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Integration of Chainlink CCIP by Etherisc
Etherisc has recently integrated Chainlink CCIP into its system to simplify token transfers for its conventional token DIP. This integration allows Etherisc to establish connectivity with Ethereum and the Base Layer2 network.
Benefits of Decentralized Insurance
One of the key benefits of decentralized insurance is the ability to connect with reliable and tamper-proof on-chain data. Chainlink has played a significant role in enabling Etherisc to develop its products securely. This marks Etherisc’s initial CCIP use case, with plans to leverage CCIP Messaging further to build multichain dApps for staking and interacting with insurance services across multiple chains.
The Vision of Etherisc
Etherisc aims to transform its ecosystem into a preferred option for insurance companies in the blockchain economy. However, they face challenges such as network congestion and high transaction fees on the Ethereum network. To address these issues, Etherisc is utilizing the Base network.
About Base Layer2 Network
Base is a Layer 2 scaling solution for Ethereum developed by Coinbase. It aims to facilitate faster transactions by leveraging the security of the Ethereum mainnet. Built on top of the OP Stack, Base offers lower fees, enhanced upgradability, and seamless integration with Coinbase’s user base and assets.
Token Migration and Trading on Base
Currently, most DIP tokens reside on the Ethereum mainnet and are used for staking. In the near future, token holders will be able to trade DIP on Base Uniswap, benefiting from its innovative and cost-effective gas fee system. Token migration from the Ethereum mainnet to Base can be done via XSwap and carrier.io, both powered by Chainlink CCIP.
According to Etherisc’s CEO, Christoph Mussenbrock, the company relies on Chainlink’s robust oracle platform for its cross-chain services and utilizes CCIP for enhanced security measures. Chainlink offers advanced security features, while CCIP is backed by a risk management network that monitors and verifies cross-chain operations for any anomalies.
Legacy of Etherisc in Blockchain Insurance
Established in 2016, Etherisc has been a significant player in the blockchain insurance sector. Through its platform GIF, Etherisc enables the creation of parametric insurance products on the blockchain, revolutionizing the way insurance is bought and sold using cutting-edge blockchain technology.
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