Drew Patel is Co-Founder at Risk Harbor. Formerly, CEO at Pollinate Delivery, Portfolio Management Associate Intern at 8 Decimal Capital, Chief Technology Officer at onfocoin.
When a governance process decides whether a claim is legitimate or not, they tend to lean towards the claim not being legitimate because they don’t want to pay their money. Why can’t we have the rules on-chain, stating that if certain events occur, there’s a payout? On one side of the marketplace are protection buyers, and on the other are underwriters that are basically saying, ‘Hey, I’m willing to bet that this event doesn’t occur’. Underwriters choose from a range of protocols and will have to pay out if a legitimate claim happens. But they don’t decide whether the claim is legitimate or not, the smart contracts do.14 August 2021