Ever since the creation of the first cryptocurrency – the Bitcoin, in 2009, using the blockchain, technology has witnessed a drastic evolution. Blockchains which are decentralized databases that continuously maintain a growing list of ordered records has become the next-greatest innovations of the modern world since the creation of the Internet. In addition to the fact that the transactions via blockchain do not require any central agency to approve or validate them, blockchains are also very reliable, secure and transparent as any changes to the blockchain can be publicly viewed. Blockchain 2.0 provided a platform for the execution of code according to predefined rules which enabled the creation of DAOs (Decentralized Autonomous Organizations).
What is Aigang?
Aigang is a digital insurance application for your smart devices. Because it runs on the Aigang blockchain protocol, it is fast, reliable and transparent. Usually, in sending money to someone, the transaction will have to travel through a third party such as a bank or other financial institution who then validates and keeps a record of the transaction before any payments can be made. Aigang seeks to bypass this process. By using blockchain technology, it creates a decentralized system where any user on the network can validate a transaction which is automatically stored on the blockchain. By so doing, transactions are fast, transparent and hack-proof.
Also, with its Insurance investment platform, Aigang seeks to create a platform which allows investors to claim a profit from insurance risk pools. The Aigang Insurance Investment platform is the main step towards achieving their vision of building a Digital Insurance blockchain protocol which will not only enable a decentralized peer-to-peer insurance but will also allow anyone to invest in insurance.
How Aigang Works
With Aigang’s Digital Insurance blockchain protocol, risk groups are automatically set based on a number of mathematical risk assessment algorithms. This allows for almost no human errors. The mathematical algorithms also help in picking up real-time data from devices such that it gives you the best price available at the moment which could be lower or higher depending on the market. The Decentralized Autonomous Organization, however, provides a price that is the best for both the insurer and the insuree.
Once your devices which are covered by the Digital Insurance plan have a problem, Aigang Digital Insurance knows of the problem even if you don’t. This is possible since Digital Insurance has the ability to track the health of IoT (Internet of Things) devices. By so doing, the Insurance already knows the extent of the damage to your device and the cost of repairing the device. With DAO P2P insurance, profits and claims are paid out instantly. Payments are made instantly due to the fact that there are no delays.
Now, getting your Digital insurance is the easy part. All that is needed is the Aigang Digital Application which is available on Android and iOS devices. Once the app has been downloaded, swipe to ‘Select Insurance’ and click on the ‘Get Insurance’ button. Because of the use of smart contracts, there is no need to sign contracts by hand.
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Profits, Price, and Premium
For investors in Aigang Digital Insurance, profits are calculated and released instantly since the capital positions of investors on the blockchain are automatically and continuously updated. For users, by default, the price and premium of the insurance product are combined with that of the iOS device.
The Aigang ICO
The Aigang ICO will start on the 1st of October 2017 and will close on the 7th of October 2017. Its Token ticker is AIX and it is based on the Ethereum platform. Powered by Ethereum, Aigang Insurance makes sure that transactions whether to investors or users are made in a fast and reliable manner.