The problem DAOInsure solves
Traditional insurance is an opaque system where you don't know how your insurance claim is being decided and that Daoinsure is trying to solve this by forming a Decentralised Autonomous Organisation for insurances where the process is completely transparent since other dao members decide if your claim should be processed based on information you've provided. DAOInsure is fully hosted (decentralised) on Fleek. Link here DAOInsure
As our first proof of concept, we've created an insurance policy for farmers but we plan to extend this concept to other insurance types as well. Crop damage is a common concern for farmers due to natural disasters such as floods and droughts.
- At DAOInsure, the members of the DAO decide whether a claim should be reimbursed or not.
- To become a member, the participant has to stream 10DAIx / month to DAOInsure.
- Superfluid for the streaming functionality so that members aren't burdened with paying premium upfront. Once a participant starts a stream, the DAO streams back $INSURE DAO tokens
- Every DAO member has a voting power based on how long they have been with DAOInsure.
- The voting power is used to decide whether a claim should be reimbursed or not.
- The members are incentivised based on the participation in the DAO, like voting.
- We use StakeDAO strategies to earn yield on the deposit.
- To provide evidence to the voters, we fetch weather data on-chain for the date of incidence using Chainlink Oracles.
- The voters can communicate with the claimer to ask for more evidence using the Chat feature powered by Textile.
- Claimers can also upload media like(incident images, videos) to support the claims which are stored to Slate.
- We are also showing real-time analytics for overall DAO such as how much funds are being streamed to the DAO by which DAO members using The Graph, indexing the Superfluid subgraph on Polygon Mumbai testnet.
Challenges we ran into
- First of all, we were bothered with the question on how DAOInsure would be earning yield to provide the claimers with the reimbursement amount more than what the claimers have contributed to the treasury. So we are still faced with the challenge of strategies using StakeDAO as the documentation is not adequate. Also StakeDAO is only available on mainnets, so we are facing challenges with testing the smart contracts.
- We created a hard fork, to use StakeDAO contracts on a alternate branch. We were able to deposit CRV(curve tokens), but we are not able to earn yield on our deposit.
- Secondly, we planned to provide notifications to the DAO members using Unmarshal, but they are also only available on the mainnet.
- We wanted to encrypt the conversations(media, chat) generated by the platform using NuCypher and upload the encrypted data on Slate. NuCypher does not have a JS SDK presently, so we plan on doing this once the NucypherJS SDK is up and running. They extend support to Ibex and Lynx Testnets and to test it on Rinkeby, we were tasked with running a local NuCypher node.
- With Chainlink External Adapters, we created Jobs on a custom GCP node and we noticed that the free tier credits were fast depleting with the hosted node service. So we asked a node operator to host the node service on the Polygon Mumbai testnet. Also the API, provides historical data(5 days prior to the present date) in the free tier. Also it gives response(precipitation in mm) in the hour format(0-23 hour indexed format). So we are working on the external adapter and looking forward to relove the issues faced with calling the Jobs on the hosted node.
- With superfluid, passing user data from the Superfluid SuperApp to the smart contract was a bit challenging, since there were multiple transctions involved in the DAOInsure Smart contracts, ie; multiple contract calls had to be made to pass data from SuperApp to DAOContract.