Anyone and everyone can participate in Bridge Mutual’s platform. To purchase a cover, you need to:
- Choose an asset.
- Set the number of days and the amount of coverage required.
Once you have set these fields, the Bridge system will generate a quoted fee called ‘premium’. To proceed with the cover, you have to pay the quoted amount using BMI, USDT, DOT, or ETH. Bridge does not require KYC details to buy insurance covers.
Moreover, to submit your insurance claim you have to submit appropriate information and evidence on the Bridge Mutual’s platform. Stablecoin claims are automatically and immediately processed. On the contrary, smart contract and exchange coverage claims go through a multi-phase voting process before your claim is approved and settled.
BMI token holders vote on your claim, where each token counts for a vote. This voting mechanism is a three-phase process with incentive and punitive measures in place to maintain the integrity of the process. The users who vote in the majority are rewarded with BMI tokens, while the users who vote in the minority will have their BMI stake burned depending on the discrepancy. Also, for close voting calls (for example, 55% to 45%), the minority voters won’t be punished.
Furthermore, you have the right to appeal if your claim is not approved. In this case, your claim will be handled by ‘Trusted Voters.’
You can earn BMI tokens by:
- Proving convergence to stablecoins
- Staking BMI tokens
- Honestly voting on claims.
You can buy BMI tokens on Uniswap, 1inchExchnange, and other popular exchanges. BMI tokens are currently priced above $2 per unit.