# Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation This site has an agentic ask interface you may use to query the documentation dynamically by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.fida.finance/index.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. --- # Transform Risk into Opportunity! Fida Risk Transfer Protocol Overview You can think of Fida as a crowd funded reinsurance group. The Fida Risk Transfer Protocol decentralizes risk. In so doing, it makes insurance liquid, safe, and efficient for everyone. Users receive coverage on submitted policies, earn premiums from policy payments and collect fees of protocol usage. Our mission is to close the coverage gap, protecting those who would before not have access to insurance by unlocking a new insurance infrastructure within the web3 revolution. These pages document how we've structured the protocol and provide the resources necessary to fully understand how the protocol is able to transfer risk, improve investment liquidity, and allow regulators transparent access to the health and stability of on-chain insurance portfolios. Please join the [Fida Community Discord server](https://discord.gg/jjwnEKh8) to connect with the Fida Finance Core Team. We look forward to answering any of your questions and helping you integrate with and build on top of the Fida Risk Transfer Protocol. It's time to forget risk as we've known it. The key to this new revolution in risk transfer are two on chain contracts: * [The Fida Policy Contract](/fida-policy/policy-contract) * [The Fida Investor Contract](/investors/investor-contract) # Whitepaper The purpose of this document is to quickly understand the key principles and motivations behind Fida {% file src="/files/r7IxaRCtmjvGq8t65WSz" %} # Core Values Fida's Core Values align financial incentives to helping others. ## Mission Fida's Mission is to eliminate the Insurance Protection Gap, making insurance affordable and within reach to all. ## Vision Fida will herald the next era of Insurance, where regulators and confirm everything is in order in real-time, policy holders have access to claim funds instantly upon approval, and investors have peace of mind their yield is consistent and uncorrelated to other financial assets. ## Core Values 1. **Integrity**: We operate with the highest level of integrity and professionalism, ensuring fairness, security, and confidence among all our users. 2. **Collaboration**: We foster an environment that encourages collaboration between other launchpads, exchanges, investors, and entrepreneurs, facilitating shared growth and success in the web3 economy. 3. **Ethical Compliance**: We prioritize operating within legal frameworks and adhering to relevant regulations and compliance standards while maintaining a strong moral compass, ensuring a secure and trustworthy environment for investors and entrepreneurs. 4. **Sustainability**: We strive to build a sustainable ecosystem that balances the interests of both investors and entrepreneurs, ensuring long-term growth and success. 5. **Adaptability**: We remain agile, innovative, and responsive to the rapidly evolving web3 landscape, ensuring our solutions stay relevant and practical for investors and entrepreneurs. # Founder's NFT Collection An introduction to our shared decentralized future. Starting with Insurance ## Benefits of the Fida Founders NFT Collection The Fida Founders NFT Collection offers a range of exclusive benefits that set it apart from other NFT collections. This collection is not just about digital art, or the historic introduction of global decentralized insurance. but a utility token within the Fida ecosystem. Here are the benefits we're currently planning for the token: ## For Everyone: ### Early Access to the Fida System As a holder of the Fida Founders NFT, you will be invited to the private testnet. This early access allows you to familiarize yourself with the platform, navigate its features, and most importantly influence its development through feature requests and user experience suggestions. All Fida Founder Cards grant owners Early Access to features within the Fida System. ### Boosted Staking The $fida token will be used as the security and trust mechanism for the decentralized operation of the network and the Founder's Collection cards all offer their owner's Boosted Staking rights, multiplying their effective staked amount in how they are securing the system. The boosted staking amount goes from 2% to 12% (Zevon) ### Node Operators As fida continues to decentralize, the operation of Fida nodes will be fully decentralized and 100 Fida Founder Card holders will be able to setup and run
