The platform based in Australia Day By Day, which is revolutionizing the insurance industry through blockchain, owns its own token called DBD. This token can be used for a wide range of cases, which we will describe in this article, and we will analyze its tokenomy.
Current use cases for the DBD token
The DBD token has a real utility, since it has not been conceived as a mere speculative asset, but rather, it finds its foundation within the same project to revolutionize the insurance industry. The platform maintains constant development to provide quality services through blockchain, reaching people who are excluded from traditional insurance thanks to new technologies.
Currently, users have the possibility to acquire DBD tokens by registering their assets within the mobile application. Something that is very encouraging for all those people who want to join the insurance revolution through the Day By Day blockchain and be rewarded for it. In this sense, you will be able to obtain 2 DBD for each registered good and 2 extra DBD for each proof of existence for said items.
An innovative approach that Day By Day is adopting is to apply the multi-chain concept in its platform, achieving access from multiple blockchains to its services. In this way, the pillars are established towards an interoperable future, where users will be able to operate Day By Day from the Polygon or Algorand networks. This is how users can hold or stake on these blockchains and receive DBD tokens for it.
The road does not stop there and users can obtain or swap the DBD token in recognized CEX and DEX. Within this extensive catalog, with a view to expanding it in the future, we currently find platforms such as Vestige, Tinyman, Pera Wallet, BitMart and QUICKSWAP, in which you can already operate with DBD. Thanks to the fact that the DBD token operates on the powerful networks of Algorand and Polygon, in the future this list will increase.
Another possibility that users have through the DBD token is to provide liquidity to pools. Within this direction, Day By Day is working to expand its capacities according to the levels of its development. Currently, the possibility of forming «Liquidity Farming» is already available on the Humble platform and through the Algorand network.
One of the key modules within Day By Day is the NFT policy minting, where users can become true policy creators to get rewards as soon as the insurance platform is enabled. This is where the DBD token gives users the possibility of «burning» it in exchange for obtaining up to 20% discount on the NFT minting of said policies. Undoubtedly, this is an opportunity to obtain an extra benefit in the formation of the platform.
What’s Next: exciting use cases coming for the DBD token
Thanks to the real utility with which the DBD token has been designed within the Day By Day platform, a series of exciting use cases are underway that will be seeing the light very soon within the Algorand and Polygon networks. One of them consists of the launch of the «referral program», in which users will receive DBD for each person they mention when entering the platform. In this way, Day By Day will reward all those who recommend the use of its services.
In turn, Day By Day is planning the launch, within the Algorand network, of the rewards program in DBD tokens, for those who provide liquidity to the pools through the «Underwriting» module to support policies. In this way, those who decide to use this option will be able to obtain additional tokens that will be added to their established rewards.
On the other hand, the DBD token will provide its holders with the possibility of receiving discounts on insurance premium, both in the Algorand and Polygon networks. In this way, DBD holders will receive a reduction in the final price that they will pay for contracting a certain coverage.
But the benefits of the DBD token do not end there, since Day By Day will also reward users who have taken out insurance policies and do not register claims with their tokens. In this way, those who do not have claims against their contracted coverage will be able to enjoy this benefit, obtaining DBD as a reward.
In turn, Day By Day will launch a DAO that will be responsible for making decisions in the face of controversial claims, deciding whether or not a certain compensation is appropriate. The users that make up the DAO will receive rewards in DBD tokens for their participation, advice and evaluation of each case in which they intervene. This is a way to democratize claims and reward those who get involved in their resolution.
DBD Tokens: Tokenomics and NFTs
The DBD token has an interesting tokenonomy, given its multi-chain interoperable approach. For this reason, it has been decided to advance on different blockchains, generating a successful distribution that guarantees its security, consolidating sufficient reserves for the health and transparency of the token. This is how DBD owns 800 million minted tokens on the Ethereum network, distributing 10 million to the Algorand network and 11 million to Polygon through bridges.
Of the total amount of DBD tokens, a correct and transparent allocation has been made for the certain operational areas. This is how 75 million are destined for staking rewards, 30 million for the initial investors of Day By Day, 30 million for community construction, in turn, 20 million for the team and technical advisors.
On the other hand, since Day By Day plans to extend to all regions of the world, it keeps the tokens to be distributed by each region blocked with a view to its expansion. This distribution will start with 25 million for Australia, then continue with 260 million for Asia, 190 million for America, 120 million for Europe and finally 50 million for Africa.
Day By Day has managed to give NFTs a real use case through its platform, tokenizing insurance policies. This is how, through blockchain technology, they are revolutionizing the industry and reaching the masses, with greater flexibility when it comes to taking out insurance. On the other hand, thanks to the platform, people can actively participate in procedures that were previously reserved for traditional insurance companies, and receive rewards for it.
Currently, users can mint their NFT policies and become insurance creators for electronics, works of art, tools, jewelry, furniture or accessories; and a wide range of coverage including travel, life and health insurance will be launched in the future. Thanks to this approach, the expansion towards blockchain insurance will be borderless.
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.
Insurance entrepreneurs 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, providing value and security to customers.
For more information, visit: https://daybyday.io/
Aviso de responsabilidad:
Este artículo no contiene consejos financieros, ni recomendaciones de inversión de ningún tipo. La información brindada se ofrece sólo con fines educativos y didácticos en cuanto a tecnología Web3 y análisis sobre sus casos de uso.
Las inversiones con criptomonedas, NFTs, tokens u otros activos digitales conllevan riesgos y no se encuentran regulados, por lo que los lectores deben realizar su propia investigación antes de tomar cualquier tipo de decisión bajo su entera responsabilidad, así como adaptarse y observar las diferentes regulaciones legales según su país de residencia.