Business
Nexus Mutual provides an alternative decentralized insurance solution for Ethereum. The protocol is built on the public chain and operates under a discretionary mutual structure meaning it is owned wholly by its members. It allows anyone to become a member and buy cover, and the model encourages engagement as members receive incentives for participating in Risk Assessment, Claims Assessment and Governance. At present the product offered is cover to protect against hacks in smart contract code. When Nexus Mutual is alerted to a claim, members will also be asked to vote on whether to pay out on that claim or not. Hugh Karp, the CEO and Founder of Nexus Mutual, has combined his insurance industry knowledge with his passion for decentralized technology to build this platform which is replacing the traditional insurance setup. They are currently looking into expanding to offer more insurance products and we are excited to see where they go next.Topics covered in this episode:Hugh’s background in insurance and how he moved into the blockchain spaceWhat drove Hugh to build this decentralized platformMutual insurance and the regulations involvedThe scaling problem in mutual companiesThe benefits this type of insurance can bring to the DeFi worldThe claim assessment processThe native token, NXMHow Nexus tackle price discoveryHow does Nexus manage correlation risksHow much has been contributed to the pool so farMutual vs other models of insurance on the DeFi spaceThe legalities behind NexusWhere they are looking to expand and what the next 12 months look likeEpisode links: Nexus Mutual WebsiteThe White PaperNexus Mutual Use CasesNexus Mutual DiscordNexus Mutual TwitterHugh Karp TwitterThis episode is hosted by Brian Fabian Crain & Sunny Aggarwal. Show notes and listening options: epicenter.tv/345