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  "documentTitle": "Nexus Mutual Investment Memo August 2019",
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      "text": "NXM is minted and burned through a bonding curve. NXM tokens cannot be transferred to members outside the mutual so exchanges like Coinbase or Uniswap cannot list NXM unless they become members of the mutual.",
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      "text": "Coverage holders buy cover on a certain amount and time period for a particular smart contract. The cost of cover (aka premium) goes to the bonding curve to buy NXM. The premium then goes to the capital pool and the newly minted NXM gets paid to the risk assessors.",
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      "text": "Nexus Mutual is governed by its members plus a centralized five-person Advisory Board. Governance is based on one-coin one-vote and proposals need both a majority of voters and 60% of the Advisory Board to pass.",
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      "text": "Claims assessors vote with their NXM tokens whether a claim should get paid out. Not voting with the majority results in one's NXM getting slashed.",
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      "text": "Risk assessors stake NXM on smart contracts they think are secure and earn newly minted NXM (up to 50% of their stake amount) from the premiums for smart contracts they stake on.",
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