Defi derivative – Pet Insurance +NFT
Insurance remains a niche market in the DeFi ecosystem. But as the insurance sector matures and institutional players come on board, insurance is likely to become one of the biggest pillars of DeFi. Recently, CoinGecko analyst Lucius Fang wrote about the DeFi insurance market, detailing the key players, how they operate, and what the market will look like in the future. Chain Catcher translated the article and made adjustments that did not affect their wishes. As the DeFi project continues to innovate, we are seeing more and more hacks and losses. Since the second half of 2019, there have been 21 publicly reported DeFi security incidents, causing more than $165 million in damage. If the field only welcomes those who can afford the high risk, DeFi’s progress will stall, and having insurance is the key to attracting more users.
The Rise of Blockchain + Insurance
Blockchain is a new technology that has quickly become a fixed asset in the financial services industry due to its potential in disintermediation and improved data coordination. The pet insurance industry has a well-deserved reputation for conservatism. The insurance industry is “able to benefit from blockchain technology,” which can help deliver key digital opportunities that reduce costs, increase efficiency, enhance customer experience, and improve data quality, collection, and analysis. Through innovation, insurance companies can expand market share, gain competitive advantage and create a comprehensive approach to higher quality services.
MAI Protect Your Pets
MAI gets better protection for our furry friends through pet insurance with blockchain technology, a more sophisticated participation that can be shared between different insurance companies and pet owners. MA Insurance Agreement sees the pain points and needs of the market and aims to provide advanced and complete solutions using blockchain +DeFi+NFT technology. Taking advantage of these new technologies, MAI will reconstruct the traditional centralized insurance business model to build a new insurance financial ecology. Insurance services will serve users with a better return on investment ratio, higher efficiency, simpler and more transparent relationships, a lower threshold of trust, and lower prices.
MAI Pet Insurance Logic
After purchasing pet insurance, the user will get NFT. If there is an accident, the smart contract will automatically execute the compensation after being judged by the oracle. If not be or get out of danger, premium users become the deposit money, have been involved in Vault pool continues to generate revenue, in addition to the 100% can retrieve the principal at the maturity. The user can also get money each month revenue equivalence algorithm stable currency MAI. MAI can be either in the pet shop converted into pet food and other pet service consumption, and can also directly sell in the secondary market.
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