InsurTech-Blockchain Briefing #1: Aigang
Aigang is an autonomous insurance network with a fully automated insurance and a platform for insurance innovation. It is their mission to bring together IoT devices, data and autonomous insurance.
How does it work?
To make their network work they use their AIX token and prediction markets to crowdsource community intelligence, build new insurance products and power insurance DAO protocol
Aigang network members stake their predictions using smart contracts whether they are bullish or bearish on particular insurance pools or products.
So Aigang allows the crowd to forecast insurance that can be profitably applied to new and existing insurance products.
Investors interested in adding Aigang insurance investment platform into their (crypto)portfolio can choose the product pool of their choice. These insurance product pools are accompanied by information about the assessed risk, predicted profit, etc., to encourage informed decision making among the investors while ensuring transparency in the whole process. Once convinced about the choice, they can proceed with the purchase of insurance tokens representing the respective investment pools.
Smart contracts make up the foundation of the Aigang ecosystem, making insurance possible without any intermediaries. At any time, you can get insured while also investing in insurance. The choice is yours.
The core feature of Aigang, at the moment, is to insure your phone’s battery (although the app is currently running on a testnet with no money involved). The app’s system is designed to showcase the possibilities of the Aigang protocol while testing out the seamless, user-friendly design.
Aigang has no long-term contracts. You can cancel at any time. Users receive their first month free. They claim, that in the case of fault, you’ll receive the payout instantly with no questions asked.
