Introduction

We are a bunch of students from Istanbul, Turkey. Istanbul is an amazing city with its unique foods, people and culture. However, it has a major problem: Earthquake.

This was the entry point for our project. We are living in a concrete jungle and earthquakes are a part of it. In order to save ourselves from material effects of the earthquakes, we need social and financial coordinations that do more than traditional insurance companies.

From this point of view, we introduced our “Multi-Collateralized Earthquake Insurance Ecosystem”. This ecosystem includes two main concepts: Deed NFTs and Risk Pools.

Deed NFT

We moved traditional ownership documents to blockchain and created a new concept between Soul-Bound tokens and NFTs. These DeedNFTs have a multi-signature transfer function that requires both owner and receiver parties. On-chain metadata helps us to store risk-point and market value of the house determined by government.

Risk Pools

Our Risk Pools are divided into multiple risk point intervals. Eligible NFTs can enter the suitable pool by paying the entrance fee. At the end of the day, we will have a pool that contains some big amounts of money and houses.

From now on, communities will be insured themselves thanks to these pools. In addition, individual investors and insurance companies can buy a fraction of these pools.

• Every risk pool has some over-collateral ratio determined by the risk interval and it increases linearly over time.
• If an investor wants to buy the pool completely, the investor has to lock an over-collateralized amount in the contract and receive a pool-specific token representing its share.
• At the end of the insurance period, the investor withdraws all the money left in the contract.
• So that pool will be more valuable, and houses will be eligible for money to claim.

Trustability of The Protocol

Users should move on some steps to create a claim request.

1. House owner calls create claim request function.
2. This function calls Earthquake oracle we implemented to ensure there was at least one earthquake near the house lately.
3. After oracle approves, we notify inspectors(*) to inspect the request.
4. Inspectors vote for damage and generate a result for the house; ELIGIBLE or NOT ELIGIBLE.
5. At the end of the voting period, the minority of the inspectors gets slashed, and the majority gets rewarded.

* The protocol will have KYC'd inspectors that stake DINS token to our staking contract. According to their responses, they can be slashed or rewarded. In the future, this staking contract can create a PoS like mechanism and use ZK in votings.

Hackathon

We are happy to work for our bright solarpunk future and compete in all tracks!

Built With

• chainlink
• express.js
• hardhat
• node-json-db
• node.js
• openzeppelin
• react
• solidity