Bridge Mutual is a permissionless, distributed, and DAO-operated discretionary risk coverage software. It is designed to provide coverage for stablecoins, centralized exchanges, smart contracts, and other services. 

Bridge Mutual (BMI) allows you to purchase coverage for your funds, provide coverage in exchange for interest gains and yield, vote on insurance claims and compensations to be paid out, and receive rewards for evaluating claims and contributing to the ecosystem’s performance. 

What sets Bridge Mutual apart from other decentralized insurance projects is that it establishes no KYC (Know Your Customer) requirements. The services of this platform can be accessed by anyone, irrespective of their place of residence. 

The network utilizes a complex token structure with the BMI token being the native utility coin of Bridge Mutual. Other platform tokens include stkBMI, vBMI, and bmiDAIx tokens. Anyone can purchase and send their BMI assets in the BMI Staking Contract. When a user deposits BMI into the BMI Staking Contract, they are credited with newly-issued stkBMI tokens, which are assets that reflect the user’s participation in the staking contract.

How Does Bridge Mutual (BMI) Work?

Bridge Mutual [BMI] is a blockchain-powered platform that offers decentralized insurance services to all people, without blacklisting any jurisdiction. Leveraging distributed ledger technology, Bridge Mutual enables anyone to purchase and sell insurance coverage, submit policy claims, and receive compensation upon claim approval.  

Bridge Mutual allows buying insurance for smart contract coverage, exchanges, and stablecoins. It is the first platform to provide stablecoin coverage that is aimed to protect members from market price collapses. 

The platform also encourages users to provide coverage for assets and earn rewards for doing so. To provide coverage for an asset, the user needs to put their BMI at stake, meaning they can lose some or the entire locked BMI deposit if the submitted insurable event claim is approved. In exchange for this risk, the user gets compensated in BMI tokens. If you want to invest in BMI, be aware of the fact that BMI market price is subject to fluctuations where significant value surges may alternate with sharp price drops.

What are the Key Features of Bridge Mutual (BMI)?

Discretionary insurance application. Bridge Mutual has a decentralized insurance-like interface that lets participants insure each other. Essentially, users can browse the interface and search for other users that offer the type of insurance they are looking for at a suitable price. This saves consumers from the headache of having to speak to multiple insurance brokers simultaneously before they can find the right one to fit their needs.

Public interaction with claims. Any claims filed go to the blockchain where they can be viewed and evaluated by the public. It works in the same way with the users’ investment funds. Blockchain fosters a decent level of trust among users and ensures that no fraud will take place.

Claims Voting. In the real world, when a consumer files a claim with an insurance provider, it is investigated internally and the decision is made solely by the underwriter. Using Bridge Mutual, all claims submitted undergo a three-step voting procedure. There are rewards and penalties at every step of the process to ensure effective and unbiased voting. As a result, the likelihood of approval or rejection of a fraudulent claim is greatly reduced.

Smart Contracts. All transactions taking place on the platform are executed using smart contracts. This means that the payout of approved claims, assigning premiums, and other transactions are done automatically using smart contracts. This helps to reduce cases of late or missed payments due to human error and helps to instill confidence in platform members. The company’s smart contracts are audited by Consensys Diligence and Zokyo.

Where to Buy Bridge Mutual (BMI)?

BMI is a popular ERC20 token, that’s why it’s listed on numerous crypto exchanges, some of which include Uniswap, Gate.io, Bitfinex, Hotbit, and Decoin. All these platforms will display BMI current market price to help you make an informed buying decision. 

Where to Store BMI?

Currently, BMI tokens are supported by different EMV-compatible wallets, such as Trust Wallet and MetaMask.

How to Get BMI Tokens?

The platform offers several ways to earn BMI tokes: