First of all, it must be said that thanks to the suggestions of the APIs provided by the organizers, we were oriented on what applications we would build. Beside that, after seeing the weather api we came up with ideas and decided to build a decentralized application related to the weather. We have proposed a few ideas before making a final decision to build Evi - The decentralized application that provides insurance packages for events in case of unexpected weather
What it does
Evi provides users with insurance packages for upcoming user events. Thanks to the weather api and smart contract, users will have complete peace of mind to buy these insurance packages. They will be compensated if their events encounter weather events that affect the schedule. Insurance packages will be purchased at least 10 days in advance, there are corresponding packages for users to choose, the packages will have the corresponding price and compensation, the purchase price will be converted to eth at the time and when compensation does as well.In the context of this competition, our Dapp will evaluate compensation levels based on rainfall as well as rain duration. And the reason why we only use rainfall will be explained in the following sections
Each insurance package will have its own formula for calculating compensation.
How I built it
We use the vuejs framework to build the user interface, integrate web3 so that we can easily interact with smart contracts. The heart of the application lies entirely in the smart contracts. We build smart contracts for each insurance contract of users, in smart contracts use Chainlink Oracle to be able to communicate off the chain about weather data to be able to make the most objective assessment of compensation for each insurance contract
Challenges I ran into
First of all, when it comes to time, we know Honeycomp hackathon when the event has only about 14 days left. During this time we have to quickly come up with ideas and complete a product that can run well. We had to choose to remove some features such as compensation through damage assessment based on natural disasters, ... In order to make the application run completely, we decided to only rely on the Rainfall API.
Accomplishments that I'm proud of
We have built the Dapp to run relatively stable.
What I learned
- Gain more knowledge on insurance
- Code writing skills combined with Chainlink and smart contract
What's next for Evi
In the future, we intend to add some features :
- Users can be more customizable on their insurance policies
- Recalculating insurance packages as well as developing a compensation formula for users. Based on the weather forecast api, we can build an additional assessment of compensation rates for the days selected by the user to buy insurance because of the early forecast