List of Node Operator Cards * snapshot taken from the full list of available node operator founder cards | Founder# | Name | Era | | -------- | ------------ | ---------- | | #0001 | Conteh | Greek | | #0301 | Sadeghi | Greek | | #0501 | Sarigianides | Babylonian | | #0251 | Agrusa | Chinese | | #0051 | Siggard | Parametric | | #0551 | Ziv | Egyptian | | #0901 | Grandy | Roman | | #0601 | Damon | Modern | | #0451 | Noam | Persian | | #0511 | Mourshaki | Greek | | #0011 | Guinn | Modern | | #0111 | Glafira | Parametric | | #0261 | Jucal | Babylonian | | #0311 | Conifer | Babylonian | | #0061 | Amphitrite | Persian | | #0911 | Tohnja | Parametric | | #0461 | Lorell | Babylonian | | #0561 | Frechette | Greek | | #0611 | Tiasa | Persian | | #0521 | Gneckow | Parametric | | #0021 | Kissel | Fida | | #0471 | Rifkind | Babylonian | | #0121 | Thalia | Egyptian | | #0321 | Culjak | Babylonian | | #0071 | Nakeya | Greek | | #0921 | Mahallati | Roman | | #0271 | Tarragon | Egyptian | | #0571 | Twila | Persian | | #0621 | Arazga | Modern | | #0531 | Elimu | Parametric | | #0481 | Ervin | Modern | | #0131 | Cantil | Parametric | | #0031 | Latre | Greek | | #0281 | Choudhary | Modern | | #0081 | Biswas | Babylonian | | #0331 | Fox | Persian | | #0931 | Coronis | Modern | | #0581 | Nea | Persian | | #0631 | Klaffiki | Modern | | #0491 | Penelope | Fida | | #0541 | Lezine | Persian | | #0141 | Udai | Greek | | #0041 | Notus | Greek | | #0091 | Kasulis | Modern | | #0291 | Kalara | Babylonian | | #0941 | Rokerya | Parametric | | #0341 | Valvoda | Chinese | | #0591 | Gogliardi | Egyptian | | #0401 | Arooj | Modern | | #0641 | Chibinda | Babylonian | | #0651 | Kakia | Roman | | #0801 | Pulliam | Fida | | #0151 | Chazan | Roman | | #0351 | Griesa | Fida | | #0201 | Camp | Persian | | #0411 | Carmi | Egyptian | | #0661 | Ricono | Egyptian | | #0361 | Houdek | Roman | | #0811 | Soci | Roman | | #0161 | Science | Roman | | #0211 | Dolan | Egyptian | | #0421 | Ishisaka | Persian | | #0171 | Novoa | Fida | | #0371 | Mariloly | Persian | | #0821 | Boever | Greek | | #0431 | Maioho | Parametric | | #0671 | Zanzone | Parametric | | #0221 | Sirota | Egyptian | | #0441 | Steefel | Persian | | #0381 | Neupert | Modern | | #0181 | Lancy | Parametric | | #0831 | Fisk | Parametric | | #0231 | Zitter | Parametric | | #0681 | Bracher | Parametric | | #0391 | Markle | Greek | | #0751 | Tyahi | Persian | | #0191 | Makino | Chinese | | #0841 | Simeri | Egyptian | | #0241 | Soifer | Egyptian | | #0691 | Balban | Egyptian | | #0761 | Jerd | Roman | | #0851 | Zane | Fida | | #0701 | Seidl | Parametric | | #0771 | Hercules | Chinese | | #0861 | Omeed | Persian | | #0711 | Uhland | Parametric | | #0781 | Zogby | Egyptian | | #0871 | Fiebich | Modern | | #0791 | Slavik | Chinese | | #0721 | Euporia | Chinese | | #0881 | Vuelo | Babylonian | | #0731 | Alivan | Parametric | | #0891 | Eppink | Egyptian | | #0741 | Issi | Parametric | | #0951 | Meldrim | Roman | | #0961 | Garraux | Parametric | | #0971 | Matsuura | Fida | | #0981 | Nagata | Modern | | #0991 | Aug | Parametric |
### Even More Perks **As a founding member, we will work together on improving, and bolstering utility, not just for Founding members, but the whole Fida Family.** ## For Investors: ### First Choice of Policies As an investor possessing a Fida Founders NFT will grant you access to an initial early commitment round to each policy brought onboard. This priority access means you can optimize your portfolio, with the risk profile and diversification that best suits your investment strategy. Early selection can be crucial in ensuring your proportion of the most desirable policies, especially those that might be limited in availability or have particularly favorable conditions. ## For Insurers and Insurance Brokers: ### Priority Listings As an insurer or broker holding a Fida Founders NFT your policies will be highlighted as founder's policy. In a competitive environment where other brokers are competing for investment a founding member's tag can significantly impact outcomes, raising the odds of getting your policy filled and offering a substantial edge. ### Fee Discounts One of the certain advantages of the Fida Founders NFT is the entitlement to fee discounts. Listing fees, trading fees, and other charges within the Fida ecosystem will be discounted to holders of the Fida Founders Collection. As an NFT holder, you benefit from reduced fees, allowing you to trade effectively, and potentially increase your net gains. This financial incentive is designed to reward early supporters and encourage continued engagement with the platform. The discount amount goes from 2% to 12% (Erazo) ## Conclusion The Fida Founders NFT Collection is designed to offer a suite of benefits that enhance your experience and potential returns within the Fida ecosystem. From early access and first-choice policies to fee discounts and beyond, these NFTs provide tangible advantages that can significantly impact your engagement and success. By investing in a Fida Founders NFT, you are not only acquiring a unique digital asset but also contributing to the growth of the most innovative platforms in decentralized insurance. # Contact Us Where to contact us for questions or support ## Websites Our main website will always be {% embed url="" %} Main Website {% endembed %} There you will hopefully a landing page for everything you need to know about what we are currently doing. ## Discord The whole team is on [discord](https://discord.gg/kFdXXBqwdu) as that is precisely where we coordinate our work. We've setup a welcoming and open environment for everyone to participate and help grow the insurance ecosystem on blockchain. ## Other Channels * Link tree: * Twitter (X): * Medium articles: * LinkedIn: * Fida on Github: * Discord invite link: # Collaborators Our collaborating projects and companies working with us to transform the insurance industry. [Charli3](/collaborators/charli3) [GenWealth](/collaborators/genwealth) [Larissa Health](/collaborators/larissa-health) [Vitalis](/collaborators/vitalis) [Walkers](/collaborators/walkers) # Charli3 The Charli3 Oracle helps us power parametric insurance policies.
# Genwealth The crypto inheritance protocol works alongside Vitalis for a unified and complete solution for that worst case scenario.
