Nexus Mutual is a peer-to-peer risk sharing mutual built using smart contracts and blockchain technology. Instead of traditional insurance agreements between the insurance company and a policyholder, it’s a membership-based discretionary mutual that protects its members against hacks and pays out their claims based on communal voting. The first coverage plan offered is called smart contract cover, which provides discretionary coverage against technical risks, such as software bugs in smart contracts.
Nexus Mutual operates as a discretionary mutual, wherein members can stake against a contract to show they believe in it’s security, or purchase smart contract cover to protect themselves in the event there is a hack. The mutual is backed by a pool of capital. Any member can buy coverage, in ETH or DAI, in case of a failure.
When a claim is triggered, NXM (the token held by Nexus Mutual members) holders can vote on whether or not to pay out the claim. While payouts are not contractually guaranteed, the members are incentivized to act fairly to not only support their own member’s claims but to support the trusted reputation of the mutual so that it can both maintain and grow its membership into the future.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link
The Chainlink Labs Channel Partner strategy is intended to outline a joint approach between Chainlink Labs and select accelerators, launchpads, incubators, devshops, and software tools to promote the user adoption and growth of the web3 ecosystem. Chainlink Labs and the channel partners will collaborate to accelerate and nurture the web3 ecosystem in key areas including gameFi, NFTs, developers, and startups.
Chainlink Labs is the leading provider of secure and reliable open-source blockchain oracle solutions, enhancing smart contracts by connecting them to a wide range of off-chain data sources and computations, such as asset prices, web APIs, IoT devices, payment systems, and more. We are dedicated to the development and integration of Chainlink as the standard decentralized oracle framework used by smart contracts across any blockchain.
