Founders: Joshua Davis and Mary Davies
Technology: Ethereum DApp
Dynamis is an Ethereum-based distributed application (DApps) providing peer-to-peer (P2P) insurance. The goal of the DApp is to create a decentralized autonomous organization (DAO) that meets policy holders’ needs in new ways and evolves with them, providing consensus mechanisms, transparency, auditability, and operating only in the interest of its policy holders.
The first service is supplementary unemployment insurance, where small business can provide severance coverage for layoffs and when the employee resigns. Each employee would have a Dynamis account, the company pays premiums into a smart contract, and if there are no claims, over time the premiums would go down. The employee later receives payouts while looking for a new job, and take the policy to the new employer.
By using s blockchain, it is ensured that severance funds actually belong to the employees and are not held by the company which could change terms.
Founder Joshua Davis put forward his concept of “Peer-to-peer Insurance on the Ethereum Blockchain” in his published whitepaper.
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