We’re excited to announce that Takadao is officially joining the Chainlink Build program. As a part of Build, we aim to accelerate ecosystem growth and long-term adoption of community-owned insurance alternatives by gaining enhanced access to Chainlink’s industry-leading oracle services and technical support, as well as incentivizing greater cryptoeconomic security, in exchange for a commitment to provide network fees and other benefits to the Chainlink community and service providers, including stakers.
Takadao has long been an active participant and believer in Chainlink. Its participation in Build furthers Takadao’s integration with Chainlink, with added benefits of priority support from the Chainlink ecosystem, increased access to dApps needing community-owned insurance alternatives, and stronger incentive alignment between the Chainlink and Takadao communities.
We’re confident that through enhanced support, secure offchain services, and the backing of Chainlink’s vibrant community, we can accelerate awareness of Takadao and realize its vision of a world where communities unite to uplift one another and financial services are democratized to all rather than monopolized by the few.
Takadao: Community-Owned Insurance Alternatives
Takadao develops technology that empowers communities to pool funds and mutually insure one another through Shariah-compliant DAOs, eliminating the need for a traditional insurance company. This is achieved through two key technologies: a risk management algorithm and decentralized payout management. Both operate on smart contracts, removing the need for a centralized entity that could mismanage funds.
By leveraging Chainlink and blockchain technology, Takadao ensures that its mutual protection DAO operates exactly as agreed upon, with computer code serving as intended. Its solution provides a transparent, reliable, and fair alternative to traditional insurance, enabling communities to take control of their financial protection with confidence.
Why We Joined Chainlink Build
Takadao joined Build to maximize the benefits of security and reliability that Chainlink’s oracle infrastructure provides. As part of Build, Takadao will receive key benefits, including access to and integration of the industry-standard Chainlink Automation, Functions, and Price Feeds to help power Takadao’s underwriting and risk management algorithm, along with its decentralized claims management process. Takadao will also gain access to new Chainlink product alpha and beta releases, among other benefits.
In exchange for these services, Takadao will make 4% of its native token supply available to Chainlink service providers, including stakers, over time. These mutually aligned incentives enable both communities to support one another.
“We’re excited to join Chainlink Build and leverage Chainlink’s industry-standard decentralized services to help enhance our underwriting and risk management algorithms as well as our decentralized claims management process. Our shared commitment to security, transparency, and community empowerment will help drive forward our vision for community-owned insurance.” — Morrad Irsane, CEO and Cofounder
About Chainlink
Chainlink is the universal platform for pioneering the future of global markets onchain. Chainlink has enabled over $12 trillion in transaction value by providing financial institutions, startups, and developers worldwide with access to real-world data, offchain computation, and secure cross-chain interoperability across any blockchain. Chainlink powers verifiable applications and high-integrity markets for banking, DeFi, global trade, gaming, and other major sectors.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link.
About Takadao
Takadao was founded in 2022 and is based in Riyadh and Singapore. Takadao builds technology that powers mutual protection DAOs as alternatives to real world insurance. Takadao’s investors include Draper Associates, Adaverse, Istari Ventures and Wahed Ventures.
The first Takadao powered tDAO, The Life DAO, is a life insurance alternative that is launching to testnet in August 2024. Visit https://takadao.io to learn more and qualify for community airdrops.
We envision a world where communities work together to uplift each other, where financial services are no longer exclusively owned by banks and insurance companies, and where billions are no longer excluded.
We’ve been using Chainlink technology for a while now and when we were given the opportunity, we were excited to be able to tap into Chainlink’s technological knowhow, industry position and community through the BUILD program
We use Chainlink to power several aspects of our underwriting and risk management algorithm, along with our decentralized claims management process. We use Chainlink to provide off-chain data to our smart contracts, use the price Oracles as well as the randomness function for claims.
