

In 2017, 179 new altcoins were launched, many of which have since decreased in value dramatically. With BITRUST, investors who are interested in coins thatare new to the market will be able to hedge the risks associated with such pitfalls. We offer a secure and easy-to-use risk management solution for cryptocurrency enthusiasts which enables cryptocurrency investors and day-to-day users to significantly mitigate risks associated with high market volatility. The huge increase in the number of wallets suggests that more and more investors are coming into the market, thus increasing the liquidity and attractiveness of cryptocurrency investments. At the same time, only a limited number of risk mitigation solutions have been introduced for these investors. As part of our overall contribution to the astonishing growth in this area we hope to further increase the ease of the cryptocurrency market by granting users access to the BITRUST platform. We believe that it will lower barriers to entry for new investors, scale up the amounts invested by current cryptocurrency market participants, and increase the liquidity of altcoins.

BITRUST — PRODUCT DESCRIPTION

BITRUST is the central point where an insurer meets a trader willing to insure a certain cryptocurrency position:
i. e. to drop or raise against another cryptocurrency. It is an affordable, decentralized, easy to use, peer-to-peer cryptocurrency marketplace with a transparent self-execution based on Ethereum blockchain-leveraging smart-contract technology. Let’s see in more detail how it works.

Our team’s goal is to provide the blockchain community with a simple and easyto-use risk management solution. The platform will provide an opportunity to protect cryptocurrency and significantly mitigate risks associated with high volatility in the digital currency market.

The objective of BITRUST is to build an insurance platform which will serve retail cryptocurrency investors with an average monthly trading volume of between USD100 and USD100,000. In 2017, 179 new coins were launched, many of which have since decreased in value dramatically. With BITRUST, investors who are interested in coins that are new to the market will be able to hedge risks associated with such pitfalls.

How it works

Since BITRUST is a peer-to-peer decentralized cryptocurrency insurance platform, a BITRUST smart contract can involve two or more counteragents. For simplicity, we use the following terms: those seeking an insurance are Buyers
(B-side), and those willing to insure are called Sellers (S-side).

Let’s suppose that both sides agree on terms and have locked their agreed sums in a BITRUST smart contract. B-side locks an equivalent of $5 (insurance cost) and S-side locks an equivalent of $15 (insurance body). The total BITRUST smart contract is equivalent to $20:

Ethereum-based smart contract guarantees

BITRUST utilizes Ethereum smart contract technology, which guarantees the execution of a transaction that has been pre-agreed by both parties.

The entire transaction within BITRUST requires both parties — the buyer of insurance and the seller of insurance — to lock their funds in BITRUST tokens (BTF) or a certain set of other cryptocurrencies as permitted by our platform. After the insurance contract date expires (as pre-agreed by both parties) and based on the conditions provided, the BITRUST smart contract is executed in a decentralized and automated way — ensuring the agreed terms are carried out. This mechanism eliminates the possibility of fraudulent behavior by any of the parties involved, e. g. not delivering on the promise (payment) in case the “bet” did not go in their favor

Team

Alex Duhamel

CEO

Serge Silin

CTO

Elina Krumina

CFO

Mihail Andreyev

Head of Product Development

Alexey Vinar

Head of Software Development

Oleg Lupikov

Head of R&D

Arthur Lots

Head of Operations

Leon Leschinsky

Head of Strategy

Arthur Kavinsky

Head of Business Development

Aleksandr Karev

Head of Marketing

Denis Radchenko

Head of Recruitment Strategy and HR

Milestones