Bridge Mutual x OptionRoom: Integrating Technologies
Bridge Mutual is going to integrate Option Room as one of the core features within the Bridge Mutual Platform. Option Room is an Oracle-as-a-Service solution.
Claims for smart contract and exchange coverage on Bridge Mutual’s platform are assessed by the community. In order to vote on existing claims, users must stake $BMI on the platform. Those who vote heavily in the minority can have their BMI partially/entirely taken away and given to voters in the majority.
Our goal at Bridge Mutual is to make a balanced system that leverages game theory and decentralization to adjudicate claims properly and fairly. With this in mind, we are always looking for ways to make the system more fair and trustworthy. With that in mind, Bridge Mutual is thrilled to announce its new partnership with OptionRoom ($ROOM) It is theoretically possible for a valid claim to be denied within our system, this is the reason that we have created an appeals process where only the most trusted and highly reputable users on the system (which is established via voting history) have access to vote on appealed claims. If a claimant feels that his claim was wrongfully denied in the appeals phase as well, the claimant may opt to use a 3rd party governing platform (such as Option Room) to help adjudicate their claim.
Once claims are submitted to OptionRoom, OptionRoom will serve as an OaaS (Oracle as a Service), where the validity of the claim will be decided by the users on the Option Room platform. If OptionRoom’s community deems that the claim has been improperly adjudicated on Bridge Mutual, then the claim will be reopened on Bridge Mutual for a second time (for free, at no cost to the claimant) to be tried again..
“We’re very excited to integrate OptionRoom as one of the first fail-safes for Bridge Mutual coverage holders to use in the event that they feel their claim has been wrongfully adjudicated. Decentralization is at the forefront of everything we do, and adding integrations like this further decentralizes the power within our system.” — Mike Miglio, CEO of Bridge Mutual.
Here is what Marsel Adawi, CEO of OptionRoom, has to say about this new partnership:
“We are excited about this partnership as it brings another use-case to our Oracle as a Service, and gives Bridge Mutual the opportunity to cover our contracts in case of unforeseen loss, making OptionRoom safer.”
About OptionRoom
OptionRoom is a user governed oracle and forecast protocol built on Polkadot. OptionRoom has the ability to serve as a OaaS — Oracle as a Service where oracle requests are solved by governance. Oracle requests cost a fee and a solution incentive paid in ROOM, rewarded to request solvers. OptionRoom allows users to create and participate in event derivatives that are pegged to real world outcomes by governance consensus. OptionRoom’s mission is to create a self-reliant protocol with multiple use cases powered by the community. By rewarding honest protocol participants and punishing bad actors OptionRoom aims to create a governance that is pegged to the real world without relying on outside data streams.
About Bridge Mutual
Bridge Mutual is a decentralized, p2p/p2b discretionary risk coverage platform that provides coverage for stablecoins, centralized exchanges, and smart contracts. Its platform allows users to provide coverage, decide on policy payouts, as well as share profit and get compensated for adjudicating claims. Bridge Mutual is planning to launch their platform at the end of March.
To stay up to date with both Bridge Mutual the Telegram community: https://t.me/bridge_mutual.
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