Mutual DAO System (MDS) is the first global mutual aid system based on blockchain & smart contract, which also leverage DAO (Decentralized Autonomous Organization). It combines the traditional mutual insurance model with blockchain and smart contract which provide a low operation cost and guarantee of compensation for risks.
The investment institutions of MDS include well-known blockchain VCs such as Fenbushi Capital, Danhua Capital, Fundamental Labs and etc.
We gratefully thank all the community friends and MDS fans that the project could not go far without your support and trust. MDS project focuses on long-term development, and our community will always follow the principle of fairness and transparency. We biweekly release our project updates in form of the following progress journal:
MDS DeFi Insurance Contract
MutualDAO listed on snapshot, all MDS holder and vote the proposals there
Snapshot is a off-chain, gasless, multi-governance community polling dashboard used by many DeFi projects.
Blockchain Insurance Trends
In May 2021, the crypto world experienced a major upheaval. In addition to the price collapse in the secondary market, the on-chain ecosystem also witnessed frequent security incidents. At least 13 hacker attacks occurred in the DeFi market, which resulted in the loss of $270 million, more than all the assets lost in the DeFi security incidents in 2020. Moreover, these attacks are mostly focused on the BSC. After the turmoil, more and more owners of crypto digital assets are realizing the importance of risk management. Therefore, in some ways, it is also a good development opportunity for decentralized insurance programs. On 5th May, the Nsure Network, a decentralized insurance project, launched a proposal to connect to Polygon Ecology. Users will be able to buy Nsure Network insurance, mine, and stake NSURE on the Polygon Network. Another decentralized InsurAce insurance project in April this year launched on Ethereum, open cross-chain insurance version 1.0 in May, has been based on the Ethereum version for several other projects on the chain with smart insurance contract, in June it officially launched its cross-chain token bridge, and listed on Binance Smart Chain (BSC), started cross-chain insurance version 2.0, where Users can transfer INSUR tokens to BSC via the bridge.
This episode we continue with the introduction of decentralized insurance programs in different country's markets. The Reciprocal Insurance Exchange was first formed in the USA in 1881, and was composed of several members to exchange insurance by agreement. The applicant of the Reciprocal Insurance Exchange is limited to members only, and members provide insurance for each other, that is, each member provides insurance for other members, and each member receives insurance provided by other members at the same time. Each member shall bear the insurance liability in the name of himself within a certain amount, within which the proportion of the insurance liability may be splitted among members. The Reciprocal Insurance Exchange is an unincorporated organization with a non-profit-making purpose. Its members may be companies or partnerships in addition to individuals. The decision-making entities of the Reciprocal Insurance Exchange is the member congress, and the daily operation is managed by an attorney-in-fact entrusted by the members. The insurance scope of Reciprocal Insurance Exchange is more in fire insurance and automobile insurance, and the insurance premium is apportionment after the event, so there is no accumulation of capital, surplus and reserve.
MDS Token Info
Total Circulating: 1,199,999,624