Categories: Blockchain

Etherisc incorporates Chainlink CCIP

Etherisc incorporates Chainlink CCIP

Etherisc has incorporated Chainlink CCIP and will utilize CCIP’s simplified token transfers for Etherisc’s conventional token, DIP, to have connectivity with Ethereum and the Base Layer2 network. 

The boost factor related to decentralized insurance is the potential for connecting with dependable and tamper-proof on-chain, with Chainlink having played its part in allowing Etherisc to develop its items in a safe way. For Etherisc, this is the initial CCIP use case; they intend to utilize CCIP Messaging to a greater extent for building multichain dApps needed for staking and connecting with insurance services from all chains. 

The goal of Etherisc is to transform the Etherisc ecosystem into a general option for insurance companies in the blockchain economy. The main obstacles are Ethereum’s network clogging and increased transaction fees. To counter this, Etherisc is utilizing the Base network. 

Base is a Layer 2 upgrading service for Ethereum created by Coinbase and intends to carry out transactions quicker by utilizing the safety features of the Ethereum mainnet. It is an EVM adaptable chain created on top of the OP Stack. It comes with less fees and higher upgradability. Additionally, it is well connected with Coinbase’s user base and assets. 

Presently, most DIP tokens are on the Ethereum mainnet and also for staking.  In the upcoming days, token holders can trade DIP on Base Uniswap, utilizing its inventive and less gas framework. 

Tokens presently on the Ethereum mainnet can be bridged to Base by utilizing XSwap and, both boosted by Chainlink CCIP. 

According to the CEO of Etherisc, Christoph Mussenbrock, they utilize Chainlink’s benchmark platform for their cross-chain services and CCIP for its safety features.  

Chainlink comes with advanced safety features, while CCIP is supported by the risk management network that keeps tracking and authenticating cross-chain functions for unexpected activities. 

Etherisc has been in the blockchain insurance business since 2016. Their platform GIF allows the building of parametric insurance items on the blockchain. They utilize blockchain technology to buy and sell insurance as best as possible.

Roxanne Williams: Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.