How does Day By Day work and who can participate?

Day By Day is a decentralized insurance platform that uses blockchain technology to provide coverage to users. The platform is designed to be more transparent and efficient than traditional insurance companies, and offers a variety of features not available from conventional insurers. In this article we tell you how the platform works and who can participate.

Differences with traditional insurance companies

One of the key features of Day By Day is that it is a decentralized platform without intermediaries. This means that users can insure each other directly, without the need for a third-party insurance company, through self-created NFT policies. This can lead to lower premiums, since there are no overhead costs associated with traditional insurance companies, such as administrative fees.

Another key feature of Day By Day is that it is a transparent platform. All the data of the platform is stored in the blockchain, currently operating with the Algorand and Polygon networks, maintaining a multi-chain approach. This means users can see exactly how their premiums are being used, and rest assured that their claims will be processed fairly.

Day By Day will also offer a variety of features not available from traditional insurance companies. For example, the platform will allow users to insure their assets in real time. This means that users can obtain insurance coverage for their assets immediately, without having to wait for a traditional insurance company to process their application.

Who can issue NFT policies and subscribe to liquidity pools through Underwriting?

Day By Day is a new and innovative platform that has the potential to revolutionize the insurance industry. The platform offers a number of advantages over traditional insurance companies, including lower premiums, transparency, and real-time insurance coverage.

Participate generating NFT policies

The platform is made up of different modules that are responsible for providing the functionalities. One of the central axes is the minting of NFTs Policies, through which users can be holders of their own policies, creating them with the risk categories, coverages and terms that they decide to offer to users. In this way, they will be able to obtain up to 20% in rewards each time someone uses them, contracting an insurance that adjusts to those established parameters.

Users from anywhere in the world can participate by generating NFT policies, so the geographical region in which you are does not matter. One of the advantages is that users do not run the risk of responding to coverages, since this is done through the «Underwriting» module.

Participate by subscribing to liquidity pools through Underwriting

Another of the modules that is available for users from all over the world to participate in is Underwriting. Through this, platform users can subscribe to liquidity pools from all latitudes of the planet, which will be in charge of responding to claims that occur with the coverage of NFTs policies when the application is enabled.

Unlike the minting of NFT policies, here it must be taken into account that the investment will fluctuate depending on:

◉ The portion you own of the LP.

◉ Total amount of money collected in the LP.

◉ Number of claims that exist.

◉ Number of policies that are contracted.

Day By Day will guarantee that there is always sufficient liquidity in the pools to support the number of policies issued.

Who will be able to contract insurance coverage when the app is enabled?

Day By Day maintains a regional expansion focus with respect to its mobile app to contract insurance coverage. In the first phase of the mainet launch, planned for the end of this year, users in Australia will be the ones who will be able to make use of the service, contracting coverage through Web3 technology. This will be the first region in which the platform will be enabled to make contracts.

While Australia will be the first region in the world where insurance coverage can be purchased, Day By Day will be expanding to other regions in the future.

Regional expansion plans are in place to launch later in Asia, America, Europe and Africa. As new regions become available, Day By Day will update you on availability.

Current state of development

Currently, Day By Day is available on testnet, making the necessary adjustments with a view to the full launch of the platform on mainnet at the end of the year. In this way, the development team can ensure that it adjusts the necessary parameters to offer a quality and efficient service.

As development progresses, the different modules that make up the platform will be released to mainnet, culminating in the launch of the mobile app for contracting insurance coverage.

In an effort to provide a better service and reward its active community, an «incentivized testnet» program is underway, where users are rewarded for carrying out different activities on the platform. The first phase includes a competition on the Underwriting module, and it will expand to other tests once it ends on 31/05/2023.

About Day By Day

Day By Day is decentralizing and democratizing the global insurance industry. Using emerging technologies, the first insurtech platform of its kind, enables a new era of insurance entrepreneurs to influence investment, while providing on-demand, hyper-personalized insurance products for clients.

Insurepreneurs can mint insurance policies (NFTs) that generate passive income and/or invest in underwriting pools (DeFi) to earn a return on investment.

The InsureFi industry will provide next generation insurance that is private, transparent and accurate. Built on blockchain and using AI, Day By Day removes current insurance process and administrative constraints to deliver value as well as security to customers.

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