February 1st, 2022 - The Algorand Foundation today welcomes Day By Day to the Algorand ecosystem. Day By Day has been awarded a grant to support the development and building of the world’s first decentralised insurance platform for real-world assets.
Day By Day is reimagining insurance with DeFi and NFTs. This will be the first of a kind blockchain-based insurtech platform. Their successfully released Web 2 insurance asset management platform and asset registry mobile app will connect to their Web 3 insurance DAO and take insurance to a new level of trustworthiness and transparency.
Using the Algorand blockchain, Day By Day will be able to;
- Build a decentralised insurance platform
- Build a NFT Policy Manufacturing platform
- Facilitate claims using smart contracts
- Use ALGO/DBD tokens to pay for insurance premiums and claims
- Raise and stake funds on Algo DeFi platforms and
- Integrate an Algorand Wallet into the current mobile app
The Day By Day DAO platform will consist of an insurance marketplace which will connect insurers and buyers to insure real world assets using NFTs (for policies and assets), while investors will have the opportunity to take advantage of DeFi type investing.
The Day By Day platform is supported and driven by the DBD Token which will be used for:
- Decentralised insurance transactions (premium payments, claim payments)
- Powering the Insurance DAO (governance)
- Resolving premium accuracy
- Income for investors via DAO staking and claims pool liquidity investing
- Insurer and investor risk management
- Rewards for the community
The Algorand grant will fund the development of the Day By Day DAO, starting with the NFT Policy manufacturing platform. As we work through our development roadmap to complete the Day By Day platform, we will embed ourselves deep into the Algorand ecosystem. We are looking to partner with existing Algorand built solutions and develop our own for others to use.
Day By Day founder and CEO, Bill Angelidis says, “The team and I are thrilled to be building on Algorand and look forward to immersing ourselves in the Algorand Community. Our grant not only enables us to build out Day By Day, but to be a special part of building out Algorand globally. There’s great excitement but also great responsibility that comes with being the first of a kind, which I think is why Algorand and Day By Day will work so well together.”
“We’re excited to welcome Day By Day to the Algorand Ecosystem through our grant program. Our grant support for Day To Day will bring a decentralised insurance platform to Algorand, securing user data and making insurance processes simpler and more transparent for all stakeholders whether they be insurers, brokers, business clients or individuals. This is a very exciting blockchain use case which will afford users the ability to manage their business and personal assets.” - Addie Wagenkneckt, Algorand Foundation
For more information on Day By Day please visit https://daybyday.io and follow them on Twitter, Facebook and LinkedIn.
If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.