As the blockchain technologies develop and improve, the technology surrounding IoT needs to improve as well. Aigang network focuses on providing insurance to the IoT ecosystem by using smart contracts and decentralized autonomous organization (DAO).
This newly introduced blockchain protocol is said to provide the users with insurance while purchasing and exchanging their cryptocurrency coins and utilizes the smart contracts to build a decentralized market which focuses on investment insurance.
Let’s learn more about Aigang network and how does it work and get a detailed information about the token system used for this autonomous insurance network.
- What is Aigang
- How Aigang Works
- Team Behind Aigang
- What is AIX Token
- How to Buy AIX Tokens
- How Store AIX tokens
- How to Setup AIX Token Wallet
What is Aigang protocol?
Aigang is a popular blockchain protocol designed on Ethereum which is used for digital insurance. It utilizes IoT devices and employs smart contracts to provide users with insurance depending on the real-time data that is observed.
Aigang is a DAO insurance protocol which allows the community to invest in the insurance so that P2P-based insurance can be implemented. Basically, anyone can participate in this network by both investing in insurance and getting insured.
This protocol’s digital insurance system is simple and easy to employ and all you have to do is download the app to get started. In this protocol, there aren’t any long-term contracts being used so you have the option of canceling anytime you want. You always receive an instant payout, no questions asked.
How does Aigang Digital Insurance Work?
For accessing Aigang digital insurance, you need to download the app on your Android or iOS mobile and then fill your Ethereum wallet to get the insurance. Aigang digital insurance is easy and simple to use.
The Aigang digital insurance is built on the Aigan protocol which utilizes smart contracts which are responsible for creating insurance without any need of intermediaries. You have the option to get insured while also making an investment in insurance.
Their first insurance product was a kind of battery insurance for phones and the insurer received a payout if their battery stopped working during the period of their contract.
As we already mentioned, Aigang has no long-term contracts so you have the option to cancel anytime and users get back their first month’s fee.
Key Features of Aigang
Here are a few helpful features of Aigang which make this blockchain protocol popular among users:
Aigang uses smart police to form the foundation for DAO insurance and ultimately control the DAO operation. This Smart Policy will instinctively execute important operations like issuing of new policies, handling insurance claims, dispensing profits, and so on.
For digital insurance protocol, Aigang allows the product insurance to be bundled with the IoT device and uses smart contracts algorithm to verify the acceptance. The Aigang protocol connects using smart contracts to external data sources in order to verify the device conditions.
Digital Insurance for IoT
Aigang is working to provide insurance for your various IoT (The Internet of things) devices which comprise of all types of smart devices.
Invest and benefit
Aigang utilizes a P2P network so you get a chance to invest in insurance while getting insured at the same time.
It provides you with instant payouts via Aigang which you can use to buy a new IoT device or invest in some other insurance contract.
Team Behind Aigang
What is Aigang AIX token?
Aigang network has introduced their own token AIX to be used and offers this token as a reward to users who tell the Aigang if they like or dislike specific insurance products or markets. It utilizes proof of stake/proof of reputation concept which looks at the token ownership and the reputation score obtained on the blockchain when allowing the users to submit proposals for improvements to be made on the product.
Aigang also takes into account the current hold in the prediction market, engineering of the insurance pools, and the user’s proportion of AIX tokens against the total AIX tokens before allowing them to participate in prediction marketing and a decision holder in product upgrading.
How to Buy AiGang (AIX) Tokens
There are numerous exchange websites to purchase Ethereum which can then be used to exchange for Ethereum. It is a simple and easy process and takes just a couple of minutes to be completed. You can use Coinbase for purchasing Ethereum as it is one of the most trusted exchange websites which both safe and easy to use. You can follow the below steps to purchase Ethereum for yourself:
1. Sign up on Coinbase and choose a payment option for yourself.
2. Verify your account and payment option to activate your account.
3. Click on the Buy/Sell option on the left hand side of the screen and select Ethereum
4. Input the number of Ethereum coins that you desire or the local currency you’d like to spend.
5. Confirm your Ethereum purchase to complete the deal.
6. You will now see Ethereum coins in your Coinbase account which you can use to exchange for AIX tokens.
Once you have some Ethereum coins in your wallet, you can use exchange it for Aigang using Kucoin website. Kucoin is a good exchange website for Aigang and is a secure and safe outlet for making the exchange. You can follow these steps to exchange your Ethereum for Aigang via Kucoin website:
1. Sign up at Kucoin and confirm your email address.
2. Login to Kucoin with your credentials and set up 2FA for security.
3. Select ‘Assets’ (the dollar sign in the top menu) from the menu and then click on ‘Deposits’ to transfer your Ethereum amount here.
4. Copy your Ethereum wallet address for Kucoin.
5. Go back to Coinbase and click on the Accounts option in the top menu
6. Hit the Send button below the ETH Wallet and enter the amount of Ethereum that you want to transfer to Kucoin.
7. Confirm the transfer via password/phone and then wait for coins to be transferred.
8. Check your Kucoin’s ‘Available ETH’ balance and prepare for exchange if the Ethereum fund has been transferred to Kucoin.
9. To exchange ETH coins for AIX, you will need to go to ‘Buy/Sell’ box and verify via 2FA.
10. Choose ‘Best price’ on ‘Buy AIX’ side for the lowest AIX price.
11. Check the ‘Max’ amount that you can buy with the available ETH coins.
12. After the order has been placed, you will see the new available balance for AIX tokens in your Kucoin database.
Note: Kucoin requires users to have a minimum Aigang token amount for withdrawal. If you don’t have enough amount to withdraw then you would need to store your Aigang AIX tokens at the exchange website itself.
How to Safely Store Your Aigang tokens
You can choose a hardware wallet or a paper wallet to keep your tokens safe but if you are looking for a free and easy-to-use wallet for your cryptocurrency tokens then an online wallet is your best option. MyEtherWallet.com is one of the best and most convenient cryptocurrency wallets that you can ever use.
All you need to do is create a wallet for yourself and then upload some currency in it using bank transfer or your credit/debit card. Once that is done, you will need to buy Ethereum in Kucoin and then exchange it for AIX tokens.
Then you need to transfer AIX tokens to your online wallet using the wallet address and then confirm the transaction. Voila! Your wallet will show AIX in the token balances and will provide you a safe and secure storage place for your AIX tokens.
How to Set up a Wallet for your AIX tokens
You can easily set up an Aigang wallet to store your Aigang AIX tokens which can be used later to submit proposals for product enhancements or can be used to exchange other cryptocurrencies.
Here are a few steps that you will need to follow when setting up an Aigang wallet for yourself.
- Choose a suitable wallet type to store your AIX tokens.
- Create a new wallet for your use. We recommend MyEtherWallet.com as it is easy and convenient to use.
- Save your Keystore file and back it up for safety.
- Save your wallet’s private key to a secure place.
- Open your newly created wallet and save your wallet address.
You can now use your newly created wallet to store your cryptocurrencies like Ethereum, Bitcoin, and even Aigang AIX tokens. However, you first need to buy Ethereum for an exchange website and then exchange it for AIX tokens.