Nexus Mutual — a decentralized alternative to insurance. Developers have used blockchain technology to create a mutual pool (risk sharing pool) to give people back the power of insurance. The platform is built on the public Ethereum chain. The model encourages engagement as participants will receive economic incentives to participate in risk assessment, claims assessment and governance.
Contents:
Description of the Nexus Mutual
Initially, the developers launched only one product - the Cover smart contract. The goal - to ensure that the Ethereum community has protection from hacks in valuables applications (smart contracts).
In December 2020, the second product appeared - Custody Cover. Users of centralized exchanges and depositories will be able to purchase a cover from the settlement chain, which will provide protection against:
| Firstly | If the keeper is hacked and the user loses more than 10% of their funds. |
| Secondly | When withdrawals from the custodian are suspended for more than 90 days. |
By becoming a member, each member of the mutual becomes a co-owner of the mutual and membership rights are represented by NXM tokens. This structure has no shares or equity by definition, it is a user-owned company. This will help to respond to the prevailing conditions and capitalization levels dynamically, as well as reward active members for participating in the day-to-day activities of the mutual bank.
The NXM token represents the membership rights. It operates on a relationship curve, which is a mathematical curve that determines the price of a token on specific financial metrics. It can only be bought and sold when Nexus is used together. Only Nexus Mutual users can own NXM tokens.
Additional information
The site has a WhitePaper document. With its help, you can find out about the project in detail. Also, some information is available on the main page.
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