The KryptoCoinz is pleased to announce PRMX as the next Decentralized Futures Grant recipient, a parametric insurance protocol designed to provide essential natural disaster coverage to third world countries. The team aims to fill the gap left by traditional insurance companies in underserved regions, in which premiums have been insufficient to operational costs. PRMX presents an exciting on-chain intervention to an urgent real world need, providing transparent and accessible insurance services where it is most necessary.
About PRMX
The team is driven by a core mission to make a positive difference and contribute to the global community. We believe in particular that natural disaster insurance is a core market and human need.
PRMX has been developed on the Polkadot SDK, ensuring a future-proof and scalable insurance platform that fully leverages the unique benefits of on-chain transparency and cost-effectiveness that a DAO provides.
Currently, Polkadot AssetHub supports transactions paid in assets such as USDT and USDC. PRMX’s enhancements include support for XCM transactions and extrinsics as transaction targets. Current wallets do not support these features, so PRMX has developed an open-source UI library that can be used by a wide range of projects to make stablecoin transactions more fluid and enhance the overall ecosystem in the process.
Furthermore, Substrate SDK’s off-chain worker (OCW) technology currently supports only open APIs, meaning there is no easy way to integrate data from confidential APIs, e.g. using API keys. To solve this problem, PRMX aims to create an open source template that allows builders to query REST APIs that require authentication.
The DF Grant serves three core milestones/deliverables:
- Polkadot-Sufficient-Assets UI Library
- Confidential API Off-Chain Worker Template
- Peril Event Detection OCW (confirming peril events using real-world data from a suitable real-time weather API)
Future plans
In the short term, PRMX will focus on building a strong online presence, particularly on social media platforms such as X. In the long term, after completing the final stage of development of the PRMX protocol, the team plans to launch a pilot program in the Luzon region of the Philippines. The purpose of this test is to refine the solution in a real-world setting, gather valuable data, and make necessary adjustments before scaling to other regions.
PRMX’s ultimate goal is to expand its services globally by providing accessible catastrophe insurance to underserved communities around the world.
You can follow PRMX’s journey and ongoing development here:
Disclaimers:
The content or any information in this announcement is not a financial promotion and does not constitute an offer to sell or a solicitation of an offer to buy any tokens or to invest in any application or to use any application. It is intended solely for informational purposes.
Web 3.0 Technologies Foundation provides funding but does not endorse, control, or have any involvement in the final products or services developed by the grantee. Any projects or applications created are the sole responsibility of the grantee. Web 3.0 Technologies Foundation assumes no responsibility or liability for any action, product, or services provided by the grantee.
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