Hugh Karp: Nexus Mutual – The Decentralized Insurance for Ethereum
Nexus Mutual provides an alternative decentralized insurance solution for Ethereum. The protocol is built on the public chain and operates under a discretionary mutual structure meaning it is owned wholly by its members. It allows anyone to become a member and buy cover, and the model encourages engagement as members receive incentives for participating in Risk Assessment, Claims Assessment and Governance. At present the product offered is cover to protect against hacks in smart contract code. When Nexus Mutual is alerted to a claim, members will also be asked to vote on whether to pay out on that claim or not.
Hugh Karp, the CEO and Founder of Nexus Mutual, has combined his insurance industry knowledge with his passion for decentralized technology to build this platform which is replacing the traditional insurance setup. They are currently looking into expanding to offer more insurance products and we are excited to see where they go next.
Topics discussed in this episode:
Hugh’s background in insurance and how he moved into the blockchain space
What drove Hugh to build this decentralized platform
Mutual insurance and the regulations involved
The scaling problem in mutual companies
The benefits this type of insurance can bring to the DeFi world
The claim assessment process
The native token, NXM
How Nexus tackle price discovery
How does Nexus manage correlation risks
How much has been contributed to the pool so far
Mutual vs other models of insurance on the DeFi space
The legalities behind Nexus
Where they are looking to expand and what the next 12 months look like
Links mentioned in this episode:
Nexus Mutual Website: https://bit.ly/37Tq88l
The White Paper: https://bit.ly/2B05KGs
Nexus Mutual Use Cases: https://bit.ly/2CzdHmB
Nexus Mutual Discord: https://bit.ly/2Yp34eo
Nexus Mutual Twitter: https://bit.ly/2YYGfO0
Hugh Karp Twitter: https://bit.ly/3191103
This episode is hosted by Brian Fabian Crain & Sunny Aggarwal. Show notes and listening options: https://epicenter.tv/345