AiGang Network ICO Token Sales Starts November 15th, 2017
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In FinTech news this week AIGang is having a Token sale November 15th 2017 at AIGang.network
The insurance industry is about to be disrupted in the way claims are made and paid. Aigang is creating an insurance DAO; a Decentralized Autonomous Organization to bring together Internet of Things devices and Autonomous Insurance services and products using blockchain technology.
The Aigang Network’s blockchain protocol promises self-paying insurance claims with internet of things devices like smartphone batteries, drones and self driving cars, and is aiming to apply this insurance protocol to a large subset of the 55 billion IoT products forecasted to be produced over the next eight years.
Aigang has already created a Proof of Concept product on the Ethereum blockchain that detect faults or failure dates initially in mobile phones that are registered and pays out insurance claims to the wallet without the requirement for any human oversight. The Aigang insurance software, which includes all policy details, can be bundled with a device so that it is active when started-up or opted-in during configuration. The software detects imminent failure of components and triggers a payment automatically if insurance conditions are met. Candidates for this solution include phones, drones, fitness trackers, gaming consoles, home electronics, white goods, cameras and watches and other IoT electronic devices.
Aigang has deployed smart contracts that issue policies, conduct risk assessment and process claims. It has also deployed smart contracts that perform insurance profit calculations, create reserves and tokenise the insurance risk pool, all through the power of smart contract code. The Aigang protocol architecture is also able to integrate other existing insurance products and The Platform demo is available to try using Metamask on the ropsten testate.
There are a number of other innovative aspects to the Ai.gang Network, including the use of prediction markets to evaluate the viability of insurance products. This prediction market feature in the Ai.gang Network will be incentivising insurance industry experts and business analysts to participate in these prediction markets by rewarding successful predictions with AIX tokens.
Aigang Network members will receive Aigang AIX token rewards in return for telling whether they are bullish or bearish on particular insurance markets or products. Aigangs system uses a ‘proof-of-stake’/‘proof-of-reputation’ algorithm based on current token ownership and an immutable reputation score stored on the blockchain. It takes into account the current weight in the prediction market, mechanics of insurance pools, the user’s proportion of total AIX tokens, and their reputation score. As well as predictions, the AIX token will allow members to submit proposals for product improvements, making prediction markets a tool for product development. A vibrant community of smart insurance enthusiasts is critical, and Aigang will attract those people by rewarding accurate predictions. Many of these advanced features will come in version 1 of the protocol expected to come out Q3 2018.
To learn more or take part in AiGangs Token Sale on November 15th 2017, go to AIGang.network
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