CSP DAO Project Review: Nayms

Nayms is the world’s first, fully regulated marketplace for on-chain insurance. It’s a platform that houses a digital space for the creation of insurance programs, the raising and trading of capital, the writing of risk, and the payment rails for premium and claim transactions.

At Nayms, marketplace users such as digitally native brokers, new-age carriers and investors, are the product. The new technology is specifically designed for the new wave of insurance pioneers, who need the back-end infrastructure capable of conducting truly digital insurance with the market, for the benefit of coverholders. It utilizes fully audited smart contracts to enable insurance participants to begin replacing exhausting administrative processes and unnecessary human intervention with the transparency and trustless nature of smart contract code.

With the backing of leading partners, investors, advisors and the seasoned team, Nayms promises to provide brokers with a tradable, transparent, traceable and trusted insurance contract for the emerging risk category of digital assets.

TECHNICAL INNOVATION (NAYMS OF BERMUDA)

Nayms is designed as a Segregated Accounts Company (SAC). This allows the insurance partners to deploy a Segregated Account or ‘protected cell’ which constitutes a smart contract that connects assets and liabilities and differentiates a user’s business from other activity on the network. The platform also holds both a Digital Asset Business License (DABA Class F) and Innovative General Business Insurance License (IIGB) allowing insurance participants globally to conduct on-chain insurance business in a digital asset and insurance compliant way. The insurance company now has a fully regulated bridge to over $1tn of alternative capital.

In the case when the insurer or ‘sponsor’ raises capital from investors to collateralise the segregated account, investors receive participation tokens (ERC-20) as proof of ownership over capital in the pool. This regulates account ownership, proof of liability and ensures legal rights are transferred during a trade through Nayms matching market.

To write risk, brokers are given access to a builder where they input all the parameters of an insurance policy. They present the various participants, attach any insurance disclosures and off-chain documentation and set pricing figures. After being approved by the requested ‘sponsor’ managing the segregated account, the policy is then hashed against that pool of capital.

KEY FEATURES

Nayms smart contracts code the rules of how insurance is placed, traded, reported, claimed and settled.

TOKENOMICS

Nayms platform’s native token is known as NAYM. This token encourages correct behaviour and aligns incentives among supply and demand-side participants in the network. As such, it allows holders to share in the positive performance of the marketplace through staking and can engage in governance of the Nayms Discretionary Fund (NDF).

The NDF acts as a council for redress and as a backstop to the marketplace. It exists on a smart contract that will hold different cryptocurrencies. The first capitalisation of the NDF derives from the distribution of a set amount of the total supply of NAYM at the time of the token generation event. The NDF connects a sub-fund which only holds NAYM. This sub-fund will provide rewards to key marketplace users.

NAYM is specifically designed to encourage the active involvement of users and stakers; promotes value into a discretionary fund to uphold fairness, reputation, and efficiency of the marketplace; and allocates surplus to reward capital providers.

ROADMAP

TEAM MEMBERS

Nayms has onboarded members with years of experience in technology, insurance, capital markets, regulation, law and enterprise, to build the future insurance marketplace.

INVESTORS

LINKS

Official Website: https://nayms.com/

Twitter: https://twitter.com/nayms

Telegram: https://t.me/+kPKTWZ_9BXYzNGM0

Discord: https://github.com/nayms

⚡️ CSP DAO Chat Room: https://t.me/CSPDAO_CHAT

🏆 CSP DAO Announcement Channel: https://t.me/joinchat/AAAAAESl56FZJlJjcyKbuw

🌎 Website: https://cspdao.network/

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