# Larissa Health Working with Vitalis on a novel form of insurance for Midwives
# Vitalis Vitalis is a thing only possible in web3, a fully decentralized Term Life Savings and Health Collective Project. #### **Introduction** The world is unpredictable and fates are never certain. **Vitalis** emerges as a groundbreaking solution to a very human challenge: **providing financial security for loved ones in the event of premature death**. By leveraging the power of the **Fida Protocol**, Vitalis introduces a **decentralized, trustless, and automated Term Life Savings program**—a first-of-its-kind innovation that redefines how we think about risk and financial protection. This whitepaper outlines how Vitalis combines the **robustness of Fida’s Risk Transfer Engine**, the **transparency of smart contracts**, and the **wisdom of the Vitalis Collective**—a decentralized autonomous organization (DAO)—to create a **self-sustaining, community-driven coverage ecosystem**. *** #### **The Problem: Traditional Life Insurance in an Uncertain World** Traditional life insurance is plagued by **opaque and rigid processes, and centralized control**.\ Moreover, it is unable to operate in complicated territories.\ Policyholders often face: * **Excessive premiums** due to intermediaries and administrative overhead. * **Lack of transparency** in underwriting, claims processing, and fund management. * **Limited accessibility** for underserved populations. * **Centralized risk management** that obfuscates how assets are managed and limits controls over payout destinations and conditions. These barriers create a gap in the market for a **modern, equitable, and scalable** alternative—one that aligns with the principles of **decentralization, automation, and community empowerment**. *** #### **The Solution: Vitalis on Cardano** Vitalis bridges this gap by offering a **Term Life savings program** that is: 1. **Decentralized**: Built on Cardano’s blockchain, eliminating intermediaries and reducing costs. 2. **Automated**: Governed by smart contracts that execute payouts instantly upon verified claims. 3. **Community-Driven**: Managed by the **Vitalis Collective**, a DAO where stakeholders vote on risk parameters, premium rates, and fund allocations. 4. **Transparent**: All transactions, policies, and claims are recorded on the blockchain, ensuring accountability and trust. At its core, Vitalis is a **trustless savings pool** where members contribute to a shared fund, and in the event of a claim, beneficiaries receive payouts without relying on legacy insurance companies. *** #### **How Vitalis Works** 1. **Tokenization of Risk**: * Users stake **Vitalis tokens (VTL)** to fund the insurance pool. * Each token represents a share in the collective risk pool, with payouts proportional to the number of tokens staked. 2. **Automated Claims Processing**: * Smart contracts on Cardano validate claims using **on-chain data** (e.g., health records, death certificates) and execute payouts instantly. * Blockchain Oracle data replaces human intervention, ensuring speed and fairness. 3. **DAO Governance**: * The **Vitalis Collective** governs the system via on-chain voting. * Stakeholders propose and vote on policies such as premium rates, risk thresholds, and fund allocation strategies. 4. **Sustainability & Growth**: * A portion of premiums is reinvested into Cardano-based assets, ensuring long-term growth of the fund. * The system is designed to be self-sustaining, with minimal overhead and maximum efficiency. *** #### **Why Cardano?** Cardano’s **multi-asset support**, **scalable architecture**, and **peer-reviewed development process** make it the ideal platform for Vitalis. Key advantages include: * **Security**: Ouroboros consensus ensures tamper-proof execution of smart contracts. * **Interoperability**: Vitalis can integrate with other Cardano-based protocols for enhanced functionality. * **Accessibility**: Low-cost transactions and global reach make insurance affordable for all. *** #### **Why Fida?** By running on top of the Fida reinsurance platform, the Vitalis DAO is able to concentrate on making the best possible community product. Leveraging the Fida protocol allows us: * **Instant Scale**: by operating ontop of the Fida Risk-Transfer engine, we benefit from the risk diversification properties allowing us to reach the appropriate scale levels quicker * **Capital Efficiency**: as a protocol running on top of Fida, we participate in the increased yield boost the Fida protocol offers. * **Batteries Included**: Fida offers us the correct integration with oracle services , claim resolution, as well as their full suite of Cardano Defi integrations *** #### **The Vision** Vitalis is more than an insurance product—it’s a **movement toward financial sovereignty**. By decentralizing life insurance, we empower individuals to take control of their futures, while fostering a **community-driven ecosystem** where risk is shared, trust is earned, and innovation thrives. Join the Vitalis Collective and be part of the future of insurance—one where **blockchain meets humanity**. *** **Next Page: The Vitalis Token (VTL) & Economic Model**\ *Continue exploring how Vitalis tokenomics ensures sustainability, incentivizes participation, and drives growth.* *** *This whitepaper is the first step in a journey toward a decentralized, equitable, and resilient future. Let’s build it together.* *** **Vitalis Collective**
*Decentralizing Life, One Token at a Time* # Walkers Walkers is a protocol promoting individual health and wellbeing perfect for helping bring future insurance products to the world.
# Sundial Collateral Access via Bitcoin and other UTXO chains Sundial is our partner in connecting the value which is currently disconnected in multiple siloed blockchains, and allowing holders within these chains to participate in insurance related yields as provided by our platform.
Sundial Protocol

Institutional Grade Bitcoin Infrastructure

