Zetrix, the Layer 1 public blockchain network facilitating smart contracts and delivering privacy, security, and scalability, has announced the launch of an innovative NFT-based insurance product, Covinsure.
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Covinsure breaks new ground by providing insurance using blockchain technology and cryptocurrencies as payout. Covinsure is the most innovative Covid-19 insurance users can acquire. With the help of blockchain technology, Zetrix has simplified the process of getting insured (as well as being paid out), as users only require their passport and a Zetrix wallet.
Purchasing the insurance requires only 1 USD or 1 USDT. The coverage is valid for up to 1 year and starts after an initial 14-day qualification period. After the qualification period, if users test positive for Covid-19, they can claim the insurance and receive 20 ZTX tokens, along with a new personalised NFT as payout.
To submit a claim, users must get tested at one of the Zetrix-approved testing labs, then upload the QR code showing positive test results from the lab to the wallet with their NFT certificate to receive 20 ZTX.
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This NFT insurance product is an innovative product by Zetrix to pilot application NFTs and has opened the doors for new opportunities within the crypto space.
The minting of NFTs on the Zetrix blockchain is one of the most environmentally-friendly options on the market as the energy utilised to mint is 100,000 times lower compared to the conventional option of the Ethereum blockchain. Therefore, the reduced computational energy needed to process the transaction results in lower gas fees for the minting of Zetrix-based NFTs, lower overall cost for existing traders, as well as a minimal carbon footprint.
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