Dynamis Creating Ethereum-Based DAO for Distributed P2P Insurance
Dynamis is a Ethereum-based decentralized application (DApp) being developed for provision of peer-to-peer (P2P) insurance. The developer of the DApp hopes to create a decentralized autonomous organization (DAO) that meets policy holders’ needs in new ways and evolves with them, providing consensus mechanisms, transparency, auditability, and operating only in the interest of its policy holders.
The first service is supplementary unemployment insurance, with which small business can provide severance coverage for layoffs and when the employee resigns. Each employee would have a Dynamis account, the company pays premiums into a smart contract, and if there are no claims, over time the premiums would go down. The employee later receives payouts while looking for a new job, and take the policy to the new employer.