Beerghain
Beerghain is a platform that allows for web2 companies to support subscriptions paid out through Superfluid's continuous settlement tech. We also provide these web2 companies with security against continuous settlement defaults by providing an on-chain insurance protocol.
Project Description
- We connect web2 companies with web3 subscriptions. And we provide insurance on defaults.
- You are a business and want to be paid a premium for your services. You don’t care about getting paid up front as much as making more money & having more customers.
- So, you use Beerghain. This allows you to:
- a) get paid at a premium via Superfluid; and
- b) pay an insurance premium that is less than the difference between the premium you pay and the web2 solution to cover your ass.
- So, at the end of the day you get paid more. And there’s no worries, because if the consumer defaults on subscription payment, you’re covered by the liquidity insurance pool.
- And the incentive for the consumer for paying at a premium is that they have increased flexibility. Defaulting doesn’t hurt the business, because they are insured and you’re paying a premium for it. You also have increased liquidity because you aren’t paying all money up front. The payout contract determines the 'reward' based on an algorithm that, for now, naively prevents abuse of the insurance system (i.e. it considers how many times a company has issued a claim; reward size is inversely correlated).
How it's Made
Our main platform consists of a full stack platform using a React frontend paired with a Node/Express backend. We used Covalent to accurately depict the price of Ethereum. We also used Superfluid to facilitate the constant settlement from the subscribers to companies. Uma is the oracle service used to confirm whether or not a company's default claim was legitimate or not; if so proven to be legitimate by Uma's consensus system, the insurance protocol went ahead with the payout.
