Infinity Capital AMA session with Bridge Mutual
AMA Infinity Capital will have an AMA session with Bridge Mutual
On January , 2020 at 22:00 (GMT+7) or 3:00 PM (UTC)
Mike Miglio: hi everyone
Harry Dũng: Hello guys. Today , Mr. Mike Miglo , CEO of Brigde Mutual will directly answer questions from members of Infinity Capital group and sharing information plan, upcoming targets.
Before starting our AMA, could you please introduce yourself as well as about the Bridge Mutual gem to everyone, ? ^^
Mike Miglio: Sure thing
I’ve been a lawyer in the crypto space for the past 4 years as the founder of WolfeMiglio.com, a cryto-only law firm in the U.S.
As a firm we ended up doing very well, servicing clients like QTUM, Akropolis, Gate.io, NOIA and many others.
Currently I am the CEO of Bridge Mutual, which is a decentralized, dao-managed insurance platform.
Harry Dũng: Wonderful !
So how about Brigde Mutual ? What was your purpose in creating this project? 😊
Mike Miglio: Right now we are seeing a lot of institutional money enter into cryptocurrency through Bitcoin, but projects in the DeFi space that are actually innovating and creating services that work are not receiving recognition or large investments. One of the major reasons for this is that the DeFi space is too risky. Stablecoins can experience price crashes, and smart contracts can be hacked/exploited and drained of their funds. We can’t solve these problems, but we can create a platform that allows users to provide insurance to each other for their stablecoins, smart contracts, and exchange balances. Over time, as insurance becomes more widely used, institutional investors may also take advantage of insurance products, allowing them to secure their positions in riskier and profitable investments like DeFi products. After this happens, the recognition of the space will also exponentially increase.
Harry Dũng: Yes, and Bridge Mutual is really solving the problem that the Crypto market has been missing for so long. 👍
Really cool Mike!
So in order not to lose any more time, we will get into the session 1. The 10 best questions have been selected by our team in Twitter.
Harry Dũng:
1. How can I earn passive returns over time and share my profits when people buy insurance using Bridge? As for these passive returns, how big will they be? How long should I wait to see the results?
Twitter Username: @y1sus_afp
Mike Miglio: Passive returns are made in 1 of 2 ways: Staking BMI token, or providing coverage to a specific insurance product using your stablecoins.
Profit sharing is only earned in 1 way: Providing coverage to a specific insurance product using stablecoins. So, for example, if you insured Aave/Curve/Uniswap with your stablecoins, then every time someone purchases an insurance policy for Aave/Curve/Uniswap, you will receive a portion of the price they paid for their policy (this price is called the “premium”).
We are making our APY% competitive with other products. The amount you can make by insuring products depends on how much capital you contribute, and how large the policies are.
Rewards are given on a daily basis.
Harry Dũng: Wow, that’s a really cool program for Bridge Mutual insurance buyers. 👍
This will motivate many users to promote marketing for Bridge in the future. I really appreciate this policy.
Okay, we will continue to question 2
Harry Dũng:
1-Increasing Token price
2- make Token Valuable
3-Building Community Trust From 3 aspects above,. I want to ask,. Which one the most important for you?? If all above are important for you,. Which one that Will you do first??
Twitter Username: @ngocmai2123
Mike Miglio: Our community is the most important to us. Having an active community helps to improve the project, spread awareness, create loyalty, etc. Though, if the token is not valuable, then there will be no community. We’ve done everything we can to design the most innovative, decentralized and stable platform possible. I truly believe our project will be a top 100 project in the future.
Token price is not important to focus on. The price will rise as long as the token is valuable and the community is strong.
Harry Dũng: Yes, I greatly appreciate your opinion on this, it makes perfect sense. 👍
Harry Dũng: Question 3:
3. The market in the upcoming crypto market season will be quite volatile, the greatest bull run in crypto history is upon us, Does Bridge plan to organize any upcoming events to capture this market. year end or not?
Twitter Username :@QuocThi36221105
Mike Miglio: The bull market is the reason that we moved our TGE forward. Initially, we only wanted to issue the token after the platform launched. The events are in order:
Polkastarter IDO (Jan 30th)
Uniswap Listing (Jan 30th)
Liquidity Mining Event with unique NFT rewards (Feb/March)
Platform Launch (March)
Major CEX listing (Feb — April)
Platform V2.0 Launch (April — June)
and more.
Harry Dũng: That’s cool, these are definitely essential information for investors here. 😊
Thanks for your detailed answer , Mike.
Now is question 4.
Harry Dũng:
4. One of the greatest important factors while building financial instruments is that they should be accessible to anyone, even for the novices. How do you plan to attract them within your ecosystem on top of the more advanced players in the space?