# Issuing a Policy Before any Risk can be transferred a policy must be issued. In the process of issuing a Fida Policy, there are three main actors involved: the policy broker, the policy owner (who have purchased the insurance), and the investors (who provide collateral for the policy). The policy broker registers a policy on-chain and makes it discoverable. The process of issuing a policy (e.g. with the assistance of the provided `cli`) proceeds as follows: Clients initially approach the policy broker with the intention of purchasing a policy. They provide input parameters such as an insurance amount (which the broker translates into collateral amount), wallet public key hash, contract duration, and so forth. Subsequently, they must agree on the cost the client must pay for the policy. Once agreed upon, the policy broker (using the `cli`or `web app`) creates a policy and provides an address (Fida Policy Contract Address) where the client must send the agreed amount (premium amount). Upon receiving the payment at the correct address, the broker triggers a state transition of the policy contract, thereby making the client the policy owner, and the policy becomes available for the funding phase. Investors, utilizing the `cli`or `web app`, can search the blockchain for a Fida Policy available for funding and contribute to the funding by purchasing a Fida Card Policy through the issuance of an appropriate transaction. On the other hand, the policy owner can monitor the progress of the funding phase using the `cli` or `web app` by querying the blockchain for specific policy information or obtaining a list of all policies in which they are the owner. Once the policy is fully funded, the policy broker, upon contacting the client, triggers a Fida Policy state transition, and the policy becomes "on risk" from that point onward. You can continue reading in more detail about the [lifecycle](/fida-policy/policy-life-cycle) of a [policy](/fida-policy/policy-contract), or the [lifecycle](/investors/investor-contract-life-cycle) of an [investors commitment](/investors/investor-contract). Additionally you can [continue reading about the `cli`](/usage/command-line-interface)`.` # Command Line Interface Using Fida from the Command Line For the purpose of deploying policy contracts on the network we plan to develop software in the form of a `cli` (command-line interface). The fida `cli` has two parts: an `on-chain` component written in `Haskell` and an `off-chain` component written in `Purescript`. Of the three main actors involved: the policy broker, policy owner, and investors; the policy broker, possessing special permissions, can, for instance, trigger state transitions of the policy or mark it as discoverable on the chain. All actors, when using the `cli`, are required to provide access to their wallets in the form of script input parameters. The `cli` is capable of crafting a transaction, signing it using the provided key, and sending it to the chain. Investors, utilizing the `cli`, can search the blockchain for a Fida Policy available for funding and contribute to the funding by purchasing a Fida Card Policy through the issuance of an appropriate transaction. On the other hand, the policy owner can monitor the progress of the funding phase using the `cli` by querying the blockchain for specific policy information or obtaining a list of all policies in which they are the owner. Once the policy is fully funded, the policy broker, upon contacting the client, triggers a Fida Policy state transition, and the policy becomes "on risk" from that point onward. The commands on the `cli` match the labeled transition methods which would move the policy contracts and investor contracts. You can read more about [Policy Management](/usage/command-line-interface/policy-management) and [Claims Management](/usage/command-line-interface/claims-management) in their respective sections. # Policy Management Walkthrough of the creation and evolution of Fida policies through the CLI
Execution Details network: preview cardano-node: 8.9.3 kupo: 2.8.0 ogmios: 6.4.0 fida-cli: 0.0.1
{% embed url="" %} Full video walthrough {% endembed %} # Claims Management Walkthrough of managing claims through the CLI tool
Execution Details network: preview cardano-node: 10.1.2 kupo: 2.9.0 ogmios: 6.7.0 fida-cli: 0.0.3
## Confirming Fida cli initial setup ``` bash-5.2$ node ./dist/cli-index.js --help Version: v0.0.3 Usage: cli-index.js COMMAND Available options: -h,--help Show this help text Available commands: make-new-policy Create new Fida Policy get-policy Get policy by id buy-fida-cards Buy Fida cards pay-for-a-policy Pay for a insurance policy with a given wallet sell-fida-cards Sell Fida cards complete-funding Complete funding (going OnRisk) issue-claim Issue Fida insurance policy claim accept-claim Accept active claim (broker) close-claim Close claim (policy holder) fail-claim Fail claim (policy authority) claim-premium Claim premium (investor) pay-for-claim Pay for claim optionally using own funds (investor/everyone after deadline) unlock-collateral Unlock investor collateral (investor) expire-policy Expire policy (everyone) Fida https://fida.finance ``` ### Wallets ``` ~/git/fida/dev-tools/cli-toolbox ./wallet.sh -l Id Name Desc ============================================================== 19f589a1-091d-44a4-b4d2-c82fb4e4c9ab broker-1 9557307d-8930-423c-a2c3-750dd058435f investor-1 e06ec2bf-2da8-4157-8825-34f547180941 policy-holder ``` #### broker-1 ``` cardano-cli latest address key-hash --payment-verification-key-file /home/ssledz/etc/.cardano-wallets/preview/19f589a1-091d-44a4-b4d2-c82fb4e4c9ab/payment.vkey 81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05 ``` #### policy-holder ``` cardano-cli latest address key-hash --payment-verification-key-file /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.vkey fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f ``` ## Insurance policies examples ### Claim Accepted (policy-1) ``` node dist/cli-index.js get-policy --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 Insurance Id : 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 Address : addr_test1wzkwkselegljkwgayeh9xk0t6ml6tdg9jzsy8yln0eqqqrqu7k6vh Payment : Paid Insurance : - Collateral: 100000000 - Fida card value: 50000000 - Fida card quantity: 2 - Premium amount: 20000000 - Installments: - interval: 1 minutes | amount: 2500000 - interval: 5 minutes | amount: 2500000 - interval: 10 minutes | amount: 2500000 - interval: end | amount: 2500000 - Insurance period: 4 hours - Policy holder: (PubKeyHash (Ed25519KeyHash (unsafePartial $ fromJust $ fromBytes (hexToByteArrayUnsafe "fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f")))) - Policy authority: (SingleSign (PubKeyHash (Ed25519KeyHash (unsafePartial $ fromJust $ fromBytes (hexToByteArrayUnsafe "81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05"))))) - State: OnRisk - Funding deadline: 11-13-2024 12:00 - Claim accepted amount: 0 - Claim time to live: 7 days - Claim time to pay: 5 days - Start date: 11-11-2024 08:30 - Current claim: - id: (UUID a5f4ca66-d5a4-4425-a337-9105854484f1) - created: 11-11-2024 08:30 - amount: 10000000 - reason: I need money ! - accepted: true Piggy banks : - (1) addr_test1wrnf4f349ptqyh2a20dt0xx67x4de0hmlmgtuxeel92eepcql9ahp | collateral: 51180940 / 50000000 | premium: 10000000 / 10000000 r: 0 | claims: [] - (2) addr_test1wpck3xvmfdw6vj8068adgm9arxaqlqpvukxwz7te2zcqa5slugyea | collateral: 51180940 / 50000000 | premium: 10000000 / 10000000 r: 0 | claims: [] ``` #### Create, pay for policy, buy fida cards, complete funding & issue a claim ``` node dist/cli-index.js make-new-policy \ --input-utxo '4b5425dd6fccc608015c86eb0d986d39da5d64f164655b4a4c16248d1bc4e1ef#1' \ --collateral-amount=100000000 \ --insurance-price 20000000 \ --insurance-period "4 hours" \ --funding-deadline 2024-11-13 \ --policy-holder-pkh 'fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f' \ --fida-card-quantity 2 \ --single-sign-governance-authority '81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05' \ --installment-intervals '1 minutes,5 minutes,10 minutes' node dist/cli-index.js pay-for-a-policy \ --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey node dist/cli-index.js buy-fida-cards \ --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey \ --fida-cards 1,2 node dist/cli-index.js complete-funding \ --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey node dist/cli-index.js issue-claim \ --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 \ --claim-amount 10000000 \ --claim-reason 'I need money !' \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey node dist/cli-index.js accept-claim \ --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 ``` ### Claim Issued (policy-2) ``` node dist/cli-index.js get-policy --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb Insurance Id : 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb Address : addr_test1wpmck4ph3dkngvu5u9nna68a70u0sdhv6avp8es6rqugcjqtmhkqt Payment : Paid Insurance : - Collateral: 100000000 - Fida card value: 50000000 - Fida card quantity: 2 - Premium amount: 20000000 - Installments: - interval: 1 minutes | amount: 2500000 - interval: 5 minutes | amount: 2500000 - interval: 10 minutes | amount: 2500000 - interval: end | amount: 2500000 - Insurance period: 4 hours - Policy holder: (PubKeyHash (Ed25519KeyHash (unsafePartial $ fromJust $ fromBytes (hexToByteArrayUnsafe "fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f")))) - Policy authority: (SingleSign (PubKeyHash (Ed25519KeyHash (unsafePartial $ fromJust $ fromBytes (hexToByteArrayUnsafe "81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05"))))) - State: OnRisk - Funding deadline: 11-13-2024 12:00 - Claim accepted amount: 0 - Claim time to live: 7 days - Claim time to pay: 5 days - Start date: 11-11-2024 08:39 - Current claim: - id: (UUID 004189b8-856a-4e50-b311-ff59dfe9720f) - created: 11-11-2024 08:41 - amount: 10000000 - reason: I need money ! - accepted: false Piggy banks : - (1) addr_test1wqju8awhepp3apu6kjjvfupf050y30sf5wmnyqprz7w7ktghf2g33 | collateral: 51180940 / 50000000 | premium: 10000000 / 10000000 r: 0 | claims: [] - (2) addr_test1wrfyqwrslg6g4m5quxvqsat9ql9j9zsc0et7rfne9wsfj5qtnp2v0 | collateral: 51180940 / 50000000 | premium: 10000000 / 10000000 r: 0 | claims: [] ``` #### Create, pay for policy, buy fida cards, complete funding & issue a claim ``` node dist/cli-index.js make-new-policy \ --input-utxo '2e84cd86194ee4331e8581541fcfeb8c47b7a347d406a2dbf576ff212a10ca93#1' \ --collateral-amount=100000000 \ --insurance-price 20000000 \ --insurance-period "4 hours" \ --funding-deadline 2024-11-13 \ --policy-holder-pkh 'fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f' \ --fida-card-quantity 2 \ --single-sign-governance-authority '81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05' \ --installment-intervals '1 minutes,5 minutes,10 minutes' node dist/cli-index.js pay-for-a-policy \ --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey node dist/cli-index.js buy-fida-cards \ --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey \ --fida-cards 1,2 node dist/cli-index.js complete-funding \ --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey node dist/cli-index.js issue-claim \ --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb \ --claim-amount 10000000 \ --claim-reason 'I need money !' \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey ``` ### Short Lived (policy-3) ``` node dist/cli-index.js get-policy --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f Insurance Id : 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f Address : addr_test1wzgukz4qrve4fvt7epp62lzwaepareynmfffn55kvvhk46suyfhx7 Payment : Paid Insurance : - Collateral: 100000000 - Fida card value: 50000000 - Fida card quantity: 2 - Premium amount: 20000000 - Installments: - interval: 90 days | amount: 2500000 - interval: 90 days | amount: 2500000 - interval: 90 days | amount: 2500000 - interval: end | amount: 2500000 - Insurance period: 15 minutes - Policy holder: (PubKeyHash (Ed25519KeyHash (unsafePartial $ fromJust $ fromBytes (hexToByteArrayUnsafe "fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f")))) - Policy authority: (SingleSign (PubKeyHash (Ed25519KeyHash (unsafePartial $ fromJust $ fromBytes (hexToByteArrayUnsafe "81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05"))))) - State: OnRisk - Funding deadline: 11-12-2024 12:00 - Claim accepted amount: 0 - Claim time to live: 7 days - Claim time to pay: 5 days - Start date: 11-11-2024 08:22 - Current claim: No claim Piggy banks : - (1) addr_test1wrleu372t320vcpe2x65x52c0nyv3l7cyl564her9rayg0c8kvsr9 | collateral: 51180940 / 50000000 | premium: 10000000 / 10000000 r: 0 | claims: [] - (2) addr_test1wpazhc7gtmglgh00ygh23jk54wrrr0n5ezy7dd68t3f2l7cfak7cw | collateral: 51180940 / 50000000 | premium: 10000000 / 10000000 r: 0 | claims: [] ``` #### Create, pay for policy, buy fida cards, complete funding & issue a claim ``` node dist/cli-index.js make-new-policy \ --input-utxo '9612a86dd61b68dc5097e22216b2cee6c6cddeb274ad9ccc7cf33e0e101d824e#1' \ --collateral-amount=100000000 \ --insurance-price 20000000 \ --insurance-period "15 minutes" \ --funding-deadline 2024-11-12 \ --policy-holder-pkh 'fac649cff91290b8222b0594c121daf1f7d8d1ae3f8026f8dc15626f' \ --fida-card-quantity 2 \ --single-sign-governance-authority '81e5819399c73eeef29db727fe36a2a0a2d4555955af7f3f51fc9a05' node dist/cli-index.js pay-for-a-policy \ --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey node dist/cli-index.js buy-fida-cards \ --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey \ --fida-cards 1,2 node dist/cli-index.js complete-funding \ --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f \ -k /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/e06ec2bf-2da8-4157-8825-34f547180941/stake.skey ``` ## New Functionalities in version 0.0.3 ### Fail claim (fail-claim, called by policy authority) ``` node dist/cli-index.js fail-claim \ --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb node dist/cli-index.js get-policy --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb ``` ### Claim premium (claim-premium, called by investor) ``` node dist/cli-index.js claim-premium \ --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey \ --fida-cards 1,2 \ --premium-amount 2500000 node dist/cli-index.js get-policy --insurance-id 6e7694000d40f34634ed8a31353adf4c6206d64a9167f9a6cb5f3ceb ``` ### Pay for claim optionally using own funds (pay-for-claim, called by investor) ``` node dist/cli-index.js pay-for-claim \ --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey \ --fida-cards 1,2 \ --own-funds-amount 1000000 node dist/cli-index.js get-policy --insurance-id 16d097c673e7dc956baa45be6f8778e79a0bef4df1d44cbd98da7f93 ``` ### Expire policy (expire-policy, called by anyone) ``` node dist/cli-index.js expire-policy \ --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey node dist/cli-index.js get-policy --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f ``` ### Unlock investor collateral (unlock-collateral, called by investor) ``` node dist/cli-index.js unlock-collateral \ --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f \ -k /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/payment.skey \ -K /home/ssledz/etc/.cardano-wallets/preview/9557307d-8930-423c-a2c3-750dd058435f/stake.skey \ --fida-cards 1,2 node dist/cli-index.js get-policy --insurance-id 945af5bec28946abf49b1fe646135a7bcad6c83e5b699ca78b0a630f ``` ## On Chain evidence (transactions hashes) | Action | Transaction | | ----------------- | -------------------------------------------------------------------------------------------------------------------------- | | fail-claim | [9612a86dd61](https://preview.cardanoscan.io/transaction/9612a86dd61b68dc5097e22216b2cee6c6cddeb274ad9ccc7cf33e0e101d824e) | | claim-premium | [bc537db8d4d](https://preview.cardanoscan.io/transaction/bc537db8d4d3c4bd831ba1f8b0317b3f9dfcb716133073032263d8a96042f5c1) | | " | [9ed730db98a](https://preview.cardanoscan.io/transaction/9ed730db98a90361d26674db6c3f5d626b37f802c4eebf20f42ce12baa3fb5d9) | | pay-for-claim | [0aea116de2f](https://preview.cardanoscan.io/transaction/0aea116de2fbfad161fd4350e622e48f427121a1d6b3f127a20251d03c4eb2b3) | | " | [127a5af1dfc](https://preview.cardanoscan.io/transaction/127a5af1dfc09615da2721a72a7bdaee4a7aa385e5e9a874502042aeaa659336) | | expire-policy | [7680acc7b8f](https://preview.cardanoscan.io/transaction/7680acc7b8fa3e7169dc8d3363d2678c1f7c4110cb3e03c0c950252dce7e1b2e) | | unlock-collateral | [3ebc5bf6929](https://preview.cardanoscan.io/transaction/3ebc5bf692973ad1a56bc5c9fc6576979a1c9f34ac47d4f6370ad784d0cebca6) | | " | [3c48434a3ad](https://preview.cardanoscan.io/transaction/3c48434a3ad858141ed50a39d7f28a0acb274927f67d0ccd66eb9a4944b832ab) | ## Video Walkthrough Here's a step by step video walkthrough of all the relevant operations introduced for claims management in version 0.0.3: {% embed url="" %} Video Walkthrough {% endembed %} # Policy Contract The Fida Policy Contract serves as a hub keeping track of each individual insurance policy. It is a contract that is identified uniquely by a single element, namely `policyId`. The Fida Contract Minting Policy produces two distinct types of tokens: * The policy token, distinguished by the `POLICY_ID` token name. * The Fida card token, identified with the `CARD` token name. These tokens are exclusively minted during the policy creation process and can be considered as non-fungible tokens (NFTs). The second token facilitates the creation of multiple Fida Card Tokens, with the quantity determined by a policy parameter. This mechanism serves to distribute shares among investors during the selling process. When creating a Fida Policy, the broker designates the quantity of Fida Card Tokens to be generated, along with the collateral amount in Ada. This process distributes the risk behind backing the policy to each Fida Card holder. To ensure easy discoverability of the Fida Policy, a beacon token is deployed to a contract address during its creation. The beacon token is minted by a System Minting Policy which is configured with two parameters: * `SystemGovernance` - representing the public key hash of the authorized wallet permitted to mint tokens. * `SystemMagic`- serving as the system seed enabling the generation of diverse system families. The currency symbol, generated by the System Minting Policy and encapsulated with `SystemId`, acts as a system identifier. Multiple Fida systems can operate simultaneously in the same location, with each one distinguished by a unique `SystemId`. Understand the [policy life cycle by reading the next page](/fida-policy/policy-life-cycle). # Policy Life Cycle {% embed url="" %} [Run simulation](https://stately.ai/registry/editor/2dd90700-b45e-481b-ac2f-f21c7c869a4d?machineId=5f88546f-aac3-4c8a-a749-ec97a28e060c\&mode=Simulate) {% endembed %} # Policy Initiated Upon creation, a Policy is considered to be in an `Initiated` state. To create a policy, the broker must supply several parameters, including the collateral value, the number of share units to generate (referred to as `Fida Cards`), the duration for which the policy will remain at risk, the policy owner's information, and the premium amount, which denotes the cost the policy owner must pay for the policy. Required parameters: * collateral amount * number of share units * policy duration * policy owner public key hash * premium amount {% hint style="info" %} Please note that when creating a policy, we do not establish a start date indicating when the policy is at risk. {% endhint %} While the policy is in the `Initiated` state, it can be canceled without any consequences. The policy owner will not face any charges for the cancellation. # Policy Funding Policy funding occurs after the policy is created, with the policy owner paying the premium amount, which represents the cost of the policy and continues until all share units are sold. Policy cancellation is allowed with consequences for the policy owner. In such cases, all collateral will be refunded to the investors, and the policy owner will incur a charge for the cancellation. However, the policy owner will receive a refund of the premium paid. When an investor purchases a Fida Card, the collateral they paid is placed in their investor script. The investor has the option to passively earn income by staking the collateral, but they must agree to this and pay a small fee, which can be reclaimed upon resignation. By agreeing to stake, all other collateral deposited in the investor script is eligible for staking. {% hint style="info" %} Thus, staking collateral, combined with collecting premiums from the Fida policy, serves as a method for investors to earn