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Partnerships between Emerging MCDEX and Major Insurance Companies

Partnerships between Emerging MCDEX and Major Insurance Companies

MCDEX (https://mcdex.app) is an Ethereum-based decentralized trading platform, the first DEX to offer ETH decentralized perpetual contracts, allowing users to trade ETH without the need for other tokens like DAI or USDT.

All transactions are priced and settled in ETH, MCDEX was created using smart contract technology with a focus on community governance. DEXs have several advantages over traditional financial transaction forms:

  1. First, because DEXs are not maintained by centralized exchanges, the long-term cost is lower.
  2. Second, access is permissionless, making it censorship-free. Nobody has the authority to close the transaction, control it, or change it.
  3. Third, the users have full custody of their funds, making them less susceptible to risks imposed by the counterparty.
  4. Fourth, there is no requirement for a license to trade varieties, and any asset with price feeds can be traded.
  5. Fifth, there are no withdrawal or transaction size limits. Using Layer 2 protocol, DEX derivatives now also have access to the Order Book, which was previously proudly exclusive to CEXs. The combination of DEX derivatives, DeFi, and NFT will inspire boundless innovation.

MCDEX has so far established collaborative relationships with major insurance companies, to be exact, providing them with tailored and personalized business solutions. MCDEX keeps records of user information, policies, and claims and uses secure multi-party computing technology to unlock the value of such information. It also integrates insurance with multiple industries to broaden and deepen the breadth and depth of the insurance products in order to develop more effective products based on the needs of the buyer. Furthermore, MCDEX achieves rapid repetitive calculation and product upgrade in order to address the issue of a single central platform.

Through the data-sharing mechanism, it also provides customized personalized insurance services to consumers with varying needs. At the same time, in light of the inability to process and share information due to technical constraints, inability to scale commercial use due to high costs, and data leakage issues faced by the insurance industry, MCDEX’s traceability allows the insurance service process to be more transparent; its security capabilities can be a good solution to privacy protection and business information security in data dissemination, and its consensus mechanism further ensures the credibility of transactions from the source.

Because of the aforementioned characteristics of MCDEX, it can greatly assist the insurance industry in realizing information sharing and connection among a large number of scattered nodes within the industry, between industries, and between users, greatly accelerating the speed of insurance innovation and expanding its potential. As a result, the MCDEX consensus algorithm can be used to verify data, distributed ledger technology to store data, cryptography to ensure the security of data transmission and access, and smart contracts to automate business processes.

MCDEX eliminates data sharing barriers between insurance institutions and other related organizations, creating an inclusive dividend of information resources serving the public. In order to integrate MCDEX with the insurance industry, it is necessary to fully understand the benefits and drawbacks of each step in the insurance industry, and then use MCDEX to its advantage to maximize the strengths and avoid weaknesses, allowing MCDEX to be highly complementary to the insurance industry.

Currently, MCDEX has completed preliminary collaboration with major insurance companies. The list of companies that can use the cryptocurrency MCD issued by MCDEX to pay premiums will be announced on major platforms within one month. At that time, any existing customer can refer a new customer, and both parties will receive 10 MCD after the new customer recharges for the first time.

MCDEX will continue to cover more aspects of the insurance industry in order to achieve decentralized information sharing and to create an efficient open information service platform of fairness, justice, and safety for the public. It is expected that MCDEX will be used more widely in the insurance industry in the future and that it will be able to establish a closer cooperative relationship with the insurance industry to bring more value.