Twitter Username :@ngochuyenhn2
Mike Miglio: Our platform does not require any KYC and has no restrictions on any countries, it is accessible to all. Also, there are no players in the space that are more advanced, only projects that are further ahead in development than we are because they have been around much longer than we have. From what our team can see and from what large investors have told us, our platform is the most innovative and advanced being developed at the moment. We will attract users with an open platform, competitive APYs, and stable code :).
Harry Dũng: Great to hear that, we will definitely support Bridge Mutual on the long way to become a trend in the Crypto market in the future. 😉
Okay , so question 5 for you now
Harry Dũng:
5. What are the ways for Bridge Mutual to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Twitter Username :@Nohope49320791
Mike Miglio: Bridge Mutual will become a DAO wherein the users will be able to control everything about the system, including how to spend the excess tokens and capital in its vault. The Bridge Mutual system takes a very small % of every policy purchase and locks it in the vault.
Business development is very strong. We have open partnerships with Polkastarter and Zokyo (a top-tier smart contract auditing firm); 4 partnerships that haven’t been announced yet, and 4 partnerships that we are still working to finalize. We are also speaking to a couple traditional insurance companies at the moment and looking to make a partnership there as well.
Harry Dũng: So great, I really look forward to reading Bridge’s update on new partners in the future.
Please follow the channel of Bridge Mutual to update the latest news everyone. 👍
Okay so now is question 6
Harry Dũng:
6. Many projects have been hacked recently, tell us how secure is the Bridge and the data/funds of the communities? What programmable technology and security has your team developed to build a solid foundation?
Twitter Username :@ThanhTr62099696
Mike Miglio: Being hacked is a natural risk in this space. Our CTO is also the owner of one of the world’s best smart contract auditing firms (Zokyo.io). Everything is being coded to the highest professional degree, our developers are all highly sophisticated and experienced. We are also having all of our code audited at least 1 more time by another top auditing firm BEFORE we launch. We will also continue to receive audits through our life cycle, and before releasing any major changes to the network.
From a development point of view, safety is our highest priority. When a project gets hacked, its reputation is ruined permanently.
Harry Dũng: Yes and that is essential to increase customer trust. Hopefully nothing bad will happen to our project.
Now is Question 7
Harry Dũng:
I am a crypto investor and I only care about prospect of a crypto that I chose, tell me the reason why I should choose your project over the existing one ? What is your coin advantage that can convince me to change from my favorite token ?
Twitter Username :@LeNgo92379220
Mike Miglio: Our project is specifically in the risk-sharing/insurance sector, which is a brand-new and very small industry.
There are not that many other projects out there that do what we do. But here is a list of how we are different from the other competitors in our industry:
1. We provide coverage for stablecoins and centralized exchanges, not just smart contracts.
2. We have no minting, no burning, and no equations or bonding curves that manipulate our token price.
3. We have innovative new use-cases for NFTs on our platform that have never been done before.
4. We have no centralized layers that can influence or completely control the outcomes of claims.
5. We are partnering with top-tier auditing firms and paying for 3rd party projects (Aave, Compound, etc.) to be audited.
6. We have an extremely intricate reputation system.
Harry Dũng: Yes, that is a great answer and it will definitely give you a peace of mind when investing in Bridge Mutual.
A great project with a long-term vision that investors should consider. 👍
We will continue to question 8
Great job Mike
Harry Dũng:
8. Staking is the new trend. What staking options are available for Bridge token? Are there any incentives for staking? What are the various ways to earn Bridge token and are there any limits to amount of $Bridge I can earn?
Twitter Username :@QuanOan
Mike Miglio: The ticker symbol is $BMI, not $Bridge. I don’t want anyone to get confused :).
In our system, you can stake $BMI or Stablecoins. There are incentives to stake, mainly in the form of earning yields (APY) and profit sharing. Staking in either of these ways will earn you additional $BMI. There is no limit to the amount you can earn.
Harry Dũng: Cool, it’s really suitable for money sharks hah
Okay, so question 9
Harry Dũng:
9. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects
Twitter Username :@LilBrok88670460
Mike Miglio: No, our project is not like this. All of the people on our team have professional careers and have been involved in the blockchain space for a long time. We are not anonymous, we are not hiding anything — you can find every person online via linkedin and see their background.
Also, most of our team have already been part of successful projects in the past. I was an advisor and legal counsel for dozens of projects before this. Our CTO has also been involved in many projects. And most of our advisors as well. In fact, one of our advisors is the founder of Barnbridge.com, which is a top 500 project.
Harry Dũng: Yes, thanks for showing members the prestige of Team Bridge. That’s also why we have cooperation here. 😉
i really appreciate that 👍
so now is the last question of Session 1
Harry Dũng:
10. What is the insurance scoring mechanism and how does Bridge Mutual plan to expand insurance products with NFT tokens?
