Ho Chi Minh City, Vietnam, December 21, 2022 /PRNewswire/ — Nami Insurance officially launched the “Conceptual Evidence” that proves the feasibility and practicality of the first cryptocurrency insurance product in Vietnam. The decentralized hedging protocol Nami Insurance uses blockchain technology to enable a decentralized insurance service, turning trading risk into the first-ever thriving opportunity.
Nami Insurance – Change risk into payback
The first of Nami Insurance’s four phases of construction will be called “Conceptual proof.” This insurance product is a member of the Nami Foundation, which will define a fully featured ecosystem of decentralized financial products following previously successful initiatives such as Nami Futures and Nami Exchange.
Nami Insurance was invented at a time when the global economic and financial landscape can be summed up under the acronym VUCA, which stands for volatility, uncertainty, complexity and ambiguity. Despite the collapse of many institutions that has caused many investors to become disengaged, there is still plenty of room in this market. Corresponding TripleAin 2022, global crypto ownership is estimated to average 4.2%, with over 320 million users worldwide.
The Nami Foundation, formerly known as Nami Corp., was established in 2017 Singapore and is currently experiencing market volatility. The company has developed innovative products in the blockchain sector while maintaining a philosophy of fairness and equality, with a community focus and aiming to support investors in a challenging market phase.
After many years of running the organization and experiencing market volatility, the CEO of Nami Foundation – Mr. Giap Van Dai understands that “Adaptability, flexibility, decentralization and transparency” are some of the most important qualities for an organization to survive and thrive in the current state of VUCA. That’s why he introduced the term DAFi (Decentralized & Adaptive Finance) and turned it into the endowment for the Nami Foundation.
Nami Insurance is the result of the research and innovation efforts of the Vietnamese development team, which transformed the traditional investment hedge protocol into a global blockchain with promising prospects for idea generation aiming at fairness and equality for all investors.
How does the Nami insurance work?
Nami Insurance allows users to choose the type of asset to be insured, the insurance margin in accordance with the value to be protected, and the insurance period. In return, users receive a coverage payout when the price of the asset reaches a pre-determined threshold.
As a decentralized product, Nami Insurance’s procedures are fully transparent and optimally executed. Users can easily track and clearly understand the cash flow and payment capacity through on-chain data of each smart contract. Each index is displayed in real-time on the main interface of the website namiversicherung.io
The entire system runs through a closed procedure with insurance pools Margin Pool and Claim Poolcreated accordingly by public Smart Contract. Each pool plays a crucial role in the continuous cycle.
In the “Conceptual proof,” Nami Insurance has included Multi-Chain in the top 5 most popular decentralized cryptocurrency wallets, turning user risk into profit by applying an insurance mechanism to two main trades: spot and futureswhich have more than 100 constantly updated listed assets.
How does Nami Insurance protect its users?
Nami Insurance does not control assets (Non-Custodial) and always aims to protect the value of users’ assets. The system automatically blocks the corresponding margin and insurance claims in the “Smart Contract” for each concluded contract. Upon expiry of the contract terms, users are guaranteed to receive all assets as the data recorded in the smart contract.
To further ensure the pools are always able to pay legitimate contracts, the Nami Foundation has provided the funding for Nami Insurance and related ecosystem products. Nami Insurance Fund and Nami Foundation Fund are the identities of this fund.
Nami Insurance – Change risk into payback
Nami insurance is a decentralized hedging protocol which applies blockchain technology to provide a reliable and transparent decentralized insurance service and minimize the risk of user depreciation in the event of sharp price fluctuations in the market.
Website: Namiinsurance.io
White paper: Nami insurance
Facebook community: Nami insurance community
Telegram: Nami Insurance Vietnam
Twitter: @Nami_insurance
About the Nami Foundation
The Nami Foundation is a pioneer in the cryptocurrency and blockchain industry in Vietnam, which focuses on empowering and building financial services on blockchain. Our mission is to promote, build and strengthen blockchain financial services with the operating philosophy of fairness and equality, aiming at not only creating a community for the investors, but also establishing their financial independence.
Website: nami.foundation
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SOURCE Nami Insurance
