We held a live AMA with Founders, Michiel Slootweg & Kiril Ivanov and Head of Marketing, Cynthia from Bright Union on 9th July 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Serene: Before AMA start, can you introduce yourselves and the team background?
Chris: We are a collection of experts in crypto, technology and insurance ready to bring web3.0 to the insurance industry 🤓
We are based in the Netherlands more specifically Amsterdam. Some background on the team here today:
Michiel: I have a background in Business Administration. I started as a corporate financier and then went into general management focusing on the insurance sector which needs innovation desperately. I love to build and grow companies. I make sure that all areas of the business are properly covered. I come up with ideas how the future may look like and I leverage my network in the insurance industry. I a m the old dog.
Chris is our operational lead at Bright Union. He is an expert in scaling businesses, he is your guy if you want to get something done💪💪. He has been in crypto since 2016. He has a background in consulting and and loves surf adventures :)
Cynthia. Marketing lead. +10 jaar ervaring. Tech enthusiast + Tree hugger. Started in the social good sector, acquired the lean + growth mindset there. Later freelancer / digital nomad & experience in other crypto projects
Serene: Any latest/ update news about Bright Union you would like to share with our community?😀
Chris: so we actually have a lottt of big news coming up but lets focus on this month…biggest is that we will have our IDO this July!!!
AMA Twitter Section Begin:
Q1: I understand that your mission is to become the world’s leading aggregator and accelerator for crypto risk markets, but could you explain and tell us more about that “crypto risk” market? really what is the biggest challenge to overcome? and what are your best competitors?
Michiel: As a crypto investor you can lose your digital assets during hacks, smart contract fails and rug pulls.
For these events, you can protect yourself, in other words you can ‘insure’ yourself. The innovative concept here is that this “insurance” is decentralized and comes from the crypto community. Crypto risk markets are the markets where these crypto risks are bought and sold i.e. where people “insure” their digital assets and where the community provides this “insurance”. In the crypto risk markets we don’t use the word “insurance” but we call it cover/coverage.
What now is happening that there are many different risk platforms and there is a big difference between the offered products and their terms and conditions. There is a need for convenience, education, transparency and a single point of entry.
Cynthia: ENTER BRIGHT UNION: a one stop shop for the entire crypto risk markets. We are an aggregator and on the platform you can:
1. Cover: As a crypto user you can easily protect your capital from hacks, smart contract fails, and rug pulls.
2. Stake: Crypto users can also provide coverage to other users (by staking) and earn for being an ‘insurer’.
The aggregator makes it possible to compare, buy and manage crypto coverages on different platforms from a single interface. It’s more user friendly to buy all your covers for all your assets from one place. It would be a waste of time to login to multiple risk platforms at once.
it will be so easy that even shin chan will love it :)
Q2: What is #BrightUnion revenue model? In which ways do you generate revenue/profit?So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing right now?
Cynthia: We have both a B2B & B2C business model.
1. Commissions we receive from underlying risk platforms for selling risk products to users.
2. Commissions we receive from underlying platforms for value add services such as re-insurance and provision of additional liquidity.
3. Commissions we receive from users for our BRIGHT products such as the Bright Risk Index and secondary markets
In addition: the Bright Treasury will increase in value in accordance with its performance in the risk markets. This will be a flywheel for our revenues streams as with a bigger Treasury we can offer more services which will increase our commissions and fees.
Trying to keep it short here 😅
Short term objectives for July: a successful IDO
Short term objectives for August: successful launch of the Main Net
Short term objective for September: sell risk products
Q3: Most of the investors have just focused on the price of a token in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token in the long term?
Chris: Unlike many projects who start with marketing we have started with building a product and that puts us at a big advantage. As a consequence we will launch mainnet this August and we will start generating revenue this August.
We believe this will be reflected in the token price.
Additionally: as we are first to market we feel we can become the central pillar in the crypto risk ecosystem. Thus Bright Union will grow with the growth of the crypto risk markets, and one thing is for sure that space is still in its infancy and there is a lot of room for growth. Therefore by holding $BRIGHT tokens you will benefit from the growth of the entire crypto risk markets.
Michiel: On top of this, we have a team with complementary skills and with a track record in building businesses
Q4: I see you give change to your community to participate to your private sale. I think this is a great way to reward your community. Can you please tell more about it? Can I join still join for this contest?
Michiel: Hiya @baykusbirligi: you are completely right — yes you can still participate until the 18th of July
We are looking for $BRIGHT Champions: who help us spread the word about Bright Union and build an engaged community.
You can participate by creating engaging Bright Union content, by sharing it online, and submitting it for review. To give you the power to leverage all your resources, we accept all types of written and visual content published on any platform: articles, infographics, Twitter threads, memes, stickers or Youtube videos. Even Instagram stories or TikTok videos — anything that you’re good at!https://brightunion.medium.com/bright-union-creative-contest-82c6b3a89c84
We will reward our Bright Champions accordingly with an opportunity to invest in the private sale!
Q5: Can we provide collateral by staking stablecoins or matured currencies on the platform, and what benefits will we gain from having a stake in Bright Union when we become part of the DAO?
