Uno Re Explores Cere Network to Provide Insurance Cover
We are very excited to start exploring the Cere Freeport, a secure decentralized NFT vault and NFT solution suite built on top of the?Cere Network’s Decentralized Data Cloud (DDC), for providing insurance cover against possible smart contract vulnerabilities that can affect the stored assets.
Smart contract hacks possess a big threat to the crypto world, causing both individuals and institutional investors to shy away from stepping into the world of crypto-based assets. Given the fact that billions of dollars worth of crypto-assets were stolen by hackers so far, we can’t judge investors for being skeptical.
NFTs can also be targeted by malicious actors. Cybercriminals employ various methods to steal NFTs, such as phishing and exploiting smart contract vulnerabilities. While being careful can be enough to stay protected against phishing, the only viable option against the exploitation of faulty smart contracts is having insurance cover.
As an example, Nifty Gateway, a popular digital marketplace owned by cryptocurrency exchange?Gemini,?experienced a hacker attack in March 2021. The attack resulted in several users having their accounts stolen, finding themselves locked out, and losing their NFTs.
In the past year alone,?hackers stole over a staggering $4 billion worth of crypto assets. Such attacks are expected to increase incrementally as the crypto space expands. That’s why the importance of crypto insurance is also increasing.
A unique blockchain platform that focuses on providing data cloud solutions for enterprises and hosting many exciting projects,?Cere Network?has proved itself as a reliable partner for many leading blockchain platforms. Cere Freeport provides an all-in-one NFT solution including minting, the configuration of sales, collections, and royalties. The platform aims to tackle the decentralized security & ownership issues of today’s NFT-backed assets.
Uno Re is looking forward to helping Cere Network achieve its goal and increase NFT space’s mainstream appeal by providing their NFT and asset vault’s smart contract with an insurance cover — aiming to make up for the losses incurred to assets against unauthorized, malicious attacks specifically aiming at exploiting the designated smart contracts’ code vulnerabilities.
“The goal of making the NFT space more secure serves as the driving force behind our efforts. In line with that goal, we are collaborating with blockchain platforms and offering their users the ability to buy insurance covers for their NFTs. Cere Network is an innovative platform, hosting many exciting projects and looking to offer a secure decentralized NFT vault to its users. We keep exploring this promising project to provide its users with decentralized insurance solutions.”
— Jaskanwar Singh, CEO, and Co-founder of Uno Re
‘’With our goal of making an individual be the true owner of their data, and adhering to the principle of “Your key : your data”, we are always looking out for partners to offer a seamless experience for projects & users using CERE DDC. With decentralized insurance covers provided by UNO Re for their stored assets, we take a step forward towards true decentralization of one the most important possession they have i.e their data”
—Martijn, Head of Marketing at Cere Network
About Uno Re
Uno Re is the world’s first decentralised insurance and reinsurance platform, allowing the community to invest and trade in ‘risk’ and receive sizable returns on their investments in one of the safest asset classes in the world. The platform will break barriers to entry for the retail investor by doing away with the historic pre-requisite of absurdly high capital generally needed to invest into the market while also introducing much-needed transparency into the industry as a whole. Uno Re will also allow the community to propose innovative insurance products to the space, thus propelling a new generation of Insurtech companies powered by the Uno Re ecosystem.