The worsening of health risk, together with increasing medical cost, makes mutual aid a service in great demand by everybody in the world.
The operating and trust costs of traditional insurance are still relatively high, the capital management has a centralized risk, and it is unable to provide more subdivided mutual aid needs.
Based on the tradition mutual insurance model and combine with blockchain smart contract, we think blockchain based mutual aid can make change in this space.
What it does
It is the global mutual aid smart contract on the blockchain. It combines the traditional mutual insurance model with blockchain and smart contract + DAO which provide a low operation cost and guarantee of compensation for risks.
How I built it
We built the system on EOSIO, and below is the system structure:
Detail design can be reviewed in below whitepaper:
Challenges I ran into
Blockchain-based mutual aid system is limited by the transaction cost of the public chain.
It also need to effectively reduce the operating cost and provide attractive incentives for members to acquire new users and to be involved in community governance.
Accomplishments that I'm proud of
EOSIO can solve the transaction cost of blockchain-based mutual aid system. It will effectively reduce the operating cost and the smart contract will provide attractive incentives for members to acquire new users and to be involved in community governance.
The smart contract code is open source in the repo below
Any one can leverage the code to create a new mutual aid contract
What I learned
Coding EOS Smart Contract
Coding dApp frontend
Design the DAO model for mutual aid governance
What's next for MutualDAO
With the improvement of data on the chain, Oracle could be used in mutual aid review protocol as a data dimension in the future, providing more accurate analysis and improving system efficiency.
The system is also suitable for all non-profit organizations as the token donation model and will be an important direction of the smart contract + DAO model.
We believe that the blockchain will bring more inclusive protection product to the world.