In an exciting step forward in the convergence of blockchain technology and the traditional insurance industry, we have launched our underwriting module on the Algorand mainnet. This new milestone marks a fundamental change in the Web3 insurance landscape, allowing users to use DeFi by providing liquidity to back NFTs and secure passive income as other parties seek to protect their assets.
Reimagining Insurance for the digital age
Traditional insurance has been constantly evolving to adapt to the changing needs of society. However, with the advent of blockchain technology, DeFi, and digital assets such as non-fungible tokens (NFTs), a new dimension is emerging in the world of insurance.
This is how in this constantly changing world, traditional insurance solutions are being challenged and transformed by new emerging technologies. Day by Day has led this revolution by merging real world assets with tokenization and decentralization to create a single insurance platform, by combining NFTs and DeFi.
Now, with the launch of our underwriting module on the Algorand mainnet, we are ready to further drive mass adoption of this innovative form of financial protection.
Underwriting: The Bridge between Liquidity and Protection
The Day by Day underwriting module is the foundation on which our Web3 insurance ecosystem is built. This module allows users to provide liquidity in the form of cryptocurrencies to support NFTs policies. As a result, users not only contribute to the financial support of policyholders, but also have the opportunity to earn income as other parties purchase insurance.
This symbiosis between liquidity and protection is a pioneering development in the insurance industry, which allows us to use DeFi in an innovative use case.
The Jump to the Algorand mainnet
After a series of rigorous tests in our testnet environment, Day by Day is taking the bold step of bringing the underwriting module to the Algorand mainnet.
This transition marks a turning point in our journey and opens the doors to a world of opportunity for investors, policyholders, and blockchain enthusiasts alike. Known for its scalability and efficiency, Algorand’s network provides a robust environment for expansion of Day by Day services.
The USDC stablecoin is available in Algorand, to start providing liquidity with it. It has been decided to opt for this asset in principle, since by being a stable currency, users can maintain the value of their position.
Each user who provides liquidity in underwriting will own our innovative «LP» which combines features of NFTs to provide the user with investment metrics. In turn, we will enable our marketplace where it will be possible to trade these LP in order to sell their position, or buy it from other users.
An Empowered Community
The launch of the underwriting module on the Algorand mainnet not only benefits Day by Day, but also its global web community. Investors can diversify their portfolios and earn income, while policyholders get strong protection backed by blockchain technology.
This collaboration and mutual empowerment reinforces Day by Day’s vision to democratize and revolutionize the insurance industry.
A Glimpse into the Future
The launch of the underwriting module in Algorand is just the beginning of our exciting journey. We are committed to continuing to innovate and expand our Web3 insurance ecosystem, paving the way for a future where financial protection is available to everyone, backed by the security and transparency of blockchain technology.
These steps are a transformative milestone in the world of insurance. By merging liquidity and protection into a decentralized ecosystem, we are trying to pave the way for an era of more inclusive, efficient and profitable insurance.
Stay tuned to our social networks for more updates on the evolution of our launches, as we together redefine the way we think about financial security in the digital age.
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 insurepreneurs 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 give value and security to customers.
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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.