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Nexus Mutual offers insurance against smart contract hacks, coin depegs, custodial provider withdrawal issues, etc, and they've been operating fine for several
by xur17 5y ago
Nexus Mutual offers insurance against smart contract hacks, coin depegs, custodial provider withdrawal issues, etc, and they've been operating fine for several years. The one advantage I really appreciate is the transparency it enables over the decision making process.
There's no reason this couldn't be expanded for other use cases, including home, car, etc. It really isn't limited to just smart contract data as you suggested.
- giaour 5y agoDon't you still need the claims adjudicator to assign a dollar value to the damage to your insured asset? It's not like a smart contract can figure out how much to reimburse you after your house gets flooded w/o input from a trusted, human authority. I'm not really sure what value the smart contract is adding here.
- yunohn 5y ago> they've been operating fine for several years Well, it’s quite telling that the majority of big crypto hacks are uninsured. And they like to play tricks just like normal insurance companies (1). And the CEO got hacked like any random person would’ve (2). (1) https://thedefiant.io/badgerdao-hack-insurance-payout/ https://thedefiant.io/badgerdao-hack-insurance-payout/ (2) https://www.coindesk.com/markets/2020/12/14/ceo-of-defi-insurer-nexus-mutual-hacked-for-8m-in-nxm-tokens/ https://www.coindesk.com/markets/2020/12/14/ceo-of-defi-insu...
- lottin 5y ago> Nexus Mutual offers insurance That's just a traditional insurance company.