Aigang Network is building the decentralized insurance blockchain protocol for IoT (Internet-of-Things) devices. Aigang goal is to build the digital insurance, where damage is assessed without any intermediaries. As it eliminates the need for the traditional centralized insurance providers, the private insurance investors can take over their place in Aigang Network. To run and support the network, AIX token will be launched and will become available through a token crowd sale that is due in October.
With 18 billion IoT devices already connected worldwide and with over 75 billion estimates by 2025, this vast market size creates a huge opportunity by collecting big data and offering the better value for insurance premiums. The damage of IoT devices could be tracked and verified by checking the list of required conditions, using the smart contracts’ algorithms. Aigang aims to be the single digital insurance protocol working with all of these devices — drones, phones and even self-driving cars.
Aigang offers a new alternative to the traditional insurance with an open-source software and the blockchain used for the accurate reserve and profit sharing calculation. Aigang is going to redesign the old insurance process and make it the seamless experience with digital insurance being available just a few taps away on your phone.
The mission of aigang.network is an autonomous insurance network – fully automated insurance for IoT devices and a platform for insurance innovation built around data.
How it works
Digital insurance automatically sets the risk group without any human mistakes as none are required. This makes the bulletproof system based on mathematical algorithms that assess risks.
Digital Insurance picks up this data from the devices real-time. And can give you the best price available at the moment based on the real life results. The price premium could be lower as well as higher, but the accuracy is on point and the DAO provides the best price equilibrium for both — insuree as well as insurance.
Getting your insurance is as easy as downloading an app — as soon as you get the application you automatically get to accept the policy. Smart contracts allow this and now insurance is no longer has to be signed by hand .
But what if, when you don’t know even if something is wrong with your device your insurance would know well before you? And on top of that, they would know how much damage was caused and how much would it cost you to fix it. All of that is possible in DAO as Digital Insurance with an ability to track IoT devices health.
On DAO P2P insurance, the payouts are instant. The insurance provider adds his investment and it instantly becomes claimable. Since there is no delay due to reserve-to-be-met — this makes a payments instant.
Details visit : Aigang whitepaper
Smart Policy would form the basis of the insurance DAO and would be even more important as it would govern the operation of the DAO by including software algorithms to automatically perform various operations, such as issue new policies, handle claims, distribute profits.
Pricing and Risk Premium
In case of digital insurance protocol, the insurance product can be bundled with the IoT device by default or acceptance can be verified by checking a list of required conditions which can be performed by smart contract algorithms. The protocol could connect (using oracles) to external data sources if required to verify any conditions.
In the case of insurance as DAO, P&L is calculated and released instantly because blockchain updates the capital positions continuously vs. in traditional insurance the profit is released from technical reserves and transferred to free reserves only at the end of the given accounting period.
INFORMATION ICO and DISTRIBUTION
Token name : AIX token
Symbol : AIX
Token type : Ethereum ERC20
Price : 1 ETH = 2000 AIX
Target contribution : A maximum of 45,000 ETH worth of AIX tokens
Purchase cap : Sale is individually capped for the first 24 hours
Pre-sale : 10% of total target funding was raised at pre-sale in August.
Registration – 5 Oktober 2017
Start – 15 November 2017
End – 15 Desember 2017
Use of proceeds
51% for Token sale
29% for Ecosystem anda Community initiatives
20% for Team and Advisors
- Reda Markeviciute – INSURANCE PRODUCT & POLICY
- Aidas Ignatavicius – CHIEF ACTUARY
- Augustas Staras – BUSINESS DEVELOPMENT
- Lukas Kairys – SMART CONTRACT DEVELOPER
- Darius Devenas – FULL STACK DEVELOPER
- Jonas Matkevicius – MARKETING MANAGER
- Naglis Zemaitis – ANDROID DEVELOPER
- Mindaugas Jucius – IOS DEVELOPER
- Bok Khoo – BLOCKCHAIN ADVISOR
For more info about Aigang.network
Website : https://aigang.network
Whitepaper : https://docs.google.com/document/d/1ODA5onRQxD0iw4E5xpRDyXj1BckdSZpKdLP4U6HXV-Q/edit#
Twitter : https://twitter.com/AigangNetwork
Telegram : https://t.me/aigangnetwork
Blog : https://medium.com/aigang-network
Github : https://github.com/AigangNetwork
Slack : http://slack.aigang.network/
Kakaotalk : https://open.kakao.com/o/gGqvgPz
Official ANN bitcointalk thread : https://bitcointalk.org/index.php?topic=1998265.0
Bounty program : http://bounty.aigang.network
Author : kamvreto