Twitter Username :@EgorCypto
Mike Miglio: The Bridge Mutual ecosystem has 2 types of NFTs, but both of them are confidential right now as we are trying to avoid being copied by our competitors. I can tell you that the NFTs will have a major impact on our system and both of them are something that has never been done before.
Regarding the scoring system, insurance products are not scored. We have different categories of insurance and each of them will have dynamic pricing and APY rates. In the long-term, we will pay for other projects to be audited by 3rd party auditing firms and post their auditing scores publicly on our website; this will allow users to determine whether they should purchase/provide insurance for that asset.
Harry Dũng: Yes and I am really looking forward to the future of Bridge’s products. 😊
Mike Miglio: thanks guys :)
Harry Dũng: Okay . And that is Sesson’s final question 1. We’ll proceed to Session 2 immediately.
M A T H E W W O N:
Q: Does the BRIDGE MUTUAL team have a training and guidance system for newcomers to cryptocurrency? How do you attract and reach them?
Mike Miglio: Yes we do actually. Our application automatically detects if it is the first time the user has used our app before and then gives them a quick tutorial.
M A T H E W W O N:
🌀I’m a developer, and I’m interested in contributing to BRIDGE MUTUAL alongsides earning, Do you have any Bug Bounty to check for vulnerabilities?
Mike Miglio: Yes we do, we have a very generous bug bounty pool, so please make sure that you join our channel and keep up to date on what the project is doing. There will be many opportunities for you to earn by helping Bridge Mutual improve. Thank you !
Vaibhav Gupta:
Can you tell us the Procedure of Claiming process of Bridge Mutual Platform? Like If a Platform got hacked.. then what are the requirements for claiming insurace of Bridge Mutual Platform? @mikemiglio
Mike Miglio: Thank you, great question here. Users can easily make a claim on our application and provide text/photos/videos to prove the amount that they lost. Any users on the platform that is staking BMI is able to vote on your claim. The voting process determines whether the claim is valid and also the amount of $ to pay you on your claim. There is also an appeals process as well, in case you do not agree with the result. :) The system is more intricate than this but I am out of time.
Teuta:
Is Bridge Mutual a fully decentralized project ? Is there any risk of Centralization?
Mike Miglio: We are the most decentralized model in the insurance sector. In the beginning the team will control most of the platform, but over time we will give up power and transition into a DAO.
McDonald’s Worker:
Does bridge mutual have enough insurance to insure every users that request for insurance or some users could have delays?And Were do you generate funds from, to give out insurance? Hi @mikemiglio
Mike Miglio: The insurance funds come from the users on the platform. The Bridge Mutual team is not paying the claims themselves, we are not a traditional insurance company model.
Aurelia:
Can you give us an overview of Bridge token economics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn??
Mike Miglio:
Rekt Capital:
Can you please tell more about the response time about the resolution of claims with Bridge Mutual? Is this somehow depend on the type of issue or is it dependable on the complaint?
Mike Miglio: Currently, the longest resolution time is 45 days. We can control/modify the resolution time pretty easily, but no vote will ever take longer than this. For version 1 of our platform, votes will all be under 30 days.
Marisol Wilkinson:
Does holding BMI tokens give us users rights for governance in the Bridge Mutual ecosystem? What can we decide about?
Mike Miglio: Yes, we will slowly transition into a DAO and give users the ability to control small parts of the platform. As we become larger and more spread out, we will increase the power of the DAO until the DAO has 100% control over the entire bridge mutual platform.
Sen:
Considering that Bridge is Built on Polkadot, that means that have the Cross-chain feature available? How many chains can work with you?
Mike Miglio: Good question. that’s correct, we are migrating over to Polkadot and our system is capable of cross-chain insurance. We can insure any asset on any chain.
$ Matvey:
Can users use Bridge Mutual to insure their own funds on CEX? Do you plan to cooperate with famous CEX in the insurance industry?
Mike Miglio: Great question. The answer is yes, you can use Bridge Mutual insure your own funds on any CEX on our platform. All of the top/popular CEXes will be on our platform.
Samanta Mitchell: Currently a lot of crypto investors use phones to work, so does Bridge Mutual have a plan to develop a platform on IOS or ANDROID?
Mike Miglio: Yes, we are already in the middle of developing our phone app :)
Harry Dũng: Alright
our session 2 is done along with Mike’s enthusiasm. 👍
So before we officially end this session. Do you have something to share into the community, Mike ? 😊
Mike Miglio: No, that is all :) thank you guys so much for having us
Harry Dũng: No, that is all :) thank you guys so much for having us
Mike Miglio: please join us on our TG channel: @bridge_mutual
and follow on Twitter: Twitter.com/Bridge_mutual
Mike Miglio: IDO WHITELISTING WILL BE ANNOUNCED TODAY
— — — — AMA END — — — —
