Nimble is now collaborating with Verida to develop a decentralized insurance system.
With Verida’s help, Nimble will develop its decentralized and democratized insurance platform. The Algorand blockchain will empower Nimble community members with decentralized identity, trustworthy storage, private ownership, and decentralized messaging. Both parties are excited about this collaboration since it will provide DeFi investors with a safety net in the event of hacks or private key misplacement.
Nimble is a global decentralized insurance company that uses Web3.0 and blockchain tools and technologies to enable the future of community-centric, efficient, and equitable insurance operations.
Verida, on the other hand, is a network of personal data that individuals own and collect to motivate them to release their data from centralized platforms.
If a smart contract is hacked or threatened, millions of cryptocurrencies could be lost. A misplacement or hack of a crypto wallet, on the other hand, might result in the loss of all assets in the wallet. Unfortunately, these unforeseeable events may occur in the crypto realm as investors seek to make a fortune in the crypto market.
The decentralized finance ecosystem, presently worth $96 billion, is a crypto specialty with many risks and rewards. For example, the DeFi sector reported roughly $10 billion in revenue in 2021, which was lost owing to smart contract attacks. In addition, most investors are afraid of losing their hard-earned investments to hackers. Therefore this is one issue preventing the widespread adoption of decentralized finance.
To combat this, DeFi insurance was introduced, allowing consumers to purchase coverage for losses incurred due to unpredictability in the DeFi sector.