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Dashboard
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Buy coverage
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AI agents dashboard
Inspiration
Insurance is a necessity, but it comes with its drawbacks—it can be expensive, confusing, and exclusive. Our solution aims to create a system that is transparent and accessible to all. With the growing Bitcoin ecosystem, decentralized finance (DeFi) platforms will increasingly require insurance. Moreover, insurers are often hesitant to provide coverage in certain regions, presenting an opportunity for blockchain-based insurance to fill this gap.
What it does
DeIns Mutual is a decentralized mutual insurance-like product. Our goal is to offer permissionless insurance coverage for on-chain events on with settlements on Bitcoin. Given that Bitcoin is becoming the standard for settlements it becomes a great platform to manage insurance.
How we built it
The application consists of the following parts:
- backend
- Smart Contracts written in Clarity
- dashboard interface, which interacts with both the backend service and the blockchain with @stacks/connect and the Hiro API
Challenges we ran into
Learning Clarity was both enjoyable and challenging. Given a lot of new libraries which was hard to figure out which one to use at first. The API documentation was hard to understand and was missing concrete examples.
Accomplishments that we're proud of
We manage to implement major component planned functionalities.
Wrote a comprehensive testing suite.
What we learned
Learned a lot about Clarity, Clarinet and the whole Stacks ecosystem.
What's next for DeIns Mutual
Our plans for the future are:
- Create a decentralize oracle to interact with off-chain entity e.g. for life insurance an oracle to generate proof that a person has passed away, etc.
- Generate a more robust AMM.
- Use Ordinals to secure the financial transaction and make it transferrable e.g. property insurance.
- Implement AI agents into the actuarial workflow.
Use of Technology
We utilized Clarity to develop smart contracts and the Xverse wallet for interacting with deployed smart contracts. Additionally used the Hiro API to call read-only methods.
Functionality
All major functionalities in the smart contract are operational and have been tested. However, the claim and voting functionalities are yet to be implemented in the frontend of the application.
Security
Security was a high concern, and tried to protect the application against unauthorized actions. However, some functionalities may have vulnerabilities due to the limited development time.
User Experience
The application is easy to use thanks to a simple frontend.
Feasibility
With sufficient effort, the application can be transformed into a production-ready product.
Potential Impact
As Bitcoin gains widespread acceptance, this application has the potential to serve as a practical solution, catering not only to on-chain insurance needs but also extending its utility to off-chain scenarios.
Countries embracing Bitcoin may also seek comprehensive financial solutions beyond cryptocurrency, encompassing traditional financial services and systems.
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