income. {% endhint %} # Policy on Risk The policy's on-risk status is the most interesting stage in its lifecycle, most events are actionable when the policy is in this state. Being on-risk implies that, in the event of a claim, the policy owner can initiate a claim, which can initially be covered by either the investors' premium pools or the policy's collateral. The policy remains on-risk until it expires, is canceled, or a full claim is made. During the on-risk phase, investors receive a portion of the premium on a monthly basis, determined by their respective share levels. # Pay Premium Every month, a policy contract must pay out premiums to Fida Card Holders. Investors have the opportunity to collect a portion of the premium deposited within the policy script. This amount is directly correlated to the shares they possess. Investors are not obligated to claim the premium frequently, as it accumulates over each payment interval and can be collected even after the policy expires. To collect the premium, investors must possess a Fida cards token within their investor script. # Receive Fida Cards Each investor has the option to sell their Fida Cards token on third-party marketplaces. To initiate this process, the investor must first claim a Fida Cards token and add it to their wallet. As part of this procedure, the corresponding collateral linked with the tokens is transferred to the Fida policy script. Consequently, the investor will cease to earn rewards from staking the collateral and will no longer be eligible to claim a premium. Conversely, when another investor purchases a Fida Cards token, they must transfer it to their corresponding investor script along with the collateral previously deposited into the Fida policy script. Following this, they can claim a premium and earn rewards by staking the collateral within their investor script. # Create a Claim When a claim occurs, investors have the option to cover it using their premium pool or their deposited collateral. If they opt to cover the claim from their premium, they must deposit the required amount into the Fida policy script. Additionally, we offer a mixed alternative, allowing investors to cover part of the claim from premium and the remainder from collateral. The amount an investor must pay for a claim is proportionate to the shares they own—those with more shares need to pay more Ada for a claim. Typically, the policy broker prepares the claim. Technically, this involves the creation of a special UTXO containing data describing the claim, such as its ID, summary, due date, and the amount required to cover it. This information is then distributed to all investors, who must choose how they wish to cover the claim—from their premium or collateral. Investors have a set period to make this decision. The system then collects the remaining claim amount from the collateral deposited in investors' scripts and transfers it to the policy script. While the claim is almost ready for collection by the policy owner, it must first be authorized by the policy authority. # Finalize a Claim Only the policy owner has the authority to collect a claim. Before the claim can be collected, it must be prepared and authorized in accordance with the respective policy authority. The authorization process entails the creation of an authorization transaction signed according to the policy authority's requirements. The policy authority refers to the entity or entities responsible for making decisions regarding the policy. Various options are available, such as: * SingleSign: A single signature is required from a specified wallet. * AtLeastOneSign: At least one signature is required from a designated list of wallets. * AllMustSign: Signatures from all wallets on the list are necessary. * MajorityMustSign: A majority of the listed wallets must provide signatures. # Policy Expiration The policy expires once all payment intervals have elapsed. At this point, the collateral associated with the policy, deposited in the investor script, will be unlocked and merged into the investor's premium pool. The premium amount deposited in the policy script can then be entirely collected by the respective investor. # Policy Discovery Every policy within the Fida ecosystem is discoverable. This discovery process is facilitated during Fida policy creation by minting a beacon token. This token enables the straightforward discovery of all Fida policy contracts on the blockchain. The beacon token is associated with a distinct currency symbol, known as the Fida System Id. We acknowledge the possibility of multiple Fida Systems operating simultaneously on a blockchain. # Investor Contract The Investor contract serves as the gateway for investors into the Fida ecosystem. It acts as a repository for all the collateral required by investors when purchasing Fida cards, as well as a storage for their premium pool. All interactions between Fida and investors are facilitated through this component. Investors can utilize this contract to buy or sell Fida cards and collect premiums. Investor have the opportunity to earn Ada passively by staking all the Ada deposited on his script. Technically, the Investor contract is parameterized by two elements: the investor's public key hash (`PubKeyHash`) and the Fida `SystemId`. The Fida `SystemId` serves as an identifier for the Fida system where the investor has initialized their Investor contract. It is presumed that multiple Fida systems may operate concurrently on the blockchain, whether for technical or business reasons. Understand the [policy life cycle by reading the next page](/investors/investor-contract-life-cycle). # Investor Contract Life Cycle Through the investor contract, investors can undertake actions that impact Fida policies and the state of their investor contract. Registration in the system is the initial step for investors, granting access to the complete portfolio of the Fida Ecosystem. Subsequently, investors can engage in various activities such as buying or selling Fida cards, earning and collecting premiums, withdrawing premiums to their wallet, and ultimately closing their account to reclaim the collateral paid during registration. {% embed url="" fullWidth="false" %} [Run simulation](https://stately.ai/registry/editor/2dd90700-b45e-481b-ac2f-f21c7c869a4d?machineId=c254a6f1-2527-4a59-9cee-1a59b5c9d4ad\&mode=Simulate) {% endembed %} # Registration The first step for an investor to participate in the Fida ecosystem is to register. Registration initializes the investor script with the provided public key and deposits a special beacon coin inside the investor script. To complete the registration, the investor must pay a fee in the form of