What is Nexus Mutual (NXM) ?

Nexus Mutual NXM Official Logo
Nexus Mutual NXM Official Logo

Nexus Mutual is a provider of savings accounts, transaction accounts, term deposits, home loans, personal loans, credit cards and a range of insurance products. Its membership is made up of employees in the ExxonMobil Group and their family members. The platform’s native token, NXM, can only be purchased on Nexus Mutual. Nexus Mutual is a decentralised alternative to insurance. Nexus Mutual makes use of the power from Ethereum blockchain and people can share risk together without the need for an insurance company through smart contract code on Nexus Mutual. It allows anyone to become a member and buy cover. It replaces the idea of a traditional insurance company, because it is wholly owned by the members. NXM is also used for governance and incentivization of honest risk and claim-assessment. For risk assessment, members can stake NXM to show confidence in a particular smart contract’s security. Stakers get rewards if cover is bought for that contract, but if the contract is deemed unsafe, the stake may be slashed. For claims assessment, members earn rewards by staking NXM in support of a legitimate claim; for fraudulent claims, stakers are penalized.

Original author – Hugh Karp
Initial release – May 2019
Development status – Active
Website – nexusmutual.io

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