OptionRoom partners with Bridge Mutual to use the OptionRoom Oracle as an impartial arbitrator for denied claims
OptionRoom is delighted to announce a partnership with Bridge Mutual, with the use of its decentralized peer-to-peer discretionary coverage platform for digital assets.
Throughout this partnership, Bridge Mutual along with OptionRoom will support the appeal process by providing an impartial oracle to check denied claims, as a last resort for coverage seekers that believe their claims were unfairly denied, which gives them another chance for seeking coverage on Bridge Mutual in the fairest way by establishing an additional layer of trust.
In addition Bridge Mutual will provide coverage to the OptionRoom contracts in case of an unforeseen loss, which adds another layer of security to the OptionRoom Protocol.
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.
After the claimant will submit the case to OptionRoom’s appeal, our Oracle-as-a-Service will check the validity of the claim through the participation of our users. After positive approval done by OptionRoom’s appeal result that the previous outcome was improperly settled on Bridge Mutual, then the case will be reopened on Bridge mutual for a second time, at no extra cost to the claimant.
“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.
“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.” — Marsel Adawi, CEO of OptionRoom
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.
