Title: Elevating Uno Re Claims DAO: The Journey Towards a Multisig Paradigm and Candidate Line-up
Scope: Protocol Improvement Proposal
Authors: Adam C.
Summary:
The relaunch of contracts within UNO DAO heralds a significant enhancement in the claims process, aimed at bolstering its robustness and security. The incorporation of UMA, an Optimistic Oracle, alongside the introduction of a new entity, Claims DAO, marks a notable evolution. Claims DAO is set to employ a multisig approach for its decision-making process, ensuring a more secure and efficient system.
Implementing a multi-signature wallet strategy will protect us from incidents like November 14th, 2023. Requiring multiple signatures for transactions adds a layer of security, adding a layer of decentralization, avoiding conflicts of interest, and preventing unauthorized access, and fraudulent activities.
What’s a multisig?
Multisig is a digital signature scheme that allows multiple individuals to jointly control a single account or transaction - in the case of Claims DAO approve/reject the claim.
The key benefits for Uno Re:
-
Enhanced Security: Multisig requires multiple private keys to authorize a transaction, adding an extra layer of security. This means that even if one key is compromised, the decision process remains safe as the attacker would need access to multiple keys.
-
Risk Distribution: By distributing control among multiple parties, multisig reduces the risk associated with single points of failure. It also allows for democratic control, where
-
multiple members can reach a more fair decision.
Background:
New Claim Process
We’ve revamped the whole claim flow, it will consist of the following steps:
-
Claim Submission: Users submit a claim request with details of the exploit/incident.
-
In the first instance an insurance claim will go to UMA, an optimistic oracle.
UMA’s Oracle arbitration process is designed to resolve disputes regarding the accuracy of data provided by oracles on the UMA protocol. When a dispute arises, it is submitted to a decentralized network of judges who review evidence from both parties. These judges vote on the outcome, with their voting power determined by their reputation within the network. If consensus is reached, the dispute is resolved, and the oracle’s data is updated accordingly.
If for technical reasons UMA Oracle cannot be reached, the system falls back to the Claims DAO process.
- Claims DAO will be a five member committee (multisig) which will review the claim and decide on its validity. At least three members of the committee will be impartial to Uno Re to make sure that the assessment is fair. The majority will comprise three out of five signatures.
Claim DAO Assessors Candidates
The qualities we looked for:
-
Expertise in Smart Contracts and Insurance: Candidates should have good knowledge of smart contracts, including their architecture and potential vulnerabilities, as well as understanding insurance principles, risk assessment, and claims management.
-
Impartiality and Fairness: Members must demonstrate impartiality and fairness in their decision-making processes, ensuring that decisions benefit the DAO and its stakeholders as a whole, rather than favoring personal interests or biases.
-
Proficiency in Multi-Signature Wallet Management: Experience in operating multi-signature wallets is essential for securely managing funds and executing transactions within the DAO. Candidates should be familiar with managing, and safeguarding multi-sig arrangements to prevent unauthorized access and ensure proper governance.
-
Transaction Debugging Skills: Candidates should possess strong transaction debugging skills, allowing them to effectively analyze transaction data, diagnose errors or discrepancies, and implement solutions to ensure smooth transaction execution within the DAO’s ecosystem.
-
Ability to Detect Misbehavior: Candidates must have the ability to distinguish between intentional counterparty misbehavior and instances of private key compromise. This requires keen analytical skills and experience in detecting and mitigating fraudulent activities or security breaches
Candidates
Suhas is a seasoned professional with a background in technology and finance. With over a decade of experience in the industry, Suhas has honed his skills in areas such as blockchain, fintech, and digital transformation. He has a strong track record of successfully leading and executing complex projects, driving innovation, and delivering results that positively impact business outcomes. Suhas is passionate about leveraging emerging technologies to solve real-world challenges and drive organizational growth.
In Crypto since 2016, Lucas soon realized that this technology will have a great impact on the way we deal with finances and interact with each other. Being an avid supporter of decentralization and democratization of finance, Lukas is willing to fight for the positive in everything and sees Web3 as an instrument to give power back to the people but at the same time achieve contrary goals.
In 2017, Lukas had an innovative idea aimed at transforming interactions with advertisements. He became involved with a Blockchain Startup named GoForit Walk and Win, contributing significantly to their token launch, covering technical, legal, and community aspects. Following this, in 2019, he ventured into launching his own crypto casino. Initially a success, the venture unfortunately faced a significant setback due to a hack, serving as a major learning experience. The absence of a service like Uno Re at that time led to the closure of his operations.
Subsequently, he took up a pivotal role at the Blockchance Conference and also became a shareholder. Since 2022, he has been the Founder and CEO of a software development company specializing in business process automation, automated contact management, CRM System automation, lead generation, and advisory. Alongside this, he has been actively investing in about 150 early-stage projects since 2020.
Rini is a highly accomplished Finance Professional and Blockchain Enthusiast with 14 years of comprehensive finance experience in the banking sector in Australia across Perth and Melbourne.
She has experience in bootstrapping startup Web 3 projects and is backed by a Professional Blockchain Certification. Rini offers key expertise in banking, international trade and supply chain management, blockchain technology, NFT technology, macroeconomics, financial markets, investment risk and strategy management.
During her banking career Rini specialised in trade and supply chain finance managing a portfolio of some of Australia’s largest ASX listed companies and multi-nationals in the mining & natural resources, oil & gas, large scale retail, agricultural industries.
In this role, Rini assists clients to develop an international trade strategy and bonding solutions ensuring working capital is maximized while maintaining a secure, sanction safe and sustainable supply chain. In this role, Rini demonstrates exceptional relationship building skills, risk management advisory, knowledge on lending policies & international trade policies. Managing global supply chains through a pandemic, de-globalization, current geo-politics, and economic environment has equipped Rini to be an expert in the field.
In her personal time Rini has a passion for innovation and macroeconomics, her interest in cryptocurrency, De-Fi, NFTs and Web 3.0 has led her to undertake further studies in Blockchain Technology.
Rini is a Certified Blockchain & NFT Expert and currently undertaking a Certified Blockchain Architect course.
Kaue co-founded Pollum and acts as the company’s main frontman and jack-of-all-trades. With over four years of full-time Web3 dedication, he’s contributed to many blue-chip projects such as MakerDAO, Gitcoin, OpenZeppelin, ENS, Solana and other big names in the space; as well as presented workshops and panels on big events such as Solana Breakpoint, Chainlink’s SmartCon & Ethdenver.
By leveraging both technical concepts and empirical dApp development, as well as business, marketing and community in crypto, Kaue acts as a horizontal generalist in the company that’s the main supporter of Rollux and Syslabs, technical advisor for web3 startups and independent consultant specialist in blockchain for the largest traditional consultancies in the world.
Jag is the CTO of Blockchain Foundry and co-founder of the Syscoin project, is a seasoned software engineer with nearly two decades of experience. He specializes in blockchain technology, machine learning, artificial intelligence, client/server development, and distributed systems. He holds a Bachelor of Technology in Computer Science from the British Columbia Institute of Technology. Throughout his career, he has demonstrated expertise in full-stack development, cloud computing, project management, and innovative problem-solving.
As the lead developer of Syscoin and in his role at SYS Labs, Jag has contributed significantly to blockchain consensus protocols, scalability solutions, and interoperability. He has also delved into areas such as genetic algorithms, neural networks, AI, digital identity solutions, privacy-preserving technologies, and layer 1 data availability for censorship resistance.
Since 2013, Jag has been an advocate for the security of Proof of Work (PoW) systems while exploring various consensus models. He is actively seeking opportunities to apply his expertise to exciting projects in the technology sector.
Conclusion and Next Steps:
This presentation aims to spark an enlightening discussion within the Uno Re community and gather valuable input. Moving forward, we will place the decision on snapshot to facilitate UNO DAO members in casting their votes. The primary focus in the voting process would be to identify whether the proposal aligns with Uno Re’s strategic objectives, its vision for improved security, and growth aspirations in the dynamic market environment.