Day By Day is a decentralized Web3 platform that uses blockchain technology to provide protection to users. The platform is designed to be more transparent and efficient than traditional companies, and offers a variety of features not available from conventional protections. In this article we tell you how the platform works and who can participate.
Differences with traditional companies
One of the key features of Day By Day is that it is a decentralized platform without intermediaries. This means that users can protection each other directly, without the need for a third-party company, through self-created NFTs. This can lead to lower premiums, since there are no overhead costs associated with traditional companies, such as administrative fees.
Another key feature of Day By Day is that it is a transparent platform. All the data of the platform is stored in the blockchain, currently operating with the Algorand and Polygon networks, maintaining a multi-chain approach.
Day By Day will also offer a variety of features not available from traditional companies. For example, the platform will allow users to protect their assets in real time. This means that users can obtain protection for their assets immediately.
Who can issue NFTs and subscribe to liquidity pools through Underwriting?
Day By Day is a new and innovative platform that has the potential to revolutionize the protection industry.
Participate generating NFTs
The platform is made up of different modules that are responsible for providing the functionalities. One of the central axes is the minting of NFTs, creating them with the risk categories, protection and terms that they decide to offer to users. In this way, they will be able to obtain up to 20% in rewards each time someone uses them, contracting an protection that adjusts to those established parameters.
Users from anywhere in the world can participate by generating NFTs, so the geographical region in which you are does not matter. One of the advantages is that users do not run the risk of responding to protection, since this is done through the «Underwriting» module.
Participate by subscribing to liquidity pools through Underwriting
Another of the modules that is available for users from all over the world to participate in is Underwriting. Through this, platform users can subscribe to liquidity pools from all latitudes of the planet, which will be in charge of responding to claims that occur with the protection of NFTs when the application is enabled.
Unlike the minting of NFT, here it must be taken into account will fluctuate depending on:
◉ The portion you own of the LP.
◉ Total amount of money collected in the LP.
◉ Number of claims that exist.
◉ Number of NFTs that are contracted.
Day By Day will guarantee that there is always sufficient liquidity in the pools to support the number of NFT issued.
Who will be able to contract protection when the app is enabled?
Day By Day maintains a regional expansion focus with respect to its mobile app to contract Web3 protection. In the first phase of the mainet launch, planned for the end of this year, users in Australia will be the ones who will be able to make use of the service, contracting protection through Web3 technology. This will be the first region in which the platform will be enabled to make contracts.
While Australia will be the first region in the world where protection can be purchased, Day By Day will be expanding to other regions in the future.
Regional expansion plans are in place to launch later in Asia, America, Europe and Africa. As new regions become available, Day By Day will update you on availability.
Current state of development
Currently, Day By Day is available on testnet, making the necessary adjustments with a view to the full launch of the platform on mainnet at the end of the year. In this way, the development team can ensure that it adjusts the necessary parameters to offer a quality and efficient service.
As development progresses, the different modules that make up the platform will be released to mainnet, culminating in the launch of the mobile app for contracting protection.
In an effort to provide a better service and reward its active community, an «incentivized testnet» program is underway, where users are rewarded for carrying out different activities on the platform.
About Day By Day
Day By Day is decentralizing and democratizing the global asset protection industry through Web3. By leveraging emerging technologies, this pioneering platform ushers in a new era of asset protection while simultaneously providing on-demand, hyper-personalized products to safeguard real-world assets for our clients.
Through the utilization of Web3 technology, Day By Day has innovatively introduced asset protection contracts through NFTs, offering the world a compelling real-world use case through tokenization.
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