BMI DEVELOPMENT UPDATE :
The launch, audits, bug bounty, and a tier 1 partnership.
This is an update of the Bridge Mutual’s project development.
As you may have noticed, we have been staying silent for a while about the development of the project and have only been announcing partnerships (of which there are many).
We also did not publish specific roadmap updates because constantly developing a project with a team of 30 people and an external auditing team has made it difficult to pin down exact dates. The project was slightly delayed, but for all the right reasons.
There is no point in delivering a project that can be hacked or exploited. It is important to us that Bridge Mutual sets the standard for reliability and security, so that institutions around the world feel comfortable depositing their funds in the Bridge Mutual smart contracts and using our policies to offset hundreds of millions of dollars of risk in platforms like Aave and Yearn. As such, our top priority has been testing and security. If we launch unprepared and experience an exploit or a hack, we could easily lose the trust of many thousands of DeFi users. Our ambitions are sincere, and as a risk coverage platform it is our goal to give crypto users a simple and effective way of protecting themselves from risk without having to worry about whether using Bridge Mutual is safe.
Bridge Mutual is a complex project that has required many people, rigorous testing, daily conference calls (yes, every single day), lots of sprints, libraries of spreadsheets, late nights and difficult decisions.
When faced with a decision to deliver an incomplete project on time (as per our original roadmap) or to delay the project but release an air-tight platform, we chose the latter.
We have repeatedly said that the product is almost finished, and this has been true every time we said it. However, through audits performed by our internal QA team we kept discovering potential vulnerabilities which inspired us to triple down on our testing and audits, which added time onto our roadmap.
We are extremely happy to announce that Bridge Mutual V1 will go fully live in June of 2021, allowing anyone to purchase or provide coverage for any smart contract they like.
Just before launch, Bridge Mutual will host its exclusive Coverage Mining Event. This event will involve most of the projects that have partnered with Bridge Mutual to date.
The Coverage Mining Event will bootstrap the coverage pools for many of the industry’s top projects so that coverage can be purchased by users at launch.
The Coverage Mining Event will be team-based, allowing users to create and join a team created by their friends or their communities. These teams will compete for large chunks of BMI rewards that are given to the members of the best performing teams, and individual participants can also receive limited quantity utility NFTs that will bestow sought-after, permanent benefits to their owners.
Before the big launch and Coverage Mining Event, there are a number of other key-developments happening.
Here is what you can expect still in May:
TEST NET AND BUG BOUNTY
Before releasing to main net, Bridge Mutual shall be deployed to testnet along with a lucrative bug bounty. As stated many times already, security is one of our highest priorities. Successful audits do not guarantee a secure system, which is why we are investing a large portion of our treasury into a bug bounty to attract top-tier talent around the world to help us find all possible exploits.
The total prize pool for the bug bounty will be in the ballpark of $2,000,000.
More details will be announced soon.
RELEASE OF THE WHITEPAPER
Simultaneously to the release of the test net and bug bounty, we will also release the Bridge Mutual Whitepaper V1. The whitepaper was evolving alongside the development process, and we’re now satisfied with the timing and its development.
TOP 10 PARTNER PROJECT
The Month of May will also be the time when we share the details of our upcoming partnership with a Tier 1 Project (Top #10 globally). We’ve worked very hard behind the scenes to pitch giants in the industry and show them that Bridge Mutual is a project of the highest caliber; this is the beginning of our efforts to form strategic alliances with the most well-known projects in the world.
RELEASE OF THE AUDIT REPORTS
Over the course of the last months, Bridge Mutual’s development team has been working closely with two top tier blockchain auditing firms — Consensys Diligence and Zokyo. The results of these audits, documenting the development journey, shall be made available within the next couple of weeks.
MESSAGE FROM THE TEAM
Finally, as the Bridge Mutual team, we’d like to thank the entire Bridge Mutual community for its involvement, support and patience. In the end, Bridge Mutual is a platform built for everyone. We are steadfast in our pursuit to make Bridge Mutual a DAO for all to control and manage. All of our supporters that are active in our community are cherished.
We are doing everything we can to make history.
Stay tuned for more news; our time has come!
To stay on top of development, join our Telegram, follow us on Twitter, and check out our YouTube!
Find BMI on Bitfinex, Uniswap, Gate.io, and other popular exchanges!
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, as well as share profit and get compensated for adjudicating claims.
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