Mutual Aid Society vs Insurance
“It has long been accepted that blockchain technology is a perfect fit for the Financial industry. Now it is time to consider how the technology could benefit the Insurance industry. Maybe someday it will also take over Real Estate and completely conquer the FIRE sector of the economy.” - Dan Larimer
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Mutual Aid Society (MAS) On a Blockchain
Today Dan Larimer outlined his idea for a Mutual Aid Society (MAS) on a blockchain.
A mutual aid society (aka
Benefit Society) is a society, an organization or a voluntary association formed to provide mutual aid, benefit, for instance insurance for relief from sundry difficulties. Organizations such as this may be organized formally with charters and established customs, or may arise ad hoc to meet unique needs of a particular time and place.
“Today I would like to present my concept for a Mutual Aid Society (MAS) on a blockchain. For lack of a better name for this concept I will refer to this system as MUXER. Muxer is a social network of giving you can count on when you need it the most.”
The basic concepts of his MAS are for the Community to commit to supporting others within the society, vote on which people qualify for help, give pre-committed funds to authorized requests, request help from the society when a qualifying event happens and receive donations from the members of the society the Community has supported.
“When you join a MUXER society by helping to support their members you join a community of people who will have your back when you need it the most. It is through mutual sharing of life’s unexpected and undeserved burdens that members of a society gain peace of mind.”
A Fee Backed Asset would be created to help to support growth in the MAS by allowing the FBA to be tradeable among the Community members and allow owners of the FBA to vote on further enhancements/improvements to the system.
Along with the FBA the MAS would have a built in referral program which would be designed to allocate a portion of the funds to those who bring new contributors into the system. When users contribute to the society they earn “Karma” which qualifies users to receive benefits from the society.
“Karma fades over time if a user does not maintain regular donations. The default half life for Karma is about 6 months. This means that giving a fixed amount every month will eventually result in a maximum Karma level around 10 times the monthly contribution.”
All charity is P2P and once the MAS is up and running it should create steady buying pressure on BitShares according to Dan’s design.
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- Dan Larimer of Cryptonomex