🌱About The LifeDAO
This FAQ page covers The LifeDAO’s shariah-compliant, community-powered life insurance, member perks, and transparent blockchain governance.
What’s The LifeDAO (TLD)?
The LifeDAO (TLD) is a fresh take on life insurance, but with a twist—it’s shariah-compliant and built by the community, for the community, on the blockchain. Inspired by Takaful, TLD lets members pool their resources to protect each other from life’s unexpected events.
How's The LifeDAO different from traditional life insurance?
Unlike traditional insurance where a company calls the shots, The LifeDAO is all about you and the community. Members own the fund, share the risks, and enjoy the rewards. Your contributions don’t just disappear into a company’s pocket—they go into a mutual fund that you actually have a say in.
What’s the mission behind The LifeDAO?
We’re on a mission to make life insurance accessible and fair for everyone, especially those who need shariah-compliant options. Traditional life insurance can be expensive and out of reach, but The LifeDAO is here to change that.
What are TLD Membership Credits, and why should I care?
TLD Membership Credits are like an entry ticket. They confirm your membership, give you voting power in the DAO, and represent your share in the community’s financial health. The more credits you have, the bigger your voice and your share in the surplus.
What do I get as a member of The LifeDAO?
As a TLD member, you get:
Benefit Payout: Your beneficiaries receive a lump sum payout if something happens to you.
Surplus Distribution: If you don’t need a payout and stay a member for 5 years, you can cash out your share of the surplus.
Governance Rights: You get to vote on decisions that shape the future of the DAO.
How do you figure out how much my family gets if I pass away?
It’s pretty straightforward. We use a formula:
Benefit Payout = Your Individual Risk (Base Benefit Multiplier) × The Health of the Fund (Benefit Multiplier Adjuster) × Your Annual Contribution. So, the more you contribute and the healthier the fund, the bigger the payout.
What’s the Verifier Incentive Program (VIP)?
The VIP is a way for you to get even more involved. By helping verify claims within the Decentralized Claims Management (DCM) process, you earn rewards that can boost your Benefit Payouts and Surplus distributions.
How does decision-making work in The LifeDAO?
You’re in the driver’s seat! Members make the big decisions through voting. Your vote’s power depends on how many Membership Credits you own. We also have a few committees that help manage the day-to-day stuff.
What’s this Takadao Protocol I keep hearing about?
The Takadao Protocol is the tech backbone of The LifeDAO. It’s a set of smart contracts and algorithms that keep everything running smoothly and transparently, without the need for a central authority.
Is The LifeDAO really shariah-compliant?
Absolutely! The LifeDAO is built on the principles of Ta’awun (mutual assistance) and Tabarru (voluntary contribution), and it’s designed to avoid anything that’s prohibited in shariah, like interest (riba), gambling (maisir), and uncertainty (gharar).
How do I become a member of The LifeDAO?
It’s easy! Just head over to the LifeDAO website, buy your membership, and you’ll receive TLD Membership Credits. Join our Discord server to start participating in discussions and voting on proposals.
What does the Treasury Committee (TC) do?
The Treasury Committee is like the DAO’s financial brain. They manage investments, cash flow, and make sure we’re on solid financial ground. They keep an eye on everything to ensure the community’s funds are used wisely.
How does The LifeDAO keep my data and assets secure?
We take security seriously. The LifeDAO uses Ethereum-based technology with advanced security measures, including a circuit breaker feature in our smart contracts. Plus, we have a solid plan in place in case anything goes wrong.
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