OxyMutual
Decentralized insurance with the integration of government
Created on 5th August 2022
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OxyMutual
Decentralized insurance with the integration of government
The problem OxyMutual solves
POA Consensus overtaking centralized power
The decision of the claim is validated by the validator by seizing the centralized power from the insurance company.
Integration with the Government (Validators)
The Validators are especially from the government sector, such as the Police Department, Government Insurance Association, Lawyers, Local Government Representatives, Government Banking, and more, which create
transparency
andtrust
in the public.Government participants' increase in investing in the governmental national projects
OxyMutual invests in government national projects which prevent the outgoing of national currency.
Decentralized Agreement
OxyMutual uses
Open Law
to create an agreement that is signed by both parties if they agree.Payment is done by mathematical algorithms
If all necessary claims are met
ChainLink Keeper
fires up and all the required amount is deposited into the client's wallet.Pirvacy
Data is stored in a private blockchain using
HyperLegder Besu
keeping account of clients' privacy.Challenges we ran into
Deployment to the Hyperledger Besu
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Installing Besu is a bit intimidating, especially for Linux OS.
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Setting up the IBFT 2.0 POA consensus mechanism is a bit challenging as we need to keep on navigating from one directory to another for proper running of the node.
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Deployment to the Besu blockchain. We need to read the whole documentation.
Getting Over the Besu Hurdle
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Documentation was our way to go.
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After that, we need to google the issues we ran into while setting up the validators.
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Also had to google the truffle configuration for the Besu network.
Polling Error in JavaScript
- While deploying to the testnet, we ran into this error.
Getting Over the Polling Error
- We had to google a lot, and Stackoverflow and Stack Exchange helped us a lot to mitigate the issue.
Merge conflict in Github
- Members were all working in parallel, and they were pushing the changes to Github. So due to that, we ran into a merge error.
Getting over the merge conflict
- We read a medium blog post on mitigating the error and it quickly solved the error. That was a helpful post.
ABI integration in the frontend
- Getting the ABI and the address of the smart contract was a bit intimidating for us.
Getting over the ABI integration
- We had to Google a lot, read a Medium post, and watch a couple of YouTube videos to finally fix the error.
Working in a time-constrained environment
- When time is allocated to a thing, humans will already feel the pressure. So we're worried that we might not complete the project on time, especially when we encounter errors.
Mitigating time constraints
- Friend encouragement was a huge help. We encourage one another, motivate one another, and plan everything to work in our favor.
Body pain while developing
- Had to sit on a chair for longer periods to build the project, causing body sores.
Mitigating body pain
- Had to do an exercise to keep my body and mind active.
