Quantstamp becomes our first ReportingDAO member
We are proud to share with you another exciting announcement today. Quantstamp, our leading code audit company and one of our auditors, has joined the InsureDAO community as the first ReportingDAO member. As a ReportingDAO member, they will investigate and help decide whether or not to pay out when a certain incident happens.
We will explain the ReportingDAO and our reporting process in the sections below.
ReportingDAO
What is the ReportingDAO?
As the judgment module, InsureDAO delegates the authority of insurance payments to the ReportingDAO.
The ReportingDAO consists of expert members who will be selected by the InsureDAO token holders. The ReportingDAO is intended to be neutral and expected to validate the incident case based on the fact and payment guidelines.
Moreover, token holders can collectively vote to dismiss any member of the ReportingDAO who is deemed inappropriate.
Why ReportingDAO?
We introduce ReportingDAO as our built-in oracle that determines whether or not to pay out insurance, and how much to pay out based on a set of predetermined payment guidelines.
We decided to introduce ReportingDAO to ensure the reliability of the investigation and to prevent arbitrary reporting and payment decisions by token holders.
Reporting Incentive
Reporting Members are incentivized for contributing to the ReportingDAO in the following ways:
・Reporting Fee
The reporting Fee can be divided into a base fee and a bonus fee. The bonus fee will be determined according to their commitment.
・Allegation Fee
An investigation will be initiated when the ReportingDAO accepts a request. Acceptance of the request can be forced by paying the allegation fee.
Reporting process
Step 1 & Step 2
The reporting process starts when a certain incident happens.
Anyone can request a case investigation to the ReportingDAO via the InsureDAO Forum, and the request has to be accepted within 3 days of the incident. Once the request is accepted by any member of the ReportingDAO, it will be investigated and a payment decision made based on the guidelines. Alternatively, acceptance of the request can be forced by paying the allegation fee to a specific contract address defined on the forum.
Step 3
As soon as the request is accepted, the Reporting Member will investigate the case and turn in a report with their opinion on whether to pay out and how much to pay out. Other reporting members are responsible to either express their opinion on the report or turn in another report countering the original one. Discussion among reporting members can be seen by anyone on the forum.
After reaching an agreement, members will confirm and execute the decision by on-chain voting.
The discussion has to be done within 4 days of the request approval, and the voting period is 3 days.
Step 4
Once a payment decision pertaining to the incident is approved, insurance holders can redeem their insurance. They need to claim within 7 days of execution.
Each period above will be set by token holders’ governance.
Want to become a reporting member?
We are now looking for security experts, such as a code audit company, to be reporting members.
By becoming a reporting member, you’ll earn trust from the crypto market as well as fees from reporting/assessing reports.
If you are interested in joining the ReportingDAO, please apply from the form below!
https://forms.gle/8Jwkao35kURvvmYW8
Also, you can DM us via Twitter or Discord😊
Twitter: https://twitter.com/insuredao
Discord: discord.gg/8BA5f5rurq
About InsureDAO
InsureDAO is a peer to pool insurance market protocol on Ethereum. The operation and management of the protocol are controlled by the DAO, and anyone with access to Ethereum can create, purchase, and underwrite any insurance without KYC. InsureDAO recently closed a $1M financing round.
If you are interested in learning more, check out our white paper.
