Prosure
Our Project tackles DeFi users' losses in hacks by offering Prosure, a decentralized insurance platform that protects assets, ensuring users who purchased coverage get their money back.
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About
Why are you participating for Based Africa? We are participating in building Prosure on Base for the African community because we believe that addressing the security concerns of DeFi users by leveraging on the credibility and potential of the base ecosystem is crucial to fostering trust and encouraging adoption in the region. In Africa, where financial inclusion is still developing and many are new to decentralized finance, the fear of losing assets in hacks or exploits has created a significant barrier to entry. By building Prosure, a decentralized insurance platform, we aim to provide a safety net that reassures users, allowing them to participate in DeFi knowing that their assets are protected confidently. Additional Features We added and implemented the voting functionality, setting the data to be interactive. We also added and implemented the proposal functionality and the governance profile details. We implemented the claim functionality allowing and making it seamless for users to claim their cover compensations. We also updated the dashboard and the insurance dashboard where the detailed listed protocol covers are displayed.
How it's made
What challenges are you focusing on? i) Prosure focuses on the safety and security of DeFi users who face growing risks of hacks and exploits. ii) We reduce the rapid amount of fear and hesitation for Africans participating or engaging in DeFi protocols. iii) Many African users are ignorant of the benefits of decentralized insurance solutions and their concepts. Prosure creates awareness of decentralized finance insurance models and innovative DeFi solutions. iv) Most African users find it difficult to interact with DeFi platforms, due to the complexity of the DeFi ecosystem. Prosure simplifies interacting with DeFi platforms by offering a user-friendly interface, and clearer instructions for purchasing coverage, assessing risk, and claiming compensation. How does your submission address this challenge? Prosure is tackling key challenges in the Base Africa community, particularly concerning the safety and security of DeFi users who face growing risks of hacks and exploits. One major issue is the potential loss of assets due to protocol breaches, with no compensation or recovery mechanism in place. Billions have been lost in recent years, leaving users fearful and hesitant to engage in DeFi, especially in Africa, where people are cautious about new financial systems. Prosure addresses this by providing decentralized insurance solutions that protect staked assets from hacks or breaches, offering users a financial safety net and building trust in DeFi. This empowers users in the Base Africa community to engage confidently with DeFi protocols without fearing complete asset loss. Another challenge is promoting awareness of decentralized insurance solutions in Africa, where users may be unfamiliar with the concept. Prosure aims to educate users about the benefits of decentralized insurance and bridge the gap between traditional insurance models and innovative DeFi solutions. Lastly, Prosure simplifies the complex process of interacting with DeFi platforms by offering a user-friendly interface and clear instructions for purchasing coverage, assessing risks, and claiming compensation. By addressing these challenges, Prosure fosters a safer and more trusted DeFi environment, encouraging greater participation across Africa. Challenges we ran into We ran into a number of challenges a few of which includes; i) Navigating the complex regulatory landscape of insurance across different jurisdictions. For this, we were able to research and come up with a seemingly universal approach giving room for customization to fit in these policies. ii) Handling potential conflicts of interest in the claim verification process. For this reason, we created the Decentralized Autonomous Organization (DAO). iii) Ensuring fair representation and preventing governance attacks. We intend to include a form of KYC for each and every member of the DAO so as to reduce the chances of an attack.