Chris: Bright Union: will be an aggregator for both cover and staking opportunities in the crypto riskmarkets.
The staking opportunities in the crypto risk markets come in all forms and different currencies. For example in ETH, but also in stable coins such as DAI and USDT.
So yes :) it will bepossible
Michiel: Benefits of being a DAO member is to get access to premium services which are to buy and sell at a discount and to be able to get access to higher APY for staking.
Chris: Staking in Bright Union will be next level: we are working on embedded insurance for staking with bright. BRIGHT STAKING.
So that means that our APY’s will be covered against hacks, smart contract failures and rug pulss.
this is how you can visualize it :)
Telegram Live AMA Begin:
Q6: Q1🔹Is it possible on your platform to access multiple risk hedges through consolidated aggregation and what tool does your platform have to be able to compare the hedges of different risk markets and similar hedging premiums?
Q2🔹Does Bright provide some ways for investors to protect themselves against risks like epic crashes due to flaws in their protocol designs, scams and blockchain-based risks and the myriad things that can go wrong in DeFi?
Michiel: Hi Josuhanny, Yes it is possible to access multiple risk hedges through our platform. You can compare the different rates on the different platforms and buy the one you choose through us. You can also see your past transactions with Nexus, Bridge and other integrated platforms through our app.
With respect to epic crashes, we offer all the products that are sold on the platforms like Nexus and Bridge. And we have our treasury to do market making and create a secondary market
Q7: What can we expect of the upcoming Bright Union Index? How can we have access to it?
Cynthia: The Bright Bright Risk (BRI), were developed as part of the ETH Global HackMoney2021 hackathon and are scheduled to go live In Q3 2021. With the BRI we offer a diversified positions in the market and will ensure maximum return at minimum risk for crypto investors, and will greatly boost the liquidity for the entire crypto risk markets.
Q8: Bright union said it has a B2B & B2C business model, what are the differences and advantages of that business model? And what makes it different from other business models?
Chris: We see this as an advantage. We will be friends with anyone in the industry: the users and the platforms. If you only have friends you are bound to become a succes!
Disadvantage might be that you have less focus but we will counter that by first focussing on serving the users and therafter the businesses so all good!
Q9: Where can I buy $BRIGHT tokens right now ? And what is your current contract and how can I buy them? Is there a minimum or maximum purchase? What are the advantages we get when holding $BRIGHT tokens?
Michiel: You can buy our token after our IDO. Please note that there are scams out there that pretend to be us. Follow our announcement channel @bright_union for proper info. The advantage of holding bright tokens is that all our revenue will go to our treasury and as tokenholder you have influence on what we do with our treasury funds. On top of that you get access to our premium services like discounted rates and higher APY on staking because we use treasury funds as guarantee for our members
Q10: When should we expect your mainnet? And what will it bring to your ecosystem?
Chris: hi @impalax : main net will be superb and will be in August. It will be a fully functional platform and we will start selling risk products from the get go!
We will launch with 3 launching platform:
- Nexus Mutual — integration 100%
- Bridge Mutual — integration at 75%
- Cover Protocol — integration at 25
Q11: Raising excessive funds privately or by seed has always been a concern of small investors participating in public offerings. This is because they buy at a lower price and can easily sell for profit. So, my question is: how much money did you raise privately, and how long is their vesting period?
Cynthia: Today we raised 550k during the private round.
The vesting period is for founders is 36–24 months.
The vesting period for private round: 6 months 15% pm. 10% locked at TGE
Q12: So what are the current DeFi market pain points does Bright Union addresses to improve the usability of DeFi products & make the process as convenient as possible so everyone can participate?
Michiel: We create transparency by comparing offers. We create a one stop shop. And we accelerate the development of DeFi coverage market by using capital more efficient. Currently APY is low without bonus tokens because stakers have to put up too much capital. With our treasury, we reduce the amount of capital our members have to stake
Q13: What’s the unique side of Your project that can not be found in other project that has been released so far?
Chris: great question. The BRIGHT TREASURY!!
We are insurance and finance experts, next to crypto experts.
We see many opportunties to improve the current risk markets. This will increase risk coverage with 10x we believe and this will boost the entire crypto risk space. The Bright Treasury will enable us to take advantagen of these opportunities,
Good example of a Bright Treasury product is:
Truly revolutionary the Bright Union Index funds. An NFT positions representing a sliced, diversified and weighted risk package an investment opportunity for crypto users with superb risk reward ratio
Q14: 💰Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?
Cynthia: We don’t really believe in the token burning mechanics. Exactly the same can be archieved with buying-back strategy — limit the token circulation and make the DAO stronger. That’s why we’ve chosen the buy-back strategy for the collected fees
Q15: IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepared for this bear market? How will you handle the panic sell ?
Chris: i like this question. We have 3 strong defensive lines — which will stop or limit dumps!!
1. we are a fundamental project: we will have a revenue generating project in August. People will reward this, and even if the token price drops the business will be able to sustain itself
2. Tokenomics: are tokenomics are bear market proof. We have done a limited raise with strong vesting and only crypto investors we know personally are onboard so there is limited risk of dumps
3. Real world market entry: we are actively making the bridge with real world insurnace. So at some point we will offer decentralized cover for real word risks >> this will open up a whole new market. The potential is HUGE!!
Q16: How strong is BRIGHT UNION Team ? Many projects starts with good impression and later abandoned the project. What makes your project different than others??????
Michiel: All of us have different backgrounds, but we have come together because we have trust int he capabilities of our team members. Some of us have also worked for years together on other successful companies. We have started Bright Union for the long haul, not just for a quick return. We have therefore also started the project with building, paying for any costs ourselves, only starting a fund raising after we were convinced we could be first to market with something great.
Q17: Covid-19 has a bad impact in almost every sector. So, as a crypto projects how did it affect you? How you and your team have done the work in the pandemic?
Chris: hi: we are working remotely in pairs to be safe and inline with corona restrictions. Part of the team in Amsterdam and part in Utrecht. We have biweekly team meetups with everyone — to get the creative juices flowing!
Q18: What are the advantages of joining your community? And, as a member of the community, what kind of contribution will you need to help the project develop and succeed?
Michiel: Advantage of joining our community is that you get access to our premium services and that you can influence both the road map as well as the use of funds in the treasury.
Q19: Is your project fully decentralized? There i see many projects claiming to be fully decentralized but they done their work in centralized club. How can we sure that you are fully decentralized?
Chris: we believe in progressive decentralization and eventually the DAO will call all the shots. However in the starting phase as we are still looking for product/market fit and fiding our true value add we believe that its good that the team can make adjustments as needed
Q20: Currently where can your native BRIGHT tokens be traded? In your roadmap you said that in this year your token will be listed on various exchanges, can you tell me about this? is there any information about your ICO/IDO and Whitelist?
Cynthia: Trading BRIGHT will only be possible on Uniswap, right after the launch, but central exchanges will be picked up soon after. We will keep you updated about further details about the TGE on our channels
Q21: With Bright Union, I can directly access multiple risk coverages through its consolidated aggregation platform..
But what types of coverages are compatible with your platform..?
What is the verification process for a coverage to be part of Bright Union..??
Michiel: Every product sold on Nexus and Bridge will be accessible through us.
Q22: Can you guys just give one sentence to convincing me that my investment decision on BRIGHT UNION will turn become my BRIGHT FUTURE ?
Cynthia: the risk markets space is HUGE. Right now it’s not common yet that people want to protect their favorite tokens, but it is actually a no brainer. Right now traditional insurance companies are making a crazy amount of money. We believe it is time that the community shares in the profits by bringing rewards of running a risk pool back to the community. 😎
With Decentralized Finance (DeFI) solutions anyone can replace the insurer.
Q23: You guys just raised 550k during the private round, can you tell us how you intend to allocate this fund? What will it be used for? Will it be channelled towards the platform growth or it will be diverted to the teams account for their own spending?
Michiel: We are very careful with our spending. We could have raised a lot more capital but we have only raised enough to get the business going. So far we have just spent money on the set up and some advisers. We are in for the long run and we strongly believe money should be only spent on the future of the platform.
Q24: Can you explain to me in detail how the “BRIGHT HIT” will work, how I can create a better future? Can you really make a totally safe and guaranteed investment? How can I invest here? Will this section be ready in no time?
Cynthia: We would like to practice what we preach and we would like offer Bright staking with embedded insurance — it will be a one of a kind product, there is nothing similar out there.
Q25: Considering that the biggest problem of investors is that there are so many fraud projects, what are the criteria that must be met before Bright Union can cover a risk product?
Michiel: We are an aggregator, which means that the covers are actually provided by Nexus Mutual, Bridge Mutual and other platforms we will integrate with. We create transparency and ease of use. We do have our own code audited.
Q26: I have read that Bright Union works with memberships, could you tell us about this, what do we need to have a membership and what special benefits do they provide?
Cynthia: It’s not a ‘membership’ as you imagine it, like being a member to a gym. As a bright token holder, you become an invester and you profit for the value appreciation of the token. Because bright union is set up as a DAO — Decentralized autonomous organization — you are therefore ‘part of the union’ :) and you can decide about the road map, allocations etc
Q27: Can you tell us about the advantages of partnering with Nexus Mutual? Why is it such a strategic and important partner for BrightUnion?
Cynthia: Nexus is the biggest coverage provider. They have the biggest amount covered and staked at this moment. It is good to included them in the aggregator.
Q28: #Brightunion is on a mission to become the world’s leading aggregator and accelerator for the crypto risk markets. WHAT A GREAT CHALLENGE!💥
There are already different protocols with different tokens and different specializations, how are you going to bring them all together under one roof? And how do you plan to compete with the industry leaders?
Michiel: The industry leaders are also our partners, because we provide value add to both them and to the users. We provide Nexus and Bridge with more customers and we provide the users with easy access, comparisons and our Bright Risk Index
Q29: Why did you go with ‘BSC’ blockchain network and not some other??
Cynthia: We will be compatible with ethereum BinanceChain Polkadot xdaichain and solana, so we are not restricted to BSC, but multi-chain
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