Wrapped NXM
Nexus Mutual is a decentralized alternative to insurance.
Nexus Mutual is a decentralized alternative to insurance. Its Team used blockchain technology to create a mutual model (a risk sharing pool) to return the power of insurance to the people.
The insurance industry has developed over time from a community-based model to an adversarial one where large institutions dominate. It is also inefficient in many areas leading to large frictional costs being borne by customers. Blockchain technology allows individuals to efficiently transact directly with each other and therefore enables the core insurance entity to be replaced. Nexus Mutual uses blockchain technology to bring the mutual ethos back to insurance by creating aligned incentives through smart contract code on the Ethereum blockchain. However, Nexus Mutual does not offer insurance because it is a discretionary mutual: a mutual fund that provides discretionary cover, which is an insurance-like product that involves only a discretion, not a legal obligation, to pay out on the occurrence of a material loss.
Members can buy discretionary cover products, share risk with other mutual members, stake NXM to earn a portion of premiums or to assess claims submitted by other members. They can also put forward governance proposals, vote on proposals and contribute funds to the mutual and hold NXM tokens.
wNXM is a 1-to-1 backed token that can only be generated by wrapping genuine NXM. NXM can only be traded among members, wNXM is fully tradeable but can't be used at all within the Nexus Mutual platform.
Founder: Hugh Karp
Linkedin: https://www.linkedin.com/in/hughkarp/
CTO: Roxana D.
Linkedin: https://www.linkedin.com/in/roxdanila/
Collider Ventures, 1confirmation, Blockchain Capital, Version One, Dialectic, 1kx, etc.
Total supply: 2,727,326.16
Token application:
wNXM is used to trade outside of the Nexus Mutual platform and can't be used within the Nexus Mutual platform. (while NXM is only used within the Nexus Mutual platform for purchase cover, governance, claims assessment, risk assessment.)
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