Our protocol testnet launch just got a whole lot better! First of all, we’re transferring Neptune Mutual on the Polygon Testnet this Thursday, March 17, 2022, at 12 MN UTC. New features will be unlocked at the same time as well.
Yes, we heard you! Being a faster and more reliable network, we’re improving your testnet experience on the Polygon network. Our team worked really hard to get it online for you on the Polygon Testnet.
We’ve also bumped up the number of winners for the testnet competition to 100! Don’t miss your chance to be one of the 100 lucky winners, register to Unlock the Gold Vault.
In addition to these exciting announcements, we’ve also added new features to the Neptune Mutual testnet: Incident Reporting and Claiming Cover Policy Payouts.
Let’s get right into it!
An incident refers to a hack or exploit on a covered project that by nature of the incident meets the conditions specified by the parameters of the project’s cover pool policy. Anyone with sufficient NPM tokens can report an incident.
Let’s go over what happens when you report an incident on Neptune Mutual.
Step 1: Select the project you want to make an incident report on.
Step 2: Click [Report Incident].
Step 3: Review the cover rules to find out if the incident meets the conditions specified by those rules. If it does, tick the checkbox and click [Report an Incident].
Step 4a: If you are the First Reporter of the incident, you will be required to complete details about the incident namely:
- Incident title
- Date and time of when the incident occurred
- Proof that the reported incident has indeed occurred
- Description of the incident
After making your report, you will be asked to stake NPM tokens. The First Reporter will be required to stake a minimum amount of NPM tokens, depending on the cover.
Step 4b: Other reporters that follow after will only need to stake just 1 NPM token.
Step 5: After clicking [Report], the following details are submitted to open up the cover for governance. The reporting period for the specific incident begins.
Note: To make testing convenient, the reporting period on the testnet will only be 30 minutes. However, once we launch the mainnet, reporting periods may typically take 7 days.
Step 6: Navigate to the Reporting tab to see the status of the incident report.
During the reporting period, community members will vote on the validity of the reported incident.
On the page, you will see insights on the reported incident along with the progress and status of the reported incident, and time left to vote on the particular incident.
A Candidate Reporter is the first person to dispute the First Reporter’s incident report. As the Candidate Reporter, you can dispute the validity of an incident report as false reporting.
Step 1: Click on [Add Dispute].
Step 2a: Specify the details of your dispute similar to how you’d report an incident:
- Dispute title
- Description of the dispute
- Supporting information on the invalidity of the report and its inability to satisfy parametric cover rules
Candidate reporters are required to stake a minimum amount of NPM tokens pre-determined by the cover creator.
Step 2b: Other reporters that follow after will stake at least 1 NPM token to either vote to support or disagree with the reported incident.
Step 3: Enter the amount you wish to stake.
Step 4: Click [Approve NPM].
Step 5: Click [Report] to confirm the transaction request from MetaMask and successfully submit your request.
Incident reports get resolved at the end of the reporting period.
The project’s cover policy will compare votes from incident report supporters versus disputers. Honest reporters win while dishonest reporters will find their staked NPM tokens forfeited.
So, how are staked NPM tokens allocated?
- 60% of staked NPM tokens from the dishonest reporters are rewarded to the honest reporters.
- 10% of staked NPM tokens from the dishonest reporters will be rewarded to the Final Reporter.
- 30% of staked NPM tokens from the dishonest reporters are burned.
The primary motivation behind being the First Reporter comes from the benefit of getting rewarded 10% of staked NPM tokens from the dishonest reporters if the incident report is proven true.
On the other hand, the same motivation may apply to the Candidate Reporter when the incident report is proven false.
Simulating Incident Reports on the Testnet
When a cover policy goes into an incident reporting phase, no one will be able to take out a new cover policy.
If users decide to report incidents without reasonable cause, the consequence of this would be to prevent users from purchasing cover policies for the duration of the reporting period.
In the mainnet application, this will be discouraged by the need to stake tokens, however obviously these are free on the testnet so to avoid this problem, our team will publish real-time incidents for different covers in our Discord community. Incidents will occur at different times of the day and this approach will help us see how quickly users respond and report the incident.
Users who report incidents without reasonable cause (i.e. reporting an incident before there is any incident information released in the Neptune Mutual Discord channel) will incur penalties — such as losing points in the leaderboard rankings.
Claiming a Cover Policy Payout
Once the community validates an incident report, cover policyholders may now claim their payout.
Let’s take a look at how you can claim a cover policy payout on Neptune Mutual.
Step 1: Choose the cover you want to make a claim to.
Step 2: Navigate to the [Claim Cover] tab. You will find the list of Active and Expired reports you have a cover from.
Covers with validated incident reports will have a cover card with a ‘Claimable’ status. A ‘Reporting’ status indicates that an incident has occurred for a particular cover yet it is still in its reporting period.
On the cover card, you will see your purchase amount for the particular policy. Also, you will find the timeframe for when your policy should be claimed. If the policy expires, you will be unable to make your claim.
Step 3: Select the cover.
You will see your transaction details with information such as the address to validate your claim, the amount of cxTokens you will receive from the claim, and the date for when your claim expires.
Step 4: Click [Claim].
Step 5: Enter the amount of cxTokens you want to claim.
Note: A transaction processing fee will be deducted from your claim.
Step 6: After you click [Claim], you can now confirm your transaction from the MetaMask notification window. And…
Ta-da! Your claim is a success.
Join the Neptune Mutual Testnet
Register on Gleam to join the NPM ‘Unlock the Gold Vault’ protocol testnet contest. Who knows you could be one of the 100+ lucky winners?
Explore Neptune Mutual’s other unique features:
Test the Neptune Mutual protocol on test.neptunemutual.com
Visit https://faucet.polygon.technology/ to get your Polygon testnet tokens.
Neptune Mutual project safeguards the Ethereum community from cyber threats. The protocol uses parametric cover as opposed to discretionary insurance. It has an easy and reliable on-chain claim process. This means that when incidents are confirmed by our community, resolution is fast and payouts to all cover policyholders are guaranteed.
Join us in our mission to cover, protect, and secure on-chain digital assets.
Official Website: https://neptunemutual.com