Implement Integrated Insurance Smart Contract and Tests #29
Description
Implement Integrated Insurance Smart Contract and Tests in Rust Soroban for Marketplace
Description:
We need to develop a new smart contract on Stellar Soroban in Rust that handles an integrated insurance mechanism for our marketplace. This contract will provide protection for transactions by allowing participants to purchase insurance coverage, manage claims, and automate payouts when predefined conditions are met.
Objectives:
- Insurance Coverage Management: Enable users to purchase insurance for their transactions with customizable coverage amounts and premiums.
- Automated Claims Processing: Create a system that can verify claim conditions and process payouts automatically using oracles or multi-party verification.
- Premium Pool Management: Securely manage the pool of insurance premiums and investment of idle funds.
- Transparency: Ensure all insurance terms, premium calculations, and claim evaluations are fully transparent to users.
Features to Implement:
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Insurance Purchase Function:
- Allow users to purchase insurance by specifying coverage amount and transaction details.
- Calculate premium amounts based on risk assessment parameters.
- Issue proof of insurance as a non-fungible token (NFT) or on-chain receipt.
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Premium Pool Management:
- Maintain a pool of collected premiums with proper accounting.
- Implement functionality to invest idle funds securely (optional).
- Track individual policy details and expiration dates.
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Claims Processing:
- Enable users to submit claims with supporting evidence.
- Implement verification logic that uses oracles or multi-party attestation.
- Automate payouts when claim conditions are met (e.g., shipping confirmation never received).
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Risk Assessment Module:
- Calculate premiums based on transaction history, value, and other risk factors.
- Implement adjustable risk coefficients that can be updated by governance.
- Allow for different coverage tiers with corresponding premium levels.
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Integration with Marketplace:
- Seamless integration with existing marketplace contracts.
- Support for automatic insurance purchases as part of transactions.
- API endpoints for marketplace UI to display insurance options.
Tasks:
- Create the Rust smart contract using the Soroban SDK that implements the integrated insurance functionality.
- Implement unit tests that cover:
- Insurance purchase process with various parameters.
- Premium calculation based on different risk profiles.
- Claims submission and verification logic.
- Automated payout mechanisms under different scenarios.
- Integration with marketplace transaction flow.
- Create documentation including:
- API specifications for marketplace integration.
- Risk assessment parameters and formulas.
- Claims submission requirements and evaluation criteria.
- Implement security measures to prevent fraudulent claims.
- Design and implement events for monitoring insurance activities.
Acceptance Criteria:
- The smart contract compiles without errors using the latest Rust Soroban SDK.
- All unit tests pass, covering the full range of functionality from policy issuance to claim resolution.
- The contract can be successfully integrated with our existing marketplace contracts.
- Premium calculations correctly account for risk factors and policy terms.
- Claims processing correctly validates conditions before releasing funds.
- The contract includes proper access controls and security measures.
- Documentation is comprehensive and includes integration examples.