Pitching hive idea, episode 3. Hive insurance.
Hey like i often do i just got an idea yesterday but for once i could actually realize it quite easily, except i'm not sure it would work out well haha.
so let's say your a regular poster did you already receive downvotes even too you didn't do anything wrong ?
and let's say your a gamer on hive and your a little scared to loose your value in case the game your investing in rugpull or get hacked.
Well for both of these situation hive insurance could help, let me pitch the idea.
For the active posters : Let's say you get downvoted but really enjoy getting payouts, well in that case hive insurance could be the solution because you only have to make a contract with the insurance and using an nft issue everyone could see what we engaged to pay you back.
Let's say you get 1$ average payout, 50/50 split, so 0.50 for you.
Then depending on the riskness of being downvoted, like the subject, or past downvotes. We calculate a % of beneficiary you have to put us on each post.
Then the day you get downvoted you just ping us under the post, then we check what was the average post payout you signer up for, if you put us as beneficiary, and if own the contract nft if all is okay then you will get your compensation.
Base beneficary 2%
| Riskness | "Safe" post | "Medium" Post | "Risky" post |
|---|---|---|---|
| Additional % | +1% | +2% | +3% |
| Aveg post payout | ~+0.50$ | ~+1$ | ~+2$ |
|---|---|---|---|
| Additional % | +2% | +1% | +0% |
Or maybe i should work on another model, but that one seem kinda cool but the other one i though was 5% for everyone + the risk (0% for safe, 1% for medium, 2% for risky)
So if your earning 1$ per post with "medium" post then
You will have to put hive insurance as a 5% beneficary on all your post and the day there is a downvote you will get a 1HBD compensation.
A cool perks of subscribing to an hive insurance is that the account receiving the beneficiary will use it's voting power on the insured posts so it give you a little bonus like rewards.app does.
Interested ?
The second part about the gaming insurances idea will come another day cuz i wanna do some bad calculation.
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I made a reply about this kind of thing a while back. Because of all my other replies I'd have to go digging to find it. Forgive me not linking it.
The hardfork update that introduced Hive recurring payments also had some kind of problem that wiped out the previous 7 days of curation rewards for a lot of users. My reply was now that recurring payments were possible we should start sending small weekly payments to a smart contract to insure against hardfork and softfork problems like that.
I am just beginning to learn blockchain development. From the little I know my guess is that to even make your idea to insure against downvotes and gaming feasible would require blockchain oracles and I don't think Hive is set up for oracles. That might have to be in a future hardfork which might again wipe out 7 days of curation.
If anybody ever does Hive insurance please name the service "Johnny Dollar". Let's see how many get that reference without using Google to cheat.😁
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Alr, i will call it JohnnyDollar if i make it.
So i ppl would have to pay a weekly fee in case one day there is a soft/hard fork and then loose some curation rewards ?
Thats only profitable for the whales isnt it?
Hey, I never claimed to be an actuary.😁 The point of the "insurance game" is to collect a lot and pay out less. Also, policies can have a cap so whales could only claim up to whatever the maximum amount to claim would be set at. That doesn't mean they stop paying when their total payments reach the cap, unless they want to lose coverage. Just like how "real" insurance works.
If a Hive fork wipes out that week's rewards then payments are made. If the fork goes smoothly then there's no claims to be made. A smooth fork without problems means just keep paying to be covered for the next fork.
If I were to do the math I guess average out the amount of weeks between Hive forks, average out what the expected number of claimants would be, and what the expected median average payout would be.
For each post maybe 0.1% of gross rewards goes to the JohnnyDollar Hive smart contract as a beneficiary. Maybe up to 1%. Again, I am not an actuary so we should probably go find one to help figure this out.😁
What i meant by not profitable for non whale is that paying out 0.1% of a 0.001 vote value is not even possible so only big votes could get covered, while post insurance allow everyone to get a cover as long as they post
I guess then treat that as a deductible. If someone is going to consistently earn 0.001 or nothing for posting then there's really nothing for them to claim if all they were earning was nothing during the week a fork wiped out their rewards.
We can call it the "@lasseehlers clause".😆
Remember, the insurance would be to cover just a 7 day period of their Hive rewards being wiped out.
Aaa, i just understood your talking about posting i though you were talking about voting rewards. So if i understood it great, every author pays a % to the contract and the day a fork happen then contract pay out all missing votes reward (both author and curator)
Sorry, I got slightly sidetracked. Yes, posting because of the 50% split between author and curator. Curation can be a seperate policy. Maybe just a flat fee set for everyone who wants the curation insurace. That's why I was thinking how the recurring payment addition to the Hive blockchain coincidently would have fixed what happened that week. For curation insurance just set a recurring weekly payment to the JohnnyDollar contract for whatever the flat fee is. If they don't set the occurances (number of weekly payments) high enough then a memo reminder is sent to their wallet that their payments are lapsed and have a short grace period for them to continue payments.
As i said, thats a cool idea but it require coding and stuff (things idk how to make)
While the posting insurance i pitched don't require any computing all can be hand done.
But if someone do that i think it would be a thing, but how to calculate the curation fees because if i insure my curation rewards when i have 100HP and then fork happen at10000 HP how will the little flat fee i payed in the start be enough, so it would need a changing fee
Yeah, it could probably be done by hand. A python script could also help with some of that.
That's why insurance companies have actuaries instead of asking me.😁 The idea is to have a bunch of payments that total more than what is paid out. Most forks don't wipe out rewards so every time a fork doesn't no payments are made and the cycle begins again with the contract making no payments and keeping the payments made to it.
So, whoever does this needs an actuary to make a statistical model to determine the fees. In case of the worst case scenario of insolvency I guess make a Hive reinsurer DHF proposal or find a "real" insurance company who will insure the Hive JohnnyDollar service.😁
We should probably have JohnnyDollar insured against quantum computer attack but that's probably considered an act of God.😁
Well lets start with hive games and post and we'll see if Johnny Dollars can insure more things, for the name my idea was more like :
Zeninsurance or Zeninsu
Because the zen, appeal to the clam, and the stable payout of the insurance being there when you pay and when you need
I think your idea for a name is just as good. However, I searched for Zen insurance and got this:
https://www.linkedin.com/company/zen-insurance
If they wanted to make a trademark infringement suit, your name idea might be considered confusingly similar to their trademark.
Your right, well then johnny Dollars is better haha 😁
Needs to checked with an IP lawyer but as far as I can tell from the USPTO database no live trademark currently for my proposed service name. Just variations of trademarks using any of the words.👍
But would it be an impossed 0.1% to everyone ?
Only to accounts that opt-in to the smart contract by making payments to it.
Oh, and that also brings up what happens if someone just waits a week before a fork and then decides to be insured. There should be a minimum number of weeks of consistent payments before it would even be possible to make a claim.
Well it seems a great idea, and printing cash machin since fork don't happen that often so it would a really high profit account
There's probably some contingencies we're forgetting of course. With insurance comes insurance fraud and schemes. If you did Google Johnny Dollar you know what I mean.😁
For an example I just thought of, a user who posts consistent $0.01 value rewards turns out to be an alt account of a whale that a week before a fork massively upvotes their alt account. If the fork goes smoothly that whale's alt account's suspicious activity can be flagged and blacklisted. But what if a hardfork failure occurs and a claim is made for that suspicious activity account?
Maybe we should also get AI to scan the blockchain for those kind of outliers before a fork and then blacklist them ahead of time.
As any insurance that why it's better to keep the verification made by hand, to be sure everything is perfectly fine. The best would even be to have multpile checkers to make 4 eyes check.
Tbh i didn't search Johnny Dollars kinda forgot to do it, was it an insurance scammer ?
That's kind of why I though blockchain oracles would need to be set up on Hive's blockchain, if they aren't already.
No, he was an insurance investigator. Too bad I didn't reply this yesterday.😁
If you want one of old time radio's best scammers that would be Harry Lime.