Frequently Asked Questions

Unlike traditional insurance models, Qorra leverages advanced verification processes and blockchain technology to offer tailored insurance products for Web3 projects. This approach enhances transparency, security, and efficiency, addressing the unique challenges and risks in the rapidly evolving Web3 space.

Qorra Verified is a security assurance process for Web3 projects. It signifies a project’s adherence to the highest standards of security, transparency, and integrity. Our process includes rigorous background checks, smart contract audits, and operational assessments, ensuring your project is well-protected against common threats and vulnerabilities.

The process begins with an application submission, including key project details and a non-refundable application fee. We conduct preliminary screenings and eligibility checks to verify the basic criteria necessary for verification. The comprehensive evaluation includes detailed assessments of financial stability, smart contract security, and operational practices.

Our comprehensive evaluation covers background checks, financial stability assessments, smart contract audits, and reviews of operational practices. We also perform advanced verification checks like wallet analysis, social media scrutiny, and content authenticity verification, ensuring the highest level of security and integrity for your project.

Once your project passes the evaluation, it receives a Qorra Verified badge, uniquely coded and recorded on the blockchain. The badge can be integrated into your website and social media, ensuring real-time dynamic verification and preventing misuse. Continuous monitoring and periodic reviews ensure your project maintains its verified status.

Achieving Qorra Prime involves passing our rigorous verification and maintaining high standards through continuous monitoring and periodic reviews. Projects with Qorra Prime status gain access to insurance-backed protection, providing an additional layer of security and trust in the competitive Web3 market.

The Qorra Scoring System evaluates Web3 projects based on various factors, including project maturity, team experience, financial health, technical details, marketing strategies, decentralization, and innovation. Projects are scored on a Qorra scale, with ratings ranging from Qorra-Prime to Qorra-Risk.

Projects are assessed across several key factors: Project Maturity (20%), Team Experience (15%), Financial Health (15%), Technical Details (20%), Marketing Strategies (10%), Decentralization (10%), and Innovation (10%). The final score is mapped to a Qorra Custom Rating Label, which determines the project’s level of verification.

• Qorra-Prime (750-800): Highest verification level, exceptional quality, minimal risk.
• Qorra-Plus (700-749): Robust project, solid fundamentals, low risk, but with some areas for improvement.
• Qorra-Standard (650-699): Acceptable performance, moderate risk, with notable weaknesses or uncertainties.
• Qorra-Developing (600-649): Shows potential but requires significant improvements, higher risk.
• Qorra-Risk (Below 600): High risk, significant concerns, and uncertainties.

Qorra is committed to maintaining transparency and fairness in the scoring process. Every project is rigorously evaluated by experts, and feedback is provided to help projects align with industry standards. We encourage open dialogue with projects to foster a collaborative environment.

Projects that achieve Qorra Prime status gain access to insurance-backed policies, enhancing security and trust in the Web3 market. This status also signals to investors and customers that the project has met stringent security criteria and is committed to maintaining high ethical standards.

Qorra values open dialogue and engagement with the Web3 community. We encourage projects to collaborate with us, providing feedback and insights that contribute to a safer, more secure digital environment for all participants.

Qorra’s Insurance Coverages: Qorra offers specialized insurance coverages tailored to the unique needs of Web3 projects and the digital asset ecosystem. Our coverages include:

• Theft and Cybersecurity Breach Insurance: Protection against unauthorized access, cyberattacks, and theft of digital assets or data breaches that compromise the security of your project.
• Smart Contract Failure Insurance: Coverage in case of vulnerabilities or errors in smart contracts that result in financial loss or operational disruption.
• Operational Disruption Insurance: Insurance for unplanned operational failures that may arise due to technical glitches, regulatory actions, or other unforeseen events impacting your project.
• Asset Warranty Insurance: Provides a warranty over the digital assets or products offered by your project, ensuring they meet the promised standards and functionality.
• Reputation Management Insurance: Coverage that helps manage and mitigate the impact of negative publicity or reputational damage resulting from security breaches or other incidents.

For Businesses: Qorra’s insurance solutions are designed to safeguard Web3 projects from a wide range of risks. We focus on providing robust coverage that secures the project’s operations, digital assets, and overall business continuity. Businesses are eligible for comprehensive coverage once they achieve QORRA Prime status through our rigorous verification process. This ensures that the business is fully vetted and meets our high standards of security and operational integrity.

For Consumers: While our primary focus is on insuring businesses, we indirectly protect consumers by ensuring that the projects they invest in or interact with are secure, verified, and insured against key risks. Consumers benefit from the assurance that the projects they trust have met stringent security standards and carry insurance-backed guarantees, adding an extra layer of confidence to their engagement with these projects.

Qorra insures a wide range of digital ventures, including various Web3 projects and digital assets. High-value projects may require additional verification processes to ensure accurate coverage. Our platform is designed to accommodate the unique needs of Web3, providing tailored insurance solutions.

Premiums are calculated based on the project’s scope, risk profile, and the desired coverage. Qorra uses advanced AI tools and industry expertise to assess projects accurately, ensuring that premiums reflect the true risk and value of the project. This transparent fee structure allows for affordable and fair insurance rates.

Qorra’s Claims Process:

1. Incident Reporting: When a loss or security breach occurs, the insured business must report the incident to Qorra as soon as possible. This can be done through our secure online platform, where the details of the incident are documented, including the nature of the breach, the assets affected, and any other relevant information.
2. Initial Assessment: Upon receiving the claim, Qorra’s claims team conducts an initial assessment to verify the incident and determine the scope of the claim. This involves reviewing the reported incident, analyzing the smart contract or digital assets involved, and ensuring all necessary documentation is provided.
3. Investigation and Verification: Qorra’s team of experts conducts a thorough investigation to verify the legitimacy of the claim. This may include forensic analysis of the smart contract, blockchain transaction history, and any other relevant digital evidence. The investigation aims to confirm that the incident falls within the coverage parameters and that no fraud or misconduct is involved.
4. Claim Resolution: Once the investigation is complete, Qorra determines the validity of the claim and calculates the compensation based on the terms of the insurance policy. The insured business is then notified of the outcome, and if the claim is approved, the payout process is initiated.
5. Payout and Support: Approved claims are processed promptly, with funds being disbursed to the insured business’s designated account. Qorra also provides support to help the business recover from the incident, including reputation management services if applicable.
6. Continuous Monitoring: After the claim is resolved, Qorra continues to monitor the insured project to ensure ongoing compliance with our security standards. This helps prevent future incidents and maintains the integrity of the project’s operations.

We plan to expand our platform to include Web3 in-game assets and RWA insurance policies, develop our product offerings further, and enhance our Qorra Verification. We aim to secure more RWA marketplace partnerships and broaden our insurance product range.

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