Day By Day has extended its incentivized testnet competition so that more people have a chance to compete. Users will be able to earn 1 NFT token and DBD tokens for risk-free testing the Underwriting module on testnet. Find out all the details in the following article.
Developing the first decentralized platform for insurance through Web3
Day By Day is developing the first decentralized platform in the world, providing insurance through Web3. The insurance industry is one of the largest in the world, but also one of the most restrictive. Being able to invest in traditional insurance companies is impossible for normal users, since the sums of money required to enter are very high. On the other hand, customers will be able to contract flexible insurance that adapts to their real needs without intermediaries.
In Day By Day, users or insurepreneur (insurance entrepreneurs) have the possibility of minting an NFT policy and becoming its holders. This is important, since in the future when someone uses this policy, the holder will receive benefits of up to 20% for what the client pays, depending on the coincidences in the risk, term and coverage configuration.
Another of the advantages offered by Day By Day is the possibility of participating in its Underwriting module, through which the policy coverage is supported. Here the rewards are greater, and liquidity can be provided to different pools, obtaining in exchange an LP called «DBD LP», which allows observing all the investment metrics. It is precisely on this module that the testnet competition that is currently being developed is based.
The Day By Day platform is made up of 3 main modules:
- Mint NFT policy: In this section you can create an NFT policy, where you will become the owner of it without risk, receiving rewards of up to 20% when someone contracts coverage in the future. You can configure it as you see fit in terms of risks, events to be covered and term of coverage.
- Underwriting: This is the module that is currently on testnet, it allows users to provide liquidity to pools to support NFT policies, and it is what “testnet competition” is based on.
- Mobile App: The Day By Day app allows you to register the items in order to insure them as soon as it is enabled. Currently, whoever pre-registers their objects receives 2 DBD tokens for each one + 2 additional DBD tokens for proofs of existence that they attach. In turn, the app provides 20 DBD tokens as a welcome gift, and is available for both iOS and Android.
About the competition, prizes and importance of participating
Currently, Day By Day has extended its testnet competition and is encouraging users to participate and test the Underwriting module for themselves. In this way, everyone competes to win incredible prizes that include 1 policy in NFT and DBD tokens.
To participate, it is enough to enter the testnet (having configured your wallet in this mode), obtain tokens and start providing liquidity to one of the available pools. The more actions are performed, the more chances of winning are obtained. For example, another of the actions that users can take, in addition to providing liquidity, is to put their «DBD LP» up for sale or buy that of other users. In this way, the interactions will increase the chances of winning the first prize.
This incentivized competition allows users to test the subscription features in the underwriting module, using goUSD faucet funds, which are free test funds and gives them risk-free testing, as well as allowing for feedback with a view to launch on mainnet.
To select the winners, Day By Day will monitor the activity of the wallets through the blockchain network, and when the competition closes, those with the most activity will be the beneficiaries.
Day By Day is planning the launch on mainet for the next few months, therefore it has decided to reward all users who participate in the competition, since the community is the most suitable to help test the platform. On the other hand, any error that is detected may be reported in the different community channels to continue strengthening the development of the platform.
How to take part
To participate in the competition, each user must:
- Get goUSD on the Algorand blockchain testnet (make sure your Algorand wallet is in the testnet settings).
- Contribute the desired amount from “faucet goUSD” and click on “Add Liquidity”.
- Sign the transactions in your wallet.
- Go to “My NFTs” to see your “DBD LP”.
- Click on sell, choose a price and 《%》 of sale to add your DBD LP to the marketplace (for now all the figures are indicative, we are only showing the functionality).
- Ready! Now that your «DBD LP» is already on the marketplace, you can buy another user’s «DBD LP» to finish testing the whole process.
- Make sure to connect your Twitter account to the #DBD account, from «My Profile» in our dApp.
- Retweet this Tweet using the «Quote Tweet» function. Add the text 《I’m a @daybydayio #insurepreneur, how about you?》 in the quoted tweet.
We will track wallet activity through the blockchain, and reward our most frequent users for the duration of this incentivized testnet campaign.
◉ May 31, 2023 – 9 a.m. (AEST)
The deadline to participate is May 31, 2023. The winners will be announced on June 1, 2023 on the official social networks. A DM will be sent to each one to deliver the rewards.
The prizes for the winners of the competition are:
- 1st Prize: 1 NFT token + 1500 DBD
- 2nd Prize: 200 DBD
- 3rd Prize: 100 DBD
- 4th to 10th Prize: 50 DBD each
Good luck to you all!
The DBD token
The DBD token allows Day By Day users to obtain benefits, such as discounts of up to 20% on NFT policies for burning DBD. On the other hand, the token operates on the Algorand and Polygon blockchain networks on which staking can be done, maintaining a multi-chain approach.
Within the Algorand network, the possibility of forming «Liquidity Farming» on the Humble platform is also available.
A number of utilities for DBD are underway and will be released in the future as the development of the platform progresses, including:
- Rewards with the token through a referral program.
- Discounts on insurance premiums when the application is enabled to hire them.
- Rewards for not registering claims when contracting coverage.
- Rewards for participating in the DAO to conform, which will be in charge of resolving controversial cases.
DBD is currently available in different CEX and DEX such as: Vestige, Tinyman, Pera Wallet, BitMart and QUICKSWAP.
For more information:
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.