Intro

Slowing All Pains: An insurance product by Slowing Pains.

The Cardano blockchain is unassailable, yet users and builders have had their wallets drained, scammed by impersonators, defrauded by project founders, and experienced many other forms of known and unknown crypto ecosystem attacks, let alone coding errors. Victims receive no financial compensation and may be discouraged from continuing trading, weakening the ecosystem and creating the Jungle/Open Ocean bias.

Of 438 participants in the Cardano ecosystem system, 80% experienced a financial impact from rug pulls. In another survey, excluding rug pulls in the questionnaire, out of 135 participants in Cardano, more than 50% experienced general scams with financial impact, including wallet draining, escrow, discord hacks, impersonators(a), and other malicious attacks.

Hence, there needs to be an insurance ecosystem that will tackle all these problems and reduce these stats, which are to

• Compensate those who lost

• Provide guidance and awareness before a loss occurs

• Respond to live incidents to reduce losses

To kick start the crypto mutual insurance company, we will launch an insurance Campaign to cover all losses for Growing pain holders per the terms and conditions stated in the policy wording below.

We shall conduct a pilot study to provide insurance for losses from May-31-2023 to Jan-1-2025.

The objective of the pilot

• Discover the possible insurable losses on the Cardano ecosystem

• Test our claims processing and payment capabilities

• Share awareness of scams collected

• Insurance Price discovery

• Test insurance company governance setup

Final notes

Please don’t take everything too seriously.

Let’s discuss, not argue.