PolkaCover is expanding its blockchain ecosystem, CoverCompared, by incorporating the latest addition to its portfolio of cryptocurrency merchandise, namely, Coinversation. Ever since its inception, the company has been expanding its dimensions and developing new ventures to cater to the consumer demand for top-notch insurance and protocol commodities that the DeFi market can offer.
Coinversation is a type of blockchain protocol that mints tokenized derivatives or synth assets. It also acts as a crypto trading exchange for commercial dealings in decentralized contracts. Coinversation is based on the Polkadot Contract blockchain network. Coinversation and Polkadot have jointly issued a token named CTO, which the protocol utilizes as a guarantee. The protocol manufactures cryptocurrencies, inventories, securities, and off-chain material assets like gold, by means of smart contracts and decentralized oracle solutions.
After the assimilation of Coinversation into PolkaCover, the former’s community will be able to harness the potential of the consumer base of the latter. The Coinversation community will gain two types of covers from PolkaCover- Hack Covers and Smart Contract Covers. The first one provides clients with insurance security to protect their crypto commodities and helps them recover from losses incurred from setbacks concerning terms and conditions. The second does not provide insurance coverage but covers a fraction of the losses incurred so that users can avail of a safety net to cushion them against delicate situations. That is, if the smart contract gets tampered by any bug or even hacked, the smart contract cover will pay a certain part of the loss.
The future projects of PolkaCover involve spreading awareness about their cryptocurrency to users, via promotional activities which will offer lucrative prizes in the form of $CVR. These rewards can be used to purchase commodities of premium insurance. According to Kunal Sadani, the CEO and co-creator of PolkaFounder, these steps will augment their goal of revitalizing the security protocols within the ecosystem of cryptocurrencies.
