Insurance

The Keystone of RuneX Security

Within RuneX is the ability to optionally stake BTC as Insurance, adding another thoughtful layer of security to our system, while simultaneously providing users the capability to build an Honour Rating as outlined here -> Earning Honour

Funds deposited by user's into insurance will never be touched or moved unless that user is an escrow agent within a transaction.

Eventually we plan to move insurance to our own native platform token, which you can get for free via -> Airdrops 🔥

Insurance For Escrow

As an escrow agent within RuneX, you are able to provide insurance for two reasons.

1. It gives you priority when receiving escrow jobs. Agents that can fully insure a transaction will receive priority in matchmaking.

2. It provides all parties within your transactions an extra layer of comfort and security.

In any transaction you can see how much insurance is provided by the assigned escrow in the transaction details. Only the escrow agent will ever provide insurance to any transactions, buyers and sellers never have to worry about this.

Insurance funds will virtually never be tapped into as we have a strict instruction set. If the user's follow our instructions there will never be a need to fund a claim. However if there are any edge cases in a dispute, we are actively monitoring to protect users from fraud. User's that attempt to commit any sort of insurance fraud will be permanent banned from the platform.

Insurance, while we don't think it will be tapped into for simple token exchanges, it could be necessary when we expand our exchange to more complex functionalities such as lending, or potentially physical goods.

There is no official insurance policy for RuneX at this early stage, we retain platform rights at all times to resolve disputes in the manner that we see fit. Escrow agents only risk insurance up to the value of that transaction. I.e. if the transaction is worth $50, and the agent has $10K of insurance, only $50 will be deducted not the entire agent's insurance balance.

Insurance For Honour

Insurance can also be used by non-escrow agents and escrow agents alike in order to earn boosted Honour in RuneX. If you have insurance in your balance and you are a buyer or seller in a transaction (NOT ESCROW) you will still receive the honour rating boost at the end of the transaction with absolutely no risk to your insurance balance. To re-iterate for clarity, ONLY escrow agents will be risking insurance funds in any transaction. More info on earning honour here -> Earning Honour

How To Add Insurance

After depositing BTC into your wallet, simply navigate View Profile -> Insurance , and from there you can add or withdraw insurance back and forth between your primary RuneX wallet.