Paying assurance premiums monthly result in annual increases and often leads to abandoned assurance policies with the insured very often not completing the term of assurance, thereby losing the benefit of time.
Value Propositiion: A decentralized risk management system That creates tokenized value from peoples’ lives
The Once Token is a real person’s life representation in the digital world in a NFT format. In this sense a person can generate a token that represents their life and place it in a marketplace. At the same time a crypto life assurance monetizes the moment of death in case that person dies. The holder of the NFT is the one that receives the value of the crypto life assurance. Consequently, this can only be achieved if the requirements in the smart contract are met.
Technology
This model allows users to set up a price tag for their lives, by having an asset that materializes when the user dies. i.e. should they stake 1 ETH and be assured for 5 ETH, the marketplace could offer 1.5 ETH and the beneficiary would then be the owner of the NFT.
Once decentralized life assurance system creates a token of life representation in the digital world as an NFT. A person can generate a token and place it in a marketplace. The holder of the NFT is the beneficiary at time of the insured's death.
The Spheron Landing page is coded with React. There will be a roadmap life simulator that captures 4 basic areas of information as well as a real time widget giving insight to the live liquidity pool.
The Dapp is accessed through Metamask and KYC managed through Transak. Staking is done through Pinato into the risk pool, and, once the Actuary has engaged the client and agreed to the contract, further kyc (dummy data for MVP) will be securely managed by Oasis on IPFS.
The Oracle, Redstone, will match the kyc data through the custom api linked to all countries death records department.
Staking will go into the liquidity pool, risk is managed by Appwine and beneficiary payments streamed by Superfluid.
- Defi Assurance
- KYC
- Risk Pool
- Liquidity Pool
- Oracle
- Marketplace
- DAO
You can check a live demo on (https://showcase.ethglobal.com/hackmoney2022/once-w12m9)
- Privacy setup: Looking for building in Secret Network
- DAO: Development of Once DAO
- Risk pools: Development of risk pools for insurance automated investment
