DeFi based life insurance with leveraged Aave crypto-asset depositors as reinsurers earning stable interest.
This project is about bringing the DeFi ecosystem into the Life Insurance and Fixed Income markets. Millions of people globally have invested in cryptos, coins, tokens and other entities. This is parked capital that has been moved from everyday life sitting in wallets unless they're being traded. Aave brings to the crypto ecosystem a process of convertibility back to cash without having to sell the assets. It is pretty much like refinancing on a real-estate asset say like one's home. ShuttleX.Finance wants to extend this further by securitizing the insurance risk into bonds. It can be dangerous to the financial system if these leverage funds were invested and lost in the stock or crypto markets. Fixed Income, bonds, is actually a safer investment vehicle. The rates of interest might be lower than say ICO type rates of return but there is less risk and one can sleep more soundly.
How it's made
For this hackathon I spent the first week learning Solidity and getting deeper into Ethereum. Since this idea only came to mind on the first day of the hackathon, I spent most of the second week conceptualizing what it could be like and designing. First moments and first day team members faded away and a third bailed at the end of week two. I imagine people are just busy. Grand plans had to be shelved for post-hackathon development cycles. So the idea was to go top-down in terms of development and so I developed a react app to bring that to life. I wrote some smart contracts for testing basic ideas but more time was given to system design as this is pretty complex and not totally possible under the circumstances.