collateral, which can be reclaimed after closing the account. During registration, the investor can decide whether to enable staking in the investor script. If investor opt for staking, he will need to perform a transaction to register stake credentials and select the stake pool to delegate deposited Ada in his investor script. This process also involves paying a fee in the form of collateral, which can be reclaimed if investor change his mind. # Buy Fida Cards After registration, investors can engage in the funding phase of a policy by purchasing Fida cards, which represent shares in the collateral amount of the policy. Investors can buy Fida cards using their own resources in their wallet or utilize the funds accumulated in their investor scripts from the premium pool. Investors can also buy Fida Cards for Policies that are already on-risk. This is done through secondary markets, and requires investors to deposit their newly purchased into their investor portfolio. # Sell Fida Cards Each Fida Card owned by an investor can be sold in third-party markets. The initial step is to claim the owned Fida Card. This process involves depositing collateral, reflecting the specific Fida Card, into the related Fida Policy and transferring the Fida Card to the investor's wallet. Subsequently, the investor can sell the card on any third-party marketplace at a price of their choosing. {% hint style="info" %} It is the responsibility of the Fida Card buyer to verify the actual price, and we offer a dedicated endpoint to retrieve the current value of a given Fida Card. {% endhint %} {% hint style="warning" %} If a Fida card is withdrawn (moved outside the Fida System), the investor is unable to collect premiums. {% endhint %} The first action required of the buyer of a Fida Card is to return the Fida Card to the system by redeeming it. In this scenario, the Fida Card is deposited into the purchasing investor's portfolio. From then on, the investor can collect the premium associated with this Fida Card. # Unlocking Collateral When a policy expires, the associated collateral becomes unlocked, requiring the investor to decide on its destination. Two options are available: either merging the unlocked collateral into the premium pool within the investor script or simply withdrawing it to the investor's wallet. # Withdraw from premium pool At any given time, investors have the option to withdraw accumulated resources from their premium pool to their wallet. # Close Account In order to close their account, an investor must first remove all their premium and fida cards from their investor portfolio. Investors must have no active participation in any policy. # Investor Income Investors can earn in three ways within the Fida System Ecosystem. The primary method involves earning premium amounts from Fida Cards. The second involves staking the collected Ada on their investor script. The third entails selling Fida Cards on third-party markets. # Earning premium Each Fida Card within an investor's portfolio entitles them to collect premium on a monthly basis. The system does not mandate frequent premium claims each month - the entire premium amount can be claimed even after the policy expires. # Staking Investors have the opportunity to earn by staking the Ada collected in their investor script, which includes both the premium pool and locked collateral. However, the investor must consent to staking. If they choose to stake, they must execute a transaction to register stake credentials and select the stake pool to delegate the deposited Ada in their investor script. This procedure also entails paying a collateral fee, which can be recovered if the investor changes their mind. # Investor Discovery Upon investor registration, a beacon coin, associated with the Fida SystemId, will be deployed on the investor script. This beacon coin enables the investor to be discoverable within the context of a specific Fida System identified by the Fida SystemId. # Library Discover our X (former Twitter) Space Recordings, Youtube interviews and Medium Articles. We have recompiled our list of cutting-edge insights and discussions from our team of experts here. ## Medium Articles: * [Democratizing the Insurance Industry with Blockchain](https://medium.com/@fida.finance/democratizing-the-insurance-industry-through-blockchain-990700fd438f) * [Risk Cards: Powering FIDA’s Blockchain Revolution in Insurance](https://medium.com/@fida.finance/risk-cards-powering-fidas-blockchain-revolution-in-insurance-160cdb3f84a9) ## Interviews on X Spaces: * [Walkers NFT (@WalkersCNFT)](https://x.com/walkerscnft/status/1810426413713141963?s=61) * [Sneks On Chain (@SneksOnChain)](https://x.com/fidgetybeast/status/1809212291377725892?s=46) * [Xerberus (@Xerberus\_io)](https://x.com/xerberus_io/status/1808215531603767318?s=61) * [Profila (@ProfilaPrivacy)](https://x.com/profilaprivacy/status/1797745935356965162?s=61) * [Better Space (@better\_web3)](https://x.com/better_web3/status/1794050705428254867?s=61) * [Cardano Over Coffee Space (@coc\_space)](https://x.com/coc_space/status/1711541906612551793?s=61) * [Swarm Space (@CatalystSwarm)](https://x.com/catalystswarm/status/1808878262195528032?s=61) ## Shorts: * [What Fida offers Regulators - Web3 Media](https://www.youtube.com/shorts/O3-B4lsKBuU) * [Insurance is not a luxury it is a right](https://drive.google.com/file/d/1V3MzE6-RdPSFhQEs64m0_UW0yGzMiolz/view?usp=drive_link) ## FiDa On YouTube: * [Battle of the Builders 2023 Pitch](https://www.youtube.com/watch?v=vP_qZpgFFmc) * [EU Cardano 2023 Interview with the FiDa Team](https://www.youtube.com/watch?v=ceB0g7rUFFQ) * [Insurance on Blockchain! How You Can Benefit & Profit - Fida Finance](https://www.youtube.com/watch?v=zax2rKbBBLk) * [Why decentralized Insurance is desperately needed - Pitch Point Interview](https://www.youtube.com/watch?v=2Bv2Ds4My9s\&t=26s\&ab_channel=TheMedia3Report) # FAQ Frequently Asked Questions ## What does FiDA stand for? Although the name **Fida** (فداء) means redemption through sacrifice in Arabic, **Fida** stands for itself. Similar to the Zulu word Ubuntu which roughly translates to "I am because we are". Fida is a way for all of us to protect each other. ## Is FiDA an insurance company / protocol? No, Fida is a Risk Transfer Engine between Insurers and investors. Being an insurance company and preparing insurance contracts is a very complex topic. Fida is the protocol insurance companies go to in order to find the capacity (money) to serve as collateral or backing needed in order to fulfill the contracts they might have with their customers. This means Fida is closer to an insurance broker ## How does FiDA work? Fida